BITO vs. SQQQ

Last updated Jun 25, 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 16.49%/yr vs -53.90%/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.

Returns By Period

In the year-to-date period, BITO achieves a -32.58% return, which is significantly higher than SQQQ's -40.47% return.

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: -0.27%
• 1M: -2.53%
• YTD: -40.47%
• 6M: -37.47%
• 1Y: -59.36%
• 3Y*: -53.90%
• 5Y*: -46.94%
• 10Y*: -56.25%

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

BITO vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	104.45%	137.33%	-63.91%	-29.31%
SQQQ ProShares UltraPro Short QQQ	-40.47%	-53.05%	-49.79%	-73.61%	82.40%	-21.53%

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	-0.37
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.43

The correlation between BITO and SQQQ shifts across timeframes, from -0.50 (1 year) to -0.37 (3 years), reflecting how their relationship changes across market environments.

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: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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.

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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.11	+0.08
Sortino ratio: Return per unit of downside risk	-1.56	-1.98	+0.42
Omega ratio: Gain probability vs. loss probability	0.83	0.79	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.94	+0.09
Martin ratio: Return relative to average drawdown	-1.45	-1.77	+0.32

BITO vs. SQQQ - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.04, which is comparable to the SQQQ Sharpe Ratio of -1.11. 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.

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.

Drawdown Indicators

	BITO	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-100.00%	+22.14%
Max Drawdown (1Y) Largest decline over 1 year	-53.50%	-63.25%	+9.75%
Max Drawdown (3Y) Largest decline over 3 years	-53.50%	-92.51%	+39.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-53.50%	-100.00%	+46.50%
Average Drawdown Average peak-to-trough decline	-36.87%	-92.73%	+55.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	33.97%	-2.50%

Volatility

BITO vs. SQQQ - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 13.03%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.67%. 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.

Volatility by Period

	BITO	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	26.67%	-13.64%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	43.18%	-8.86%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	53.58%	-9.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	67.53%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.03%	66.46%	-11.43%

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 73.86%, more than SQQQ's 11.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	11.47%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both BITO and SQQQ in my portfolio?

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.

Which is riskier, BITO or SQQQ?

SQQQ has higher volatility (26.67%) compared to BITO (13.03%). In terms of maximum drawdown, BITO dropped -77.86% vs SQQQ's -100.00%.

Which ETF is better, BITO or SQQQ?

On 3-year performance, BITO leads with 16.49% vs -53.90% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or SQQQ?

Over the 3-year period, BITO has performed better with a 16.49% return vs -53.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or SQQQ?

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

Which ETF pays a higher dividend yield, BITO or SQQQ?

BITO has the higher dividend yield at 73.86%, compared with 11.47% for SQQQ.

What is the main difference between BITO and SQQQ?

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

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-1.04 vs -1.11), 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.