SBIT vs. BITO

Last updated Jun 3, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds from ProShares. SBIT is passively managed, while BITO is actively managed. Over the past year, SBIT returned 54.02% vs -38.17% for BITO. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SBIT vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) 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, SBIT achieves a 29.98% return, which is significantly higher than BITO's -24.14% return.

SBIT

• 1D: 11.98%
• 1M: 33.29%
• YTD: 29.98%
• 6M: 38.71%
• 1Y: 54.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -5.85%
• 1M: -14.50%
• YTD: -24.14%
• 6M: -27.28%
• 1Y: -38.17%
• 3Y*: 26.52%
• 5Y*: —
• 10Y*: —

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

SBIT vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	29.98%	-25.11%	-73.13%
BITO ProShares Bitcoin Strategy ETF	-24.14%	-11.19%	33.93%

Correlation

The correlation between SBIT and BITO is -1.00, 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	-1.00
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	-1.00

The correlation between SBIT and BITO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

SBIT vs. BITO — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 23
SBIT Sharpe Ratio Rank: 19
SBIT Sortino Ratio Rank: 26
SBIT Omega Ratio Rank: 25
SBIT Calmar Ratio Rank: 24
SBIT Martin Ratio Rank: 19

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.

SBIT vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) 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.

	SBIT	BITO	Difference
Sharpe ratio Return per unit of total volatility	0.62	-0.88	+1.50
Sortino ratio Return per unit of downside risk	1.38	-1.21	+2.59
Omega ratio Gain probability vs. loss probability	1.17	0.86	+0.30
Calmar ratio Return relative to maximum drawdown	1.14	-0.77	+1.90
Martin ratio Return relative to average drawdown	2.21	-1.33	+3.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBIT vs. BITO - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.62, which is higher than the BITO Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of SBIT 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

	SBIT	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	-0.88	+1.50
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	-0.08	-0.40

Drawdowns

SBIT vs. BITO - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SBIT and BITO.

Drawdown Indicators

	SBIT	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-77.86%	-13.49%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-50.05%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-79.37%	-47.68%	-31.69%
Average Drawdown Average peak-to-trough decline	-68.53%	-36.72%	-31.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.66%	28.93%	-4.27%

Volatility

SBIT vs. BITO - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 18.80% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.61%. This indicates that SBIT'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

	SBIT	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.80%	9.61%	+9.19%
Volatility (6M) Calculated over the trailing 6-month period	69.13%	34.65%	+34.48%
Volatility (1Y) Calculated over the trailing 1-year period	87.03%	43.48%	+43.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.49%	55.12%	+42.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.49%	55.12%	+42.37%

SBIT vs. BITO - Expense Ratio Comparison

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

Dividends

SBIT vs. BITO - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.61%, less than BITO's 65.64% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	65.64%	78.29%	61.59%	15.14%
SBIT Proshares Ultrashort Bitcoin ETF	3.61%	0.52%	1.00%	0.00%

Frequently Asked Questions

Can I hold both SBIT and BITO in my portfolio?

SBIT and BITO have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBIT or BITO?

SBIT has higher volatility (18.80%) compared to BITO (9.61%). In terms of maximum drawdown, SBIT dropped -91.35% vs BITO's -77.86%.

Which ETF is better, SBIT or BITO?

On 1-year performance, SBIT leads with 54.02% vs -38.17% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or BITO?

Over the 1-year period, SBIT has performed better with a 54.02% return vs -38.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or BITO?

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

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

BITO has the higher dividend yield at 65.64%, compared with 3.61% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.62 vs -0.88), 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.