SH vs. BITO
SH (ProShares Short S&P500) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while BITO is a Cryptocurrency fund actively managed by ProShares. SH is passively managed, while BITO is actively managed. Over the past 3 years, SH returned -12.05%/yr vs 22.22%/yr for BITO. Their -0.42 correlation means they have often moved in opposite directions in the past. SH charges 0.89%/yr vs 0.95%/yr for BITO.
Performance
SH vs. BITO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SH achieves a -7.97% return, which is significantly higher than BITO's -28.40% return.
SH
- 1D
- -1.42%
- 1M
- -1.30%
- 6M
- -6.60%
- YTD
- -7.97%
- 1Y
- -14.42%
- 3Y*
- -12.05%
- 5Y*
- -8.25%
- 10Y*
- -12.49%
- ALL TIME*
- -11.35%
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
| $269.15M | $242.02M | $299.42M |
SH vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.97% | -11.35% | -13.52% | -14.80% | 18.98% | -6.65% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between SH and BITO is -0.47, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.47 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.42 |
The correlation between SH and BITO shifts across timeframes, from -0.47 (1 year) to -0.37 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SH vs. BITO — Risk / Return Rank
SH
BITO
SH vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) 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.
| SH | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.84 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.66 | -1.28 | -0.37 |
Loading charts...
Drawdowns
SH vs. BITO - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SH and BITO.
Loading charts...
Drawdown Indicators
| SH | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -77.86% | -16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -16.06% | -54.47% | +38.41% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -54.47% | +15.65% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -74.80% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -50.61% | -44.01% |
Average DrawdownAverage peak-to-trough decline | -67.93% | -37.19% | -30.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 35.62% | -26.54% |
Volatility
SH vs. BITO - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 3.78%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.72%. This indicates that SH 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.
Loading charts...
Volatility by Period
| SH | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 8.72% | -4.94% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 33.49% | -23.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 44.21% | -31.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 54.58% | -37.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 54.58% | -36.55% |
SH vs. BITO - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
SH vs. BITO - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.25%, less than BITO's 47.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.25% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SH and BITO have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.72%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.22% vs -12.05% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.78%. 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 22.22% return vs -12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 47.03%, compared with 4.25% for SH.
SH is categorized as Inverse Equities, while BITO is Cryptocurrency. Their fees differ too: 0.89% for SH and 0.95% for BITO.
BITO currently has the higher Sharpe Ratio (-1.04 vs -1.13), 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.
Find the right allocation for SH and BITO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer