MYY vs. BITO

Last updated Aug 2, 2026

MYY (ProShares Short S&P Mid Cap400) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. MYY is passively managed, while BITO is actively managed. Over the past 3 years, MYY returned -7.56%/yr vs 21.20%/yr for BITO. Their -0.40 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

MYY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P Mid Cap400 (MYY) 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, MYY achieves a -10.96% return, which is significantly higher than BITO's -29.42% return.

MYY

• 1D: 0.02%
• 1M: 1.28%
• 6M: -7.74%
• YTD: -10.96%
• 1Y: -15.28%
• 3Y*: -7.56%
• 5Y*: -5.91%
• 10Y*: -10.81%
• ALL TIME*: -11.59%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
MYY ProShares Short S&P Mid Cap400	$319.02K	$183.72K	$161.47K

MYY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MYY ProShares Short S&P Mid Cap400	-10.96%	-4.05%	-7.08%	-9.46%	10.23%	-4.28%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between MYY and BITO is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.40
Correlation (3Y) Balances recent behavior with more history.	-0.35
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.40

Return for Risk

MYY vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MYY

MYY Risk / Return Rank: 2
MYY Sharpe Ratio Rank: 2
MYY Sortino Ratio Rank: 3
MYY Omega Ratio Rank: 3
MYY Calmar Ratio Rank: 3
MYY Martin Ratio Rank: 2

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: 1
BITO Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MYY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.

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.

	MYY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.09	+0.20
Sortino ratio: Return per unit of downside risk	-1.18	-1.69	+0.52
Omega ratio: Gain probability vs. loss probability	0.86	0.81	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.89	+0.12
Martin ratio: Return relative to average drawdown	-1.35	-1.36	+0.01

MYY vs. BITO - Sharpe Ratio Comparison

The current MYY Sharpe Ratio is -0.90, which is comparable to the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of MYY 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.

Drawdowns

MYY vs. BITO - Drawdown Comparison

The maximum MYY drawdown since its inception was -95.20%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MYY and BITO.

Drawdown Indicators

	MYY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-95.20%	-77.86%	-17.34%
Max Drawdown (1Y) Largest decline over 1 year	-18.25%	-54.47%	+36.22%
Max Drawdown (3Y) Largest decline over 3 years	-35.14%	-54.47%	+19.33%
Max Drawdown (5Y) Largest decline over 5 years	-37.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-95.07%	-51.32%	-43.75%
Average Drawdown Average peak-to-trough decline	-72.31%	-37.18%	-35.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.38%	35.48%	-25.10%

Volatility

MYY vs. BITO - Volatility Comparison

The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 3.36%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. This indicates that MYY 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

	MYY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	8.96%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	33.45%	-21.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.70%	44.19%	-28.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	54.60%	-35.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	54.60%	-33.39%

MYY vs. BITO - Expense Ratio Comparison

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

Dividends

MYY vs. BITO - Dividend Comparison

MYY's dividend yield for the trailing twelve months is around 4.28%, less than BITO's 61.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
MYY ProShares Short S&P Mid Cap400	4.28%	4.20%	4.92%	5.08%	0.40%	0.00%	0.05%	1.52%	0.34%

Frequently Asked Questions

Can I hold both MYY and BITO in my portfolio?

MYY and BITO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MYY or BITO?

BITO has higher volatility (8.96%) compared to MYY (3.36%). In terms of maximum drawdown, MYY dropped -95.20% vs BITO's -77.86%.

Which ETF is better, MYY or BITO?

On 3-year performance, BITO leads with 21.20% vs -7.56% for MYY. Both ETFs have the same 0.95% expense ratio. On volatility, MYY has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MYY or BITO?

Over the 3-year period, BITO has performed better with a 21.20% return vs -7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MYY or BITO?

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

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

BITO has the higher dividend yield at 47.47%, compared with 4.28% for MYY.

What is the main difference between MYY and BITO?

MYY is categorized as Inverse Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

MYY currently has the higher Sharpe Ratio (-0.90 vs -1.09), 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.