BITO vs. SMPIX

Last updated Jun 16, 2026

BITO (ProShares Bitcoin Strategy ETF) and SMPIX (ProFunds Semiconductor UltraSector Fund) are both funds - BITO is a Cryptocurrency fund actively managed by ProShares, while SMPIX is a Leveraged Equities fund managed by ProFunds. Over the past 3 years, BITO returned 27.40%/yr vs -10.34%/yr for SMPIX. At a 0.39 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 1.49%/yr for SMPIX.

Performance

BITO vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and ProFunds Semiconductor UltraSector Fund (SMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITO achieves a -25.13% return, which is significantly lower than SMPIX's 64.10% return.

BITO

• 1D: 4.62%
• 1M: -16.16%
• YTD: -25.13%
• 6M: -23.76%
• 1Y: -39.30%
• 3Y*: 27.40%
• 5Y*: —
• 10Y*: —

SMPIX

• 1D: 1.30%
• 1M: 2.63%
• YTD: 64.10%
• 6M: 74.65%
• 1Y: 154.32%
• 3Y*: -10.34%
• 5Y*: 0.33%
• 10Y*: 19.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITO vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-25.13%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
SMPIX ProFunds Semiconductor UltraSector Fund	64.10%	56.35%	-77.32%	155.37%	-54.31%	35.28%

Correlation

The correlation between BITO and SMPIX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.39

The correlation between BITO and SMPIX shifts across timeframes, from 0.30 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. SMPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITO

BITO Risk / Return Rank: 3
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 3
BITO Omega Ratio Rank: 3
BITO Calmar Ratio Rank: 3
BITO Martin Ratio Rank: 3

SMPIX

SMPIX Risk / Return Rank: 87
SMPIX Sharpe Ratio Rank: 95
SMPIX Sortino Ratio Rank: 75
SMPIX Omega Ratio Rank: 75
SMPIX Calmar Ratio Rank: 97
SMPIX Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITO vs. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProFunds Semiconductor UltraSector Fund (SMPIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BITO	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.94	-3.83
Sortino ratio: Return per unit of downside risk	-1.24	3.08	-4.32
Omega ratio: Gain probability vs. loss probability	0.86	1.41	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.74	6.44	-7.18
Martin ratio: Return relative to average drawdown	-1.29	18.72	-20.01

BITO vs. SMPIX - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.89, which is lower than the SMPIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of BITO and SMPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITO vs. SMPIX - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum SMPIX drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for BITO and SMPIX.

Drawdown Indicators

	BITO	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-94.52%	+16.66%
Max Drawdown (1Y) Largest decline over 1 year	-53.10%	-22.72%	-30.38%
Max Drawdown (3Y) Largest decline over 3 years	-53.10%	-94.52%	+41.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.52%	—
Current Drawdown Current decline from peak	-48.36%	-75.23%	+26.87%
Average Drawdown Average peak-to-trough decline	-36.80%	-57.63%	+20.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.47%	7.81%	+22.66%

Volatility

BITO vs. SMPIX - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 12.59%, while ProFunds Semiconductor UltraSector Fund (SMPIX) has a volatility of 22.44%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.59%	22.44%	-9.85%
Volatility (6M) Calculated over the trailing 6-month period	34.54%	39.97%	-5.43%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	49.82%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.08%	71.25%	-16.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.08%	59.50%	-4.42%

BITO vs. SMPIX - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than SMPIX's 1.49% expense ratio.

Dividends

BITO vs. SMPIX - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 66.51%, more than SMPIX's 7.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	66.51%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund	7.93%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%

Frequently Asked Questions

Can I hold both BITO and SMPIX in my portfolio?

BITO and SMPIX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or SMPIX?

SMPIX has higher volatility (22.44%) compared to BITO (12.59%). In terms of maximum drawdown, BITO dropped -77.86% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.94 vs -0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.