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BITO vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BITO vs. SQQQ

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). BITO is actively managed, while SQQQ is passively managed. Over the past 3 years, BITO returned 26.82%/yr vs -55.94%/yr for SQQQ. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BITO vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly higher than SQQQ's -44.43% return.

BITO

1D
-2.81%
1M
-22.52%
YTD
-28.44%
6M
-32.46%
1Y
-41.98%
3Y*
26.82%
5Y*
—
10Y*
—

SQQQ

1D
1.53%
1M
-22.29%
YTD
-44.43%
6M
-42.11%
1Y
-64.38%
3Y*
-55.94%
5Y*
-49.01%
10Y*
-55.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BITO vs. SQQQ - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BITO
ProShares Bitcoin Strategy ETF		-28.44%-11.19%104.45%137.33%-63.91%-31.09%
SQQQ
ProShares UltraPro Short QQQ		-44.43%-53.05%-49.79%-73.61%82.40%-19.95%

Correlation

The correlation between BITO and SQQQ is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.50

Correlation (3Y)
Calculated over the trailing 3-year period

-0.35

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2021

-0.43

The correlation between BITO and SQQQ shifts across timeframes, from -0.50 (1 year) to -0.35 (3 years), reflecting how their relationship changes across market environments.

BITO vs. SQQQ - Sectors Allocation Comparison

Sectors
BITO
SQQQ

Financial Services

68.5%
97.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

BITO
68.5%
SQQQ
97.1%

Basic Materials

BITO

-

SQQQ

-

Communication Services

BITO

-

SQQQ

-

Consumer Cyclical

BITO

-

SQQQ

-

Consumer Defensive

BITO

-

SQQQ

-

Energy

BITO

-

SQQQ

-

Healthcare

BITO

-

SQQQ

-

Industrials

BITO

-

SQQQ

-

Real Estate

BITO

-

SQQQ

-

Technology

BITO

-

SQQQ

-

Utilities

BITO

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares Bitcoin Strategy ETF

ProShares UltraPro Short QQQ

Often compared with BITO:
BITO vs. BTC-USDBITO vs. IBITBITO vs. BTCIBITO vs. QQQBITO vs. BITUBITO vs. BITXBITO vs. MSTR
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

BITO vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BITO
BITO Risk / Return Rank: 22
Overall Rank
BITO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BITO Sortino Ratio Rank: 22
Sortino Ratio Rank
BITO Omega Ratio Rank: 22
Omega Ratio Rank
BITO Calmar Ratio Rank: 22
Calmar Ratio Rank
BITO Martin Ratio Rank: 22
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and ProShares UltraPro Short QQQ (SQQQ). 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.

BITOSQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.97
-1.35

+0.38

Sortino ratioReturn per unit of downside risk
-1.39
-2.57

+1.17

Omega ratioGain probability vs. loss probability

0.84

0.73

+0.11

Calmar ratioReturn relative to maximum drawdown

-0.83

-0.98

+0.15

Martin ratioReturn relative to average drawdown

-1.44

-1.79

+0.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. SQQQ - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is comparable to the SQQQ Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of BITO and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BITOSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.97

-1.35

+0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

-0.74

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

-0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.10

-0.88

+0.77

Drawdowns

BITO vs. SQQQ - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BITO and SQQQ.

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Drawdown Indicators

BITOSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-77.86%

-100.00%

+22.14%

Max Drawdown (1Y)

Largest decline over 1 year

-50.64%

-65.95%

+15.31%

Max Drawdown (3Y)

Largest decline over 3 years

-50.64%

-92.38%

+41.74%

Max Drawdown (5Y)

Largest decline over 5 years

—

-97.23%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-99.98%

—

Current Drawdown

Current decline from peak

-50.64%

-100.00%

+49.36%

Average Drawdown

Average peak-to-trough decline

-36.75%

-92.40%

+55.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.27%

35.96%

-6.69%

Volatility

BITO vs. SQQQ - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 9.03%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.81%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BITOSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.03%

13.81%

-4.78%

Volatility (6M)

Calculated over the trailing 6-month period

33.71%

36.46%

-2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

43.61%

47.79%

-4.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.10%

66.61%

-11.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

55.10%

66.10%

-11.00%

BITO vs. SQQQ - Expense Ratio Comparison

Both BITO and SQQQ have an expense ratio of 0.95%.

Dividends

BITO vs. SQQQ - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than SQQQ's 12.29% yield.

PositionTTM202520242023202220212020201920182017
BITO
ProShares Bitcoin Strategy ETF		69.59%78.29%61.59%15.14%0.00%0.00%0.00%0.00%0.00%0.00%
SQQQ
ProShares UltraPro Short QQQ		12.29%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

BITO and SQQQ have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.81%) compared to BITO (9.03%). In terms of maximum drawdown, BITO dropped -77.86% vs SQQQ's -100.00%.

On 3-year performance, BITO leads with 26.82% vs -55.94% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, BITO has performed better with a 26.82% return vs -55.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BITO and SQQQ have the same expense ratio: 0.95% per year.

BITO has the higher dividend yield at 69.59%, compared with 12.29% for SQQQ.

BITO is categorized as Cryptocurrency, while SQQQ is Leveraged Equities.

BITO currently has the higher Sharpe Ratio (-0.97 vs -1.35), 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.

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