SDS vs. BITO

Last updated Jun 4, 2026

SDS (ProShares UltraShort S&P500) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SDS is passively managed, while BITO is actively managed. Over the past 3 years, SDS returned -28.79%/yr vs 25.27%/yr for BITO. At a correlation of -0.42, they often move in opposite directions. SDS charges 0.91%/yr vs 0.95%/yr for BITO.

Performance

SDS vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) 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, SDS achieves a -17.06% return, which is significantly higher than BITO's -26.37% return.

SDS

• 1D: 1.35%
• 1M: -8.86%
• YTD: -17.06%
• 6M: -16.53%
• 1Y: -34.59%
• 3Y*: -28.79%
• 5Y*: -21.98%
• 10Y*: -27.72%

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)

SDS vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SDS ProShares UltraShort S&P500	-17.06%	-26.79%	-29.45%	-31.53%	30.69%	-11.75%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SDS and BITO is -0.48, 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	-0.48
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	-0.42

The correlation between SDS and BITO shifts across timeframes, from -0.48 (1 year) to -0.35 (3 years), reflecting how their relationship changes across market environments.

SDS vs. BITO - Sectors Allocation Comparison

Sectors	SDS	BITO
Financial Services	94.3%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SDS vs. BITO — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 0
SDS Sharpe Ratio Rank: 0
SDS Sortino Ratio Rank: 0
SDS Omega Ratio Rank: 0
SDS Calmar Ratio Rank: 1
SDS Martin Ratio Rank: 1

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.

SDS vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) 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.

	SDS	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	-0.95	-0.53
Sortino ratio: Return per unit of downside risk	-2.28	-1.35	-0.93
Omega ratio: Gain probability vs. loss probability	0.75	0.85	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.82	-0.14
Martin ratio: Return relative to average drawdown	-1.69	-1.41	-0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDS vs. BITO - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.47, which is lower than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of SDS 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

	SDS	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	-0.95	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.09	-0.57

Drawdowns

SDS vs. BITO - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SDS and BITO.

Drawdown Indicators

	SDS	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-77.86%	-21.99%
Max Drawdown (1Y) Largest decline over 1 year	-36.20%	-50.05%	+13.85%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-50.05%	-18.09%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.48%	—	—
Current Drawdown Current decline from peak	-99.85%	-49.22%	-50.63%
Average Drawdown Average peak-to-trough decline	-82.73%	-36.73%	-46.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.51%	29.09%	-8.58%

Volatility

SDS vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 5.59%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that SDS 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

	SDS	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	9.43%	-3.84%
Volatility (6M) Calculated over the trailing 6-month period	17.81%	34.26%	-16.45%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	43.57%	-19.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.64%	55.11%	-21.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.82%	55.11%	-19.29%

SDS vs. BITO - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

SDS vs. BITO - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.79%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SDS ProShares UltraShort S&P500	5.79%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%

Frequently Asked Questions

Can I hold both SDS and BITO in my portfolio?

SDS and BITO have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDS or BITO?

BITO has higher volatility (9.43%) compared to SDS (5.59%). In terms of maximum drawdown, SDS dropped -99.85% vs BITO's -77.86%.

Which ETF is better, SDS or BITO?

On 3-year performance, BITO leads with 25.27% vs -28.79% for SDS. On fees, SDS is cheaper at 0.91% per year. On volatility, SDS has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs -28.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or BITO?

SDS is cheaper with a 0.91% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 5.79% for SDS.

What is the main difference between SDS and BITO?

SDS is categorized as Leveraged Equities, while BITO is Cryptocurrency. Their fees differ too: 0.91% for SDS and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.94 vs -1.47), 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.