SAA vs. BITI

Last updated Aug 2, 2026

SAA (ProShares Ultra SmallCap600) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SAA returned 15.75%/yr vs -31.77%/yr for BITI. Their -0.37 correlation means they have often moved in opposite directions in the past. SAA charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SAA vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAA achieves a 40.60% return, which is significantly higher than BITI's 27.11% return.

SAA

• 1D: -0.46%
• 1M: -1.90%
• 6M: 26.90%
• YTD: 40.60%
• 1Y: 69.35%
• 3Y*: 15.75%
• 5Y*: 4.55%
• 10Y*: 11.77%
• ALL TIME*: 9.32%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

*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)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
SAA ProShares Ultra SmallCap600	$74.40K	$123.70K	$201.98K

SAA vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SAA ProShares Ultra SmallCap600	40.60%	0.29%	5.60%	21.32%	7.53%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SAA and BITI is -0.37, 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.	-0.37
Correlation (3Y) Balances recent behavior with more history.	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.37

Return for Risk

SAA vs. BITI — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 81
SAA Sharpe Ratio Rank: 80
SAA Sortino Ratio Rank: 79
SAA Omega Ratio Rank: 72
SAA Calmar Ratio Rank: 88
SAA Martin Ratio Rank: 84

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

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.

SAA vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) and ProShares Short Bitcoin ETF (BITI). 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.

	SAA	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.45	+0.39
Sortino ratio: Return per unit of downside risk	2.57	2.02	+0.55
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	3.56	2.53	+1.03
Martin ratio: Return relative to average drawdown	11.78	6.17	+5.60

SAA vs. BITI - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.84, which is comparable to the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SAA and BITI, 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

SAA vs. BITI - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SAA and BITI.

Drawdown Indicators

	SAA	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-92.16%	+4.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-25.28%	+7.07%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-84.63%	+33.79%
Max Drawdown (5Y) Largest decline over 5 years	-55.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.54%	—	—
Current Drawdown Current decline from peak	-4.60%	-86.12%	+81.52%
Average Drawdown Average peak-to-trough decline	-27.22%	-68.59%	+41.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	10.35%	-4.85%

Volatility

SAA vs. BITI - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 6.98%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that SAA experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAA	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	9.13%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	23.54%	33.31%	-9.77%
Volatility (1Y) Calculated over the trailing 1-year period	35.44%	44.23%	-8.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.23%	52.03%	-8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.01%	52.03%	-6.02%

SAA vs. BITI - Expense Ratio Comparison

SAA has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SAA vs. BITI - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.77%, less than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SAA ProShares Ultra SmallCap600	0.77%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%

Frequently Asked Questions

Can I hold both SAA and BITI in my portfolio?

SAA and BITI have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAA or BITI?

BITI has higher volatility (9.13%) compared to SAA (6.98%). In terms of maximum drawdown, SAA dropped -87.39% vs BITI's -92.16%.

Which ETF is better, SAA or BITI?

On 3-year performance, SAA leads with 15.75% vs -31.77% for BITI. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or BITI?

Over the 3-year period, SAA has performed better with a 15.75% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or BITI?

SAA is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, SAA or BITI?

BITI has the higher dividend yield at 15.17%, compared with 0.77% for SAA.

What is the main difference between SAA and BITI?

SAA is categorized as Leveraged Equities, while BITI is Cryptocurrency. SAA tracks S&P SmallCap 600 Index (200%), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for SAA and 1.03% for BITI.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.84 vs 1.45), 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.