QQDN vs. BITO

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - QQDN is a Inverse Equities fund tracking the Nasdaq-100 Mega Index, while BITO is a Cryptocurrency fund actively managed by ProShares. QQDN is passively managed, while BITO is actively managed. Over the past year, QQDN returned -34.59% vs -47.98% for BITO. At a correlation of -0.45, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QQDN vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) 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, QQDN achieves a -11.94% return, which is significantly higher than BITO's -28.18% return.

QQDN

• 1D: -1.18%
• 1M: -4.79%
• 6M: -11.62%
• YTD: -11.94%
• 1Y: -34.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

QQDN vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-34.51%
BITO ProShares Bitcoin Strategy ETF	-28.18%	-21.68%

Correlation

The correlation between QQDN and BITO is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.45

Return for Risk

QQDN vs. BITO — Risk / Return Rank

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

QQDN

QQDN Risk / Return Rank: 2
QQDN Sharpe Ratio Rank: 2
QQDN Sortino Ratio Rank: 3
QQDN Omega Ratio Rank: 3
QQDN Calmar Ratio Rank: 2
QQDN Martin Ratio Rank: 1

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.

QQDN vs. BITO - Risk-Adjusted Trends Comparison

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

	QQDN	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-1.04	+0.17
Sortino ratio: Return per unit of downside risk	-1.22	-1.57	+0.34
Omega ratio: Gain probability vs. loss probability	0.87	0.83	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.84	+0.04
Martin ratio: Return relative to average drawdown	-1.40	-1.38	-0.02

QQDN vs. BITO - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.87, which is comparable to the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of QQDN 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

QQDN vs. BITO - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for QQDN and BITO.

Drawdown Indicators

	QQDN	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-77.86%	+27.67%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-54.47%	+10.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-43.46%	-50.47%	+7.01%
Average Drawdown Average peak-to-trough decline	-31.01%	-37.02%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	33.31%	-8.16%

Volatility

QQDN vs. BITO - Volatility Comparison

ProShares UltraShort QQQ Mega (QQDN) has a higher volatility of 14.19% compared to ProShares Bitcoin Strategy ETF (BITO) at 10.76%. This indicates that QQDN'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

	QQDN	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	10.76%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	31.46%	34.39%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	44.21%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	54.85%	-15.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	54.85%	-15.03%

QQDN vs. BITO - Expense Ratio Comparison

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

Dividends

QQDN vs. BITO - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, less than BITO's 60.59% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.59%	78.29%	61.59%	15.14%
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQDN and BITO in my portfolio?

QQDN and BITO have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQDN or BITO?

QQDN has higher volatility (14.19%) compared to BITO (10.76%). In terms of maximum drawdown, QQDN dropped -50.19% vs BITO's -77.86%.

Which ETF is better, QQDN or BITO?

On 1-year performance, QQDN leads with -34.59% vs -47.98% for BITO. 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, QQDN or BITO?

Over the 1-year period, QQDN has performed better with a -34.59% return vs -47.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQDN or BITO?

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

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

BITO has the higher dividend yield at 60.59%, compared with 5.59% for QQDN.

What is the main difference between QQDN and BITO?

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

Which has better risk-adjusted returns?

QQDN currently has the higher Sharpe Ratio (-0.87 vs -1.04), 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.