SMDD vs. BITO

Last updated Jul 17, 2026

SMDD (ProShares UltraPro Short MidCap400) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while BITO is a Cryptocurrency fund actively managed by ProShares. SMDD is passively managed, while BITO is actively managed. Over the past 3 years, SMDD returned -34.48%/yr vs 21.06%/yr for BITO. At a correlation of -0.41, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SMDD vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) 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, SMDD achieves a -36.11% return, which is significantly lower than BITO's -27.77% return.

SMDD

• 1D: -1.63%
• 1M: -0.00%
• 6M: -23.09%
• YTD: -36.11%
• 1Y: -45.70%
• 3Y*: -34.48%
• 5Y*: -31.60%
• 10Y*: -39.71%

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

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

SMDD vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMDD ProShares UltraPro Short MidCap400	-36.11%	-27.46%	-31.02%	-38.37%	7.69%	-13.57%
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SMDD 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	-0.35
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.41

Return for Risk

SMDD vs. BITO — Risk / Return Rank

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

SMDD

SMDD Risk / Return Rank: 2
SMDD Sharpe Ratio Rank: 2
SMDD Sortino Ratio Rank: 2
SMDD Omega Ratio Rank: 2
SMDD Calmar Ratio Rank: 1
SMDD Martin Ratio Rank: 0

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: 1
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.

SMDD vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) 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.

	SMDD	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-1.10	+0.13
Sortino ratio: Return per unit of downside risk	-1.39	-1.70	+0.31
Omega ratio: Gain probability vs. loss probability	0.84	0.81	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.89	-0.03
Martin ratio: Return relative to average drawdown	-1.59	-1.42	-0.17

SMDD vs. BITO - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -0.97, which is comparable to the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of SMDD 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

SMDD vs. BITO - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SMDD and BITO.

Drawdown Indicators

	SMDD	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-77.86%	-22.13%
Max Drawdown (1Y) Largest decline over 1 year	-50.01%	-54.47%	+4.46%
Max Drawdown (3Y) Largest decline over 3 years	-82.62%	-54.47%	-28.15%
Max Drawdown (5Y) Largest decline over 5 years	-88.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-99.99%	-50.18%	-49.81%
Average Drawdown Average peak-to-trough decline	-92.99%	-37.06%	-55.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.79%	33.91%	-5.12%

Volatility

SMDD vs. BITO - Volatility Comparison

ProShares UltraPro Short MidCap400 (SMDD) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 10.40% and 10.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDD	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.40%	10.49%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	35.28%	34.48%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	47.19%	44.10%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.75%	54.80%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.21%	54.80%	+8.41%

SMDD vs. BITO - Expense Ratio Comparison

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

Dividends

SMDD vs. BITO - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 5.85%, less than BITO's 60.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDD ProShares UltraPro Short MidCap400	5.85%	4.96%	4.09%	3.86%	0.14%	0.00%	0.13%	1.51%	0.09%

Frequently Asked Questions

Can I hold both SMDD and BITO in my portfolio?

SMDD 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.

Which is riskier, SMDD or BITO?

BITO has higher volatility (10.49%) compared to SMDD (10.40%). In terms of maximum drawdown, SMDD dropped -99.99% vs BITO's -77.86%.

Which ETF is better, SMDD or BITO?

On 3-year performance, BITO leads with 21.06% vs -34.48% for SMDD. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDD or BITO?

Over the 3-year period, BITO has performed better with a 21.06% return vs -34.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDD or BITO?

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

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

BITO has the higher dividend yield at 60.24%, compared with 5.85% for SMDD.

What is the main difference between SMDD and BITO?

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

Which has better risk-adjusted returns?

SMDD currently has the higher Sharpe Ratio (-0.97 vs -1.10), 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.