SDP vs. BITO
SDP (ProShares UltraShort Utilities) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SDP is passively managed, while BITO is actively managed. Over the past 3 years, SDP returned -19.38%/yr vs 25.27%/yr for BITO. At a correlation of -0.14, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDP vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -5.56% return, which is significantly higher than BITO's -26.37% return.
SDP
- 1D
- 0.71%
- 1M
- 11.99%
- YTD
- -5.56%
- 6M
- -1.63%
- 1Y
- -12.04%
- 3Y*
- -19.38%
- 5Y*
- -16.33%
- 10Y*
- -20.69%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
SDP vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -17.70% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between SDP and BITO is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.14 |
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Return for Risk
SDP vs. BITO — Risk / Return Rank
SDP
BITO
SDP vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.85 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.82 | +0.41 |
| Martin ratioReturn relative to average drawdown | -0.69 | -1.41 | +0.72 |
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
| SDP | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | -0.95 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.09 | -0.47 |
Drawdowns
SDP vs. BITO - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SDP and BITO.
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Drawdown Indicators
| SDP | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -77.86% | -21.70% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -50.05% | +21.04% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -50.05% | -16.12% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | — | — |
Current DrawdownCurrent decline from peak | -99.49% | -49.22% | -50.27% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -36.73% | -45.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 29.09% | -11.71% |
Volatility
SDP vs. BITO - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.86% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that SDP'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.
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Volatility by Period
| SDP | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 9.43% | +1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 34.26% | -11.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 43.57% | -14.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 55.11% | -20.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 55.11% | -17.60% |
SDP vs. BITO - Expense Ratio Comparison
Both SDP and BITO have an expense ratio of 0.95%.
Dividends
SDP vs. BITO - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 3.87%, less than BITO's 67.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDP ProShares UltraShort Utilities | 3.87% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% |
Frequently Asked Questions
SDP and BITO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.86%) compared to BITO (9.43%). In terms of maximum drawdown, SDP dropped -99.56% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -19.38% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.43%. 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 25.27% return vs -19.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 67.63%, compared with 3.87% for SDP.
SDP is categorized as Leveraged Equities, while BITO is Cryptocurrency.
SDP currently has the higher Sharpe Ratio (-0.41 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.
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