SKF vs. BITO

Last updated Jun 5, 2026

SKF (ProShares UltraShort Financials) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SKF is a Leveraged Equities fund tracking the DJ Global United States (All) / Financials -IND (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SKF is passively managed, while BITO is actively managed. Over the past 3 years, SKF returned -25.95%/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

SKF vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Financials (SKF) 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, SKF achieves a 9.79% return, which is significantly higher than BITO's -28.44% return.

SKF

• 1D: -5.09%
• 1M: -2.11%
• YTD: 9.79%
• 6M: 5.23%
• 1Y: -4.23%
• 3Y*: -25.95%
• 5Y*: -15.99%
• 10Y*: -26.23%

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)

SKF vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKF ProShares UltraShort Financials	9.79%	-23.99%	-36.29%	-21.78%	17.63%	-2.93%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SKF and BITO is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	-0.34

The correlation between SKF and BITO shifts across timeframes, from -0.34 (all time) to -0.23 (1 year), reflecting how their relationship changes across market environments.

SKF vs. BITO - Sectors Allocation Comparison

Sectors	SKF	BITO
Financial Services	48.0%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SKF vs. BITO — Risk / Return Rank

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

SKF

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

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.

SKF vs. BITO - Risk-Adjusted Trends Comparison

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

	SKF	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	-0.97	+0.82
Sortino ratio: Return per unit of downside risk	-0.00	-1.39	+1.39
Omega ratio: Gain probability vs. loss probability	1.00	0.84	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.20	-0.83	+0.63
Martin ratio: Return relative to average drawdown	-0.38	-1.44	+1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKF vs. BITO - Sharpe Ratio Comparison

The current SKF Sharpe Ratio is -0.14, which is higher than the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of SKF 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

	SKF	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	-0.97	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.10	-0.41

Drawdowns

SKF vs. BITO - Drawdown Comparison

The maximum SKF drawdown since its inception was -99.96%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SKF and BITO.

Drawdown Indicators

	SKF	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-77.86%	-22.10%
Max Drawdown (1Y) Largest decline over 1 year	-20.76%	-50.64%	+29.88%
Max Drawdown (3Y) Largest decline over 3 years	-68.09%	-50.64%	-17.45%
Max Drawdown (5Y) Largest decline over 5 years	-72.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.51%	—	—
Current Drawdown Current decline from peak	-99.95%	-50.64%	-49.31%
Average Drawdown Average peak-to-trough decline	-89.26%	-36.75%	-52.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.17%	29.27%	-18.10%

Volatility

SKF vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort Financials (SKF) is 8.27%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.03%. This indicates that SKF 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

	SKF	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	9.03%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	22.43%	33.71%	-11.28%
Volatility (1Y) Calculated over the trailing 1-year period	29.30%	43.61%	-14.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.10%	55.10%	-19.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.92%	55.10%	-14.18%

SKF vs. BITO - Expense Ratio Comparison

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

Dividends

SKF vs. BITO - Dividend Comparison

SKF's dividend yield for the trailing twelve months is around 4.31%, less than BITO's 69.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
SKF ProShares UltraShort Financials	4.31%	5.61%	7.94%	3.93%	0.03%	0.00%	0.11%	1.29%	0.06%

Frequently Asked Questions

Can I hold both SKF and BITO in my portfolio?

SKF and BITO have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKF or BITO?

BITO has higher volatility (9.03%) compared to SKF (8.27%). In terms of maximum drawdown, SKF dropped -99.96% vs BITO's -77.86%.

Which ETF is better, SKF or BITO?

On 3-year performance, BITO leads with 26.82% vs -25.95% for SKF. Both ETFs have the same 0.95% expense ratio. On volatility, SKF has been the lower-risk option at 8.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKF or BITO?

Over the 3-year period, BITO has performed better with a 26.82% return vs -25.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKF or BITO?

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

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

BITO has the higher dividend yield at 69.59%, compared with 4.31% for SKF.

What is the main difference between SKF and BITO?

SKF is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

SKF currently has the higher Sharpe Ratio (-0.14 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.