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SJB vs. BITO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SJB vs. BITO

Last updated Jun 5, 2026

SJB (ProShares Short High Yield) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. SJB is passively managed, while BITO is actively managed. Over the past 3 years, SJB returned -2.01%/yr vs 26.82%/yr for BITO. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SJB vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short High Yield (SJB) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SJB achieves a 0.48% return, which is significantly higher than BITO's -28.44% return.

SJB

1D
-0.20%
1M
-0.13%
YTD
0.48%
6M
0.59%
1Y
-0.45%
3Y*
-2.01%
5Y*
-0.58%
10Y*
-3.84%

BITO

1D
-2.81%
1M
-22.52%
YTD
-28.44%
6M
-32.46%
1Y
-41.98%
3Y*
26.82%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SJB vs. BITO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SJB
ProShares Short High Yield		0.48%-1.87%-0.84%-5.63%9.57%-1.43%
BITO
ProShares Bitcoin Strategy ETF		-28.44%-11.19%104.45%137.33%-63.91%-31.09%

Correlation

The correlation between SJB and BITO is -0.40, 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

-0.40

Correlation (3Y)
Calculated over the trailing 3-year period

-0.29

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2021

-0.34

The correlation between SJB and BITO shifts across timeframes, from -0.40 (1 year) to -0.29 (3 years), reflecting how their relationship changes across market environments.

SJB vs. BITO - Sectors Allocation Comparison

Sectors
SJB
BITO

Financial Services

97.9%
68.5%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SJB
97.9%
BITO
68.5%

Basic Materials

SJB

-

BITO

-

Communication Services

SJB

-

BITO

-

Consumer Cyclical

SJB

-

BITO

-

Consumer Defensive

SJB

-

BITO

-

Energy

SJB

-

BITO

-

Healthcare

SJB

-

BITO

-

Industrials

SJB

-

BITO

-

Real Estate

SJB

-

BITO

-

Technology

SJB

-

BITO

-

Utilities

SJB

-

BITO

-

Compare stocks, funds, or ETFs

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ProShares Short High Yield

ProShares Bitcoin Strategy ETF

Often compared with SJB:
SJB vs. TAILSJB vs. SJNKSJB vs. CAOSSJB vs. SPYSJB vs. CLIPSJB vs. SIXHSJB vs. EEM
Often compared with BITO:
BITO vs. BTC-USDBITO vs. IBITBITO vs. BTCIBITO vs. QQQBITO vs. BITUBITO vs. BITXBITO vs. MSTR

Return for Risk

SJB vs. BITO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SJB
SJB Risk / Return Rank: 77
Overall Rank
SJB Sharpe Ratio Rank: 88
Sharpe Ratio Rank
SJB Sortino Ratio Rank: 77
Sortino Ratio Rank
SJB Omega Ratio Rank: 77
Omega Ratio Rank
SJB Calmar Ratio Rank: 77
Calmar Ratio Rank
SJB Martin Ratio Rank: 88
Martin Ratio Rank
BITO
BITO Risk / Return Rank: 22
Overall Rank
BITO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BITO Sortino Ratio Rank: 22
Sortino Ratio Rank
BITO Omega Ratio Rank: 22
Omega Ratio Rank
BITO Calmar Ratio Rank: 22
Calmar Ratio Rank
BITO Martin Ratio Rank: 22
Martin Ratio Rank
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.

SJB vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.

SJBBITODifference
Sharpe ratioReturn per unit of total volatility
-0.12
-0.97

+0.85

Sortino ratioReturn per unit of downside risk
-0.14
-1.39

+1.25

Omega ratioGain probability vs. loss probability

0.98

0.84

+0.14

Calmar ratioReturn relative to maximum drawdown

-0.17

-0.83

+0.67

Martin ratioReturn relative to average drawdown

-0.31

-1.44

+1.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SJB vs. BITO - Sharpe Ratio Comparison

The current SJB Sharpe Ratio is -0.12, which is higher than the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of SJB 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.

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Sharpe Ratios by Period

SJBBITODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.12

-0.97

+0.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.45

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.60

-0.10

-0.50

Drawdowns

SJB vs. BITO - Drawdown Comparison

The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SJB and BITO.

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Drawdown Indicators

SJBBITODifference

Max Drawdown

Largest peak-to-trough decline

-58.06%

-77.86%

+19.80%

Max Drawdown (1Y)

Largest decline over 1 year

-2.74%

-50.64%

+47.90%

Max Drawdown (3Y)

Largest decline over 3 years

-10.54%

-50.64%

+40.10%

Max Drawdown (5Y)

Largest decline over 5 years

-13.30%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.57%

—

—

Current Drawdown

Current decline from peak

-57.51%

-50.64%

-6.87%

Average Drawdown

Average peak-to-trough decline

-42.48%

-36.75%

-5.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

29.27%

-27.82%

Volatility

SJB vs. BITO - Volatility Comparison

The current volatility for ProShares Short High Yield (SJB) is 1.22%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.03%. This indicates that SJB 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.

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Volatility by Period

SJBBITODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

9.03%

-7.81%

Volatility (6M)

Calculated over the trailing 6-month period

2.95%

33.71%

-30.76%

Volatility (1Y)

Calculated over the trailing 1-year period

3.83%

43.61%

-39.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.51%

55.10%

-47.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.52%

55.10%

-46.58%

SJB vs. BITO - Expense Ratio Comparison

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

Dividends

SJB vs. BITO - Dividend Comparison

SJB's dividend yield for the trailing twelve months is around 3.44%, less than BITO's 69.59% yield.

PositionTTM20252024202320222021202020192018
BITO
ProShares Bitcoin Strategy ETF		69.59%78.29%61.59%15.14%0.00%0.00%0.00%0.00%0.00%
SJB
ProShares Short High Yield		3.44%3.86%5.86%4.10%0.46%0.00%0.07%1.27%0.71%

Frequently Asked Questions

SJB and BITO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BITO has higher volatility (9.03%) compared to SJB (1.22%). In terms of maximum drawdown, SJB dropped -58.06% vs BITO's -77.86%.

On 3-year performance, BITO leads with 26.82% vs -2.01% for SJB. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 1.22%. 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 26.82% return vs -2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

BITO has the higher dividend yield at 69.59%, compared with 3.44% for SJB.

SJB is categorized as Inverse Bonds, while BITO is Cryptocurrency.

SJB currently has the higher Sharpe Ratio (-0.12 vs -0.97), 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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