SAA vs. BITO

Last updated Jun 4, 2026

SAA (ProShares Ultra SmallCap600) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SAA is a Leveraged Equities fund tracking the S&P SmallCap 600 Index (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SAA is passively managed, while BITO is actively managed. Over the past 3 years, SAA returned 17.67%/yr vs 25.27%/yr for BITO. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SAA vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra SmallCap600 (SAA) 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, SAA achieves a 28.22% return, which is significantly higher than BITO's -26.37% return.

SAA

• 1D: -1.69%
• 1M: 3.02%
• YTD: 28.22%
• 6M: 25.09%
• 1Y: 58.28%
• 3Y*: 17.67%
• 5Y*: 1.22%
• 10Y*: 11.43%

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)

SAA vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SAA ProShares Ultra SmallCap600	28.22%	0.29%	5.60%	21.32%	-36.17%	4.23%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SAA and BITO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.40

SAA vs. BITO - Sectors Allocation Comparison

Sectors	SAA	BITO
Financial Services	16.9%	68.5%
Industrials	15.5%	-
Technology	15.5%	-
Consumer Cyclical	13.4%	-
Healthcare	11.0%	-
Real Estate	7.7%	-
Energy	5.9%	-
Basic Materials	5.1%	-
Communication Services	3.6%	-
Consumer Defensive	3.5%	-
Utilities	2.0%	-

Return for Risk

SAA vs. BITO — Risk / Return Rank

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

SAA

SAA Risk / Return Rank: 52
SAA Sharpe Ratio Rank: 47
SAA Sortino Ratio Rank: 46
SAA Omega Ratio Rank: 42
SAA Calmar Ratio Rank: 65
SAA Martin Ratio Rank: 59

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.

SAA vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra SmallCap600 (SAA) 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.

	SAA	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.95	+2.58
Sortino ratio: Return per unit of downside risk	2.31	-1.35	+3.66
Omega ratio: Gain probability vs. loss probability	1.27	0.85	+0.42
Calmar ratio: Return relative to maximum drawdown	3.22	-0.82	+4.04
Martin ratio: Return relative to average drawdown	10.38	-1.41	+11.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAA vs. BITO - Sharpe Ratio Comparison

The current SAA Sharpe Ratio is 1.64, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of SAA 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

	SAA	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	-0.95	+2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	-0.09	+0.27

Drawdowns

SAA vs. BITO - Drawdown Comparison

The maximum SAA drawdown since its inception was -87.39%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SAA and BITO.

Drawdown Indicators

	SAA	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-77.86%	-9.53%
Max Drawdown (1Y) Largest decline over 1 year	-18.21%	-50.05%	+31.84%
Max Drawdown (3Y) Largest decline over 3 years	-50.84%	-50.05%	-0.79%
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	-4.35%	-49.22%	+44.87%
Average Drawdown Average peak-to-trough decline	-27.42%	-36.73%	+9.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	29.09%	-23.46%

Volatility

SAA vs. BITO - Volatility Comparison

The current volatility for ProShares Ultra SmallCap600 (SAA) is 8.56%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that SAA 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

	SAA	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	9.43%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	23.89%	34.26%	-10.37%
Volatility (1Y) Calculated over the trailing 1-year period	35.92%	43.57%	-7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.54%	55.11%	-11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	55.11%	-8.98%

SAA vs. BITO - Expense Ratio Comparison

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

Dividends

SAA vs. BITO - Dividend Comparison

SAA's dividend yield for the trailing twelve months is around 0.79%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SAA ProShares Ultra SmallCap600	0.79%	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 BITO in my portfolio?

SAA and BITO have a correlation of 0.41, 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 BITO?

BITO has higher volatility (9.43%) compared to SAA (8.56%). In terms of maximum drawdown, SAA dropped -87.39% vs BITO's -77.86%.

Which ETF is better, SAA or BITO?

On 3-year performance, BITO leads with 25.27% vs 17.67% for SAA. Both ETFs have the same 0.95% expense ratio. On volatility, SAA has been the lower-risk option at 8.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAA or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 17.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAA or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 0.79% for SAA.

What is the main difference between SAA and BITO?

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

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.64 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.