QID vs. BITO

Last updated Jul 12, 2026

QID (ProShares UltraShort QQQ) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. QID is passively managed, while BITO is actively managed. Over the past 3 years, QID returned -36.90%/yr vs 19.76%/yr for BITO. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QID vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QID having a -28.70% return and BITO slightly higher at -28.18%.

QID

• 1D: -0.64%
• 1M: -0.57%
• 6M: -25.87%
• YTD: -28.70%
• 1Y: -41.01%
• 3Y*: -36.90%
• 5Y*: -29.74%
• 10Y*: -38.34%

BITO

• 1D: 1.17%
• 1M: 0.36%
• 6M: -30.25%
• YTD: -28.18%
• 1Y: -47.98%
• 3Y*: 19.76%
• 5Y*: —
• 10Y*: —

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

QID vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QID ProShares UltraShort QQQ	-28.70%	-34.97%	-34.06%	-57.19%	66.30%	-14.49%
BITO ProShares Bitcoin Strategy ETF	-28.18%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between QID and BITO is -0.47, 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	-0.47
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 QID and BITO shifts across timeframes, from -0.47 (1 year) to -0.37 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

QID vs. BITO — Risk / Return Rank

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

QID

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
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.

QID vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) 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.

	QID	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-1.04	-0.06
Sortino ratio: Return per unit of downside risk	-1.72	-1.57	-0.15
Omega ratio: Gain probability vs. loss probability	0.81	0.83	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.84	-0.07
Martin ratio: Return relative to average drawdown	-1.81	-1.38	-0.43

QID vs. BITO - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -1.10, which is comparable to the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of QID 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

QID vs. BITO - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for QID and BITO.

Drawdown Indicators

	QID	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-77.86%	-22.13%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-54.47%	+9.82%
Max Drawdown (3Y) Largest decline over 3 years	-79.50%	-54.47%	-25.03%
Max Drawdown (5Y) Largest decline over 5 years	-88.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.25%	—	—
Current Drawdown Current decline from peak	-99.99%	-50.47%	-49.52%
Average Drawdown Average peak-to-trough decline	-87.05%	-37.02%	-50.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.54%	33.31%	-10.77%

Volatility

QID vs. BITO - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 17.52% compared to ProShares Bitcoin Strategy ETF (BITO) at 10.76%. This indicates that QID'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

	QID	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.52%	10.76%	+6.76%
Volatility (6M) Calculated over the trailing 6-month period	30.45%	34.39%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	44.21%	-7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.55%	54.85%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.81%	54.85%	-10.04%

QID vs. BITO - Expense Ratio Comparison

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

Dividends

QID vs. BITO - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 8.26%, less than BITO's 60.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	60.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QID ProShares UltraShort QQQ	8.26%	6.25%	7.99%	5.63%	0.15%	0.00%	0.92%	2.54%	1.38%	0.08%

Frequently Asked Questions

Can I hold both QID and BITO in my portfolio?

QID and BITO have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QID or BITO?

QID has higher volatility (17.52%) compared to BITO (10.76%). In terms of maximum drawdown, QID dropped -99.99% vs BITO's -77.86%.

Which ETF is better, QID or BITO?

On 3-year performance, BITO leads with 19.76% vs -36.90% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or BITO?

Over the 3-year period, BITO has performed better with a 19.76% return vs -36.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or BITO?

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

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

BITO has the higher dividend yield at 60.59%, compared with 8.26% for QID.

What is the main difference between QID and BITO?

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

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-1.04 vs -1.10), 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.