SJB vs. BITO
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 -1.64%/yr vs 21.20%/yr for BITO. Their -0.35 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SJB vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 1.17% return, which is significantly higher than BITO's -29.42% return.
SJB
- 1D
- 0.12%
- 1M
- 0.65%
- 6M
- 1.17%
- YTD
- 1.17%
- 1Y
- 0.70%
- 3Y*
- -1.64%
- 5Y*
- -0.13%
- 10Y*
- -3.58%
- ALL TIME*
- -5.06%
BITO
- 1D
- -2.85%
- 1M
- 2.16%
- 6M
- -26.02%
- YTD
- -29.42%
- 1Y
- -46.40%
- 3Y*
- 21.20%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.89B | $2.63B | $2.08B | |
| $1.85M | $1.63M | $3.02M |
SJB vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 1.17% | -1.87% | -0.84% | -5.63% | 9.57% | -1.63% |
BITO ProShares Bitcoin Strategy ETF | -29.42% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between SJB and BITO is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.35 |
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Return for Risk
SJB vs. BITO — Risk / Return Rank
SJB
BITO
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.
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.
| SJB | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | -0.89 | +1.17 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.36 | +1.90 |
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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
| SJB | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -77.86% | +19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -54.47% | +51.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -54.47% | +43.93% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | — | — |
Current DrawdownCurrent decline from peak | -57.22% | -51.32% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -42.62% | -37.18% | -5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 35.48% | -34.05% |
Volatility
SJB vs. BITO - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.15%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.96%. 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
| SJB | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 8.96% | -7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 33.45% | -30.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 44.19% | -40.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 54.60% | -47.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 54.60% | -46.16% |
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 3.59%, less than BITO's 61.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJB ProShares Short High Yield | 3.59% | 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 (8.96%) compared to SJB (1.15%). In terms of maximum drawdown, SJB dropped -58.06% vs BITO's -77.86%.
On 3-year performance, BITO leads with 21.20% vs -1.64% for SJB. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 1.15%. 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 21.20% return vs -1.64%. 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 47.47%, compared with 3.59% for SJB.
SJB is categorized as Inverse Bonds, while BITO is Cryptocurrency.
SJB currently has the higher Sharpe Ratio (0.20 vs -1.09), 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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