MAKX vs. BITO

Last updated Jun 4, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while BITO is a Cryptocurrency fund actively managed by ProShares. MAKX is passively managed, while BITO is actively managed. Over the past 3 years, MAKX returned 28.32%/yr vs 25.27%/yr for BITO. At a 0.43 correlation, their price movements are largely independent. MAKX charges 0.58%/yr vs 0.95%/yr for BITO.

Performance

MAKX vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAKX achieves a 47.39% return, which is significantly higher than BITO's -26.37% return.

MAKX

• 1D: -1.54%
• 1M: 17.86%
• YTD: 47.39%
• 6M: 42.02%
• 1Y: 82.53%
• 3Y*: 28.32%
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

MAKX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAKX ProShares S&P Kensho Smart Factories ETF	47.39%	21.63%	8.27%	26.03%	-26.41%	-1.51%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between MAKX and BITO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.43

MAKX vs. BITO - Sectors Allocation Comparison

Sectors	MAKX	BITO
Technology	64.1%	-
Industrials	21.3%	-
Communication Services	10.2%	-
Basic Materials	4.4%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	68.5%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MAKX vs. BITO — Risk / Return Rank

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

MAKX

MAKX Risk / Return Rank: 81
MAKX Sharpe Ratio Rank: 86
MAKX Sortino Ratio Rank: 79
MAKX Omega Ratio Rank: 73
MAKX Calmar Ratio Rank: 88
MAKX Martin Ratio Rank: 80

BITO

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

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.

MAKX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.

	MAKX	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	-0.95	+3.81
Sortino ratio: Return per unit of downside risk	3.54	-1.35	+4.88
Omega ratio: Gain probability vs. loss probability	1.44	0.85	+0.59
Calmar ratio: Return relative to maximum drawdown	5.17	-0.82	+5.99
Martin ratio: Return relative to average drawdown	15.75	-1.41	+17.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAKX vs. BITO - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.87, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of MAKX and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MAKX	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	-0.95	+3.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	-0.09	+0.60

Drawdowns

MAKX vs. BITO - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MAKX and BITO.

Drawdown Indicators

	MAKX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-77.86%	+37.59%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-50.05%	+34.00%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-50.05%	+20.29%
Current Drawdown Current decline from peak	-1.54%	-49.22%	+47.68%
Average Drawdown Average peak-to-trough decline	-16.60%	-36.73%	+20.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	29.09%	-23.83%

Volatility

MAKX vs. BITO - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 10.34% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that MAKX's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	9.43%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	34.26%	-14.33%
Volatility (1Y) Calculated over the trailing 1-year period	29.03%	43.57%	-14.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.18%	55.11%	-26.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.18%	55.11%	-26.93%

MAKX vs. BITO - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

MAKX vs. BITO - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.10%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%
MAKX ProShares S&P Kensho Smart Factories ETF	0.10%	0.15%	0.24%	0.52%	0.31%

Frequently Asked Questions

Can I hold both MAKX and BITO in my portfolio?

MAKX and BITO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or BITO?

MAKX has higher volatility (10.34%) compared to BITO (9.43%). In terms of maximum drawdown, MAKX dropped -40.27% vs BITO's -77.86%.

Which ETF is better, MAKX or BITO?

On 3-year performance, MAKX leads with 28.32% vs 25.27% for BITO. On fees, MAKX is cheaper at 0.58% per year. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or BITO?

Over the 3-year period, MAKX has performed better with a 28.32% return vs 25.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or BITO?

MAKX is cheaper with a 0.58% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 0.10% for MAKX.

What is the main difference between MAKX and BITO?

MAKX is categorized as Technology Equities, while BITO is Cryptocurrency. Their fees differ too: 0.58% for MAKX and 0.95% for BITO.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.87 vs -0.94), 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.