SDD vs. BITO
SDD (ProShares UltraShort SmallCap600) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SDD is passively managed, while BITO is actively managed. Over the past 3 years, SDD returned -23.30%/yr vs 22.23%/yr for BITO. At a correlation of -0.40, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDD vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly higher than BITO's -32.00% return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
BITO
- 1D
- -4.97%
- 1M
- -26.17%
- YTD
- -32.00%
- 6M
- -33.58%
- 1Y
- -43.17%
- 3Y*
- 22.23%
- 5Y*
- —
- 10Y*
- —
SDD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | 20.50% | -8.18% |
BITO ProShares Bitcoin Strategy ETF | -32.00% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between SDD and BITO is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.40 |
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Return for Risk
SDD vs. BITO — Risk / Return Rank
SDD
BITO
SDD vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.82 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.47 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDD | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -0.99 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.12 | -0.46 |
Drawdowns
SDD vs. BITO - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SDD and BITO.
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Drawdown Indicators
| SDD | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -77.86% | -22.07% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -53.10% | +9.36% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -53.10% | -12.16% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -53.10% | -46.83% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -36.76% | -50.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 29.46% | -2.78% |
Volatility
SDD vs. BITO - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.35% and 9.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 9.76% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 33.97% | -9.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 43.86% | -7.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 55.13% | -11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 55.13% | -9.97% |
SDD vs. BITO - Expense Ratio Comparison
Both SDD and BITO have an expense ratio of 0.95%.
Dividends
SDD vs. BITO - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, less than BITO's 73.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 73.23% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and BITO have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (9.76%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.23% vs -23.30% for SDD. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 9.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 22.23% return vs -23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 73.23%, compared with 6.11% for SDD.
SDD is categorized as Inverse Equities, while BITO is Cryptocurrency.
BITO currently has the higher Sharpe Ratio (-0.99 vs -1.15), 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.
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