SEF vs. BITO

Last updated Jun 25, 2026

SEF (ProShares Short Financials) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SEF is a Inverse Equities fund tracking the Dow Jones U.S. Financials Index (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. SEF is passively managed, while BITO is actively managed. Over the past 3 years, SEF returned -12.24%/yr vs 16.49%/yr for BITO. At a correlation of -0.33, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SEF vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) 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, SEF achieves a 2.28% return, which is significantly higher than BITO's -32.58% return.

SEF

• 1D: -0.51%
• 1M: -4.01%
• YTD: 2.28%
• 6M: 4.12%
• 1Y: -1.58%
• 3Y*: -12.24%
• 5Y*: -6.67%
• 10Y*: -12.50%

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

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

SEF vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SEF ProShares Short Financials	2.28%	-9.82%	-17.81%	-8.81%	11.85%	-2.02%
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SEF and BITO is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.33

The correlation between SEF and BITO shifts across timeframes, from -0.33 (all time) to -0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SEF vs. BITO — Risk / Return Rank

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

SEF

SEF Risk / Return Rank: 8
SEF Sharpe Ratio Rank: 8
SEF Sortino Ratio Rank: 7
SEF Omega Ratio Rank: 7
SEF Calmar Ratio Rank: 8
SEF Martin Ratio Rank: 8

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

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.

SEF vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SEF	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	-1.04	+0.93
Sortino ratio: Return per unit of downside risk	-0.06	-1.56	+1.50
Omega ratio: Gain probability vs. loss probability	0.99	0.83	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.14	-0.85	+0.71
Martin ratio: Return relative to average drawdown	-0.33	-1.45	+1.12

SEF vs. BITO - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is -0.11, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of SEF 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.

Drawdowns

SEF vs. BITO - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SEF and BITO.

Drawdown Indicators

	SEF	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-77.86%	-18.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-53.50%	+42.36%
Max Drawdown (3Y) Largest decline over 3 years	-39.40%	-53.50%	+14.10%
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.66%	—	—
Current Drawdown Current decline from peak	-96.33%	-53.50%	-42.83%
Average Drawdown Average peak-to-trough decline	-82.74%	-36.87%	-45.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	31.47%	-26.71%

Volatility

SEF vs. BITO - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 4.05%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 13.03%. This indicates that SEF 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

	SEF	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	13.03%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	34.32%	-23.16%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	44.22%	-29.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	55.03%	-37.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	55.03%	-34.55%

SEF vs. BITO - Expense Ratio Comparison

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

Dividends

SEF vs. BITO - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.56%, less than BITO's 73.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
SEF ProShares Short Financials	3.56%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both SEF and BITO in my portfolio?

SEF and BITO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEF or BITO?

BITO has higher volatility (13.03%) compared to SEF (4.05%). In terms of maximum drawdown, SEF dropped -96.51% vs BITO's -77.86%.

Which ETF is better, SEF or BITO?

On 3-year performance, BITO leads with 16.49% vs -12.24% for SEF. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or BITO?

Over the 3-year period, BITO has performed better with a 16.49% return vs -12.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or BITO?

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

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

BITO has the higher dividend yield at 73.86%, compared with 3.56% for SEF.

What is the main difference between SEF and BITO?

SEF is categorized as Inverse Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.11 vs -1.04), 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.