BITU vs. SMST

Last updated Jul 15, 2026

BITU (Proshares Ultra Bitcoin ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while SMST is a Inverse Equities fund actively managed by Defiance. BITU is passively managed, while SMST is actively managed. Over the past year, BITU returned -79.57% vs 223.39% for SMST. At a correlation of -0.79, they often move in opposite directions. BITU charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

BITU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -55.85% return, which is significantly lower than SMST's -36.68% return.

BITU

• 1D: 7.33%
• 1M: 0.28%
• 6M: -61.77%
• YTD: -55.85%
• 1Y: -79.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-55.85%	-37.07%	107.58%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between BITU and SMST is -0.84, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.79

The correlation between BITU and SMST has been stable across timeframes, ranging from -0.84 to -0.79 - a consistent structural relationship.

Return for Risk

BITU vs. SMST — Risk / Return Rank

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

BITU

BITU Risk / Return Rank: 1
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 1
BITU Omega Ratio Rank: 1
BITU Calmar Ratio Rank: 1
BITU Martin Ratio Rank: 2

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

BITU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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.

	BITU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.51	-2.41
Sortino ratio: Return per unit of downside risk	-1.79	2.28	-4.07
Omega ratio: Gain probability vs. loss probability	0.80	1.30	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.96	2.63	-3.59
Martin ratio: Return relative to average drawdown	-1.41	5.07	-6.48

BITU vs. SMST - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.90, which is lower than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of BITU and SMST, 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

BITU vs. SMST - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BITU and SMST.

Drawdown Indicators

	BITU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-99.25%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-85.39%	+1.94%
Current Drawdown Current decline from peak	-80.26%	-97.51%	+17.25%
Average Drawdown Average peak-to-trough decline	-36.64%	-90.91%	+54.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.45%	44.25%	+12.20%

Volatility

BITU vs. SMST - Volatility Comparison

The current volatility for Proshares Ultra Bitcoin ETF (BITU) is 23.07%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that BITU experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.07%	57.45%	-34.38%
Volatility (6M) Calculated over the trailing 6-month period	70.52%	136.03%	-65.51%
Volatility (1Y) Calculated over the trailing 1-year period	88.40%	149.51%	-61.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.89%	167.79%	-70.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.89%	167.79%	-70.90%

BITU vs. SMST - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BITU vs. SMST - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 87.36%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	87.36%	50.23%	0.12%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and SMST in my portfolio?

BITU and SMST have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITU or SMST?

SMST has higher volatility (57.45%) compared to BITU (23.07%). In terms of maximum drawdown, BITU dropped -83.45% vs SMST's -99.25%.

Which ETF is better, BITU or SMST?

On 1-year performance, SMST leads with 223.39% vs -79.57% for BITU. On fees, BITU is cheaper at 0.95% per year. On volatility, BITU has been the lower-risk option at 23.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs -79.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or SMST?

BITU is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, BITU or SMST?

BITU has the higher dividend yield at 87.36%, compared with 0.00% for SMST.

What is the main difference between BITU and SMST?

BITU is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for BITU and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.51 vs -0.90), 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.