JPSE vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and ProShares Bitcoin Strategy ETF (BITO).

JPSE and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JPSE is a passively managed fund by JPMorgan that tracks the performance of the JPMorgan Diversified Factor US Small Cap Equity Index. It was launched on Nov 15, 2016. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

JPSE vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

JPSE vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	5.32%	8.77%	8.07%	15.87%	-14.40%	3.14%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Returns By Period

In the year-to-date period, JPSE achieves a 5.32% return, which is significantly higher than BITO's -22.79% return.

JPSE

• 1D: 0.42%
• 1M: -4.26%
• YTD: 5.32%
• 6M: 6.24%
• 1Y: 22.65%
• 3Y*: 11.65%
• 5Y*: 5.82%
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

JPSE vs. BITO - Expense Ratio Comparison

JPSE has a 0.29% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

JPSE

JPMorgan Diversified Return U.S. Small Cap Equity ETF

Return for Risk

JPSE vs. BITO — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 62
JPSE Sharpe Ratio Rank: 62
JPSE Sortino Ratio Rank: 64
JPSE Omega Ratio Rank: 56
JPSE Calmar Ratio Rank: 62
JPSE Martin Ratio Rank: 65

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

JPSE vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and ProShares Bitcoin Strategy ETF (BITO). 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.

	JPSE	BITO	Difference
Sharpe ratio Return per unit of total volatility	1.13	-0.52	+1.65
Sortino ratio Return per unit of downside risk	1.69	-0.50	+2.19
Omega ratio Gain probability vs. loss probability	1.22	0.94	+0.28
Calmar ratio Return relative to maximum drawdown	1.69	-0.42	+2.11
Martin ratio Return relative to average drawdown	7.14	-0.89	+8.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPSE vs. BITO - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 1.13, which is higher than the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of JPSE and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPSE	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	-0.52	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	-0.08	+0.52

Correlation

The correlation between JPSE and BITO is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

JPSE vs. BITO - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.51%, less than BITO's 80.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.51%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

JPSE vs. BITO - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for JPSE and BITO.

Drawdown Indicators

	JPSE	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-77.86%	+34.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-50.05%	+36.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	—	—
Current Drawdown Current decline from peak	-4.46%	-46.75%	+42.29%
Average Drawdown Average peak-to-trough decline	-7.54%	-36.57%	+29.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	23.73%	-20.54%

Volatility

JPSE vs. BITO - Volatility Comparison

The current volatility for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) is 5.88%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that JPSE experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPSE	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	12.84%	-6.96%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	36.71%	-25.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.12%	45.32%	-25.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	55.77%	-35.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	55.77%	-33.85%