SMHB vs. BITI
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SMHB returned 7.36%/yr vs -31.62%/yr for BITI. At a correlation of -0.26, they often move in opposite directions. SMHB charges 0.85%/yr vs 1.03%/yr for BITI.
Performance
SMHB vs. BITI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SMHB having a 24.52% return and BITI slightly lower at 24.48%.
SMHB
- 1D
- 2.15%
- 1M
- 13.18%
- 6M
- 7.32%
- YTD
- 24.52%
- 1Y
- 15.34%
- 3Y*
- 7.36%
- 5Y*
- -2.05%
- 10Y*
- —
BITI
- 1D
- 1.13%
- 1M
- 1.49%
- 6M
- 35.86%
- YTD
- 24.48%
- 1Y
- 64.61%
- 3Y*
- -31.62%
- 5Y*
- —
- 10Y*
- —
SMHB vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 24.52% | -7.75% | -15.85% | 35.96% | -2.69% |
BITI ProShares Short Bitcoin ETF | 24.48% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between SMHB and BITI is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.26 |
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Return for Risk
SMHB vs. BITI — Risk / Return Rank
SMHB
BITI
SMHB vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and ProShares Short Bitcoin ETF (BITI). 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.
| SMHB | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.25 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 2.57 | -1.96 |
| Martin ratioReturn relative to average drawdown | 1.49 | 6.38 | -4.89 |
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Drawdowns
SMHB vs. BITI - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SMHB and BITI.
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Drawdown Indicators
| SMHB | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -92.16% | +1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -25.28% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -84.63% | +39.58% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | — | — |
Current DrawdownCurrent decline from peak | -31.46% | -86.41% | +54.95% |
Average DrawdownAverage peak-to-trough decline | -37.19% | -68.40% | +31.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.32% | 10.16% | +0.16% |
Volatility
SMHB vs. BITI - Volatility Comparison
The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 9.96%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.96% | 10.76% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 24.37% | 34.28% | -9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.25% | 44.15% | -6.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.95% | 52.24% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.93% | 52.24% | +13.69% |
SMHB vs. BITI - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
SMHB vs. BITI - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 18.21%, more than BITI's 15.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.62% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 18.21% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
SMHB and BITI have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.76%) compared to SMHB (9.96%). In terms of maximum drawdown, SMHB dropped -90.30% vs BITI's -92.16%.
On 3-year performance, SMHB leads with 7.36% vs -31.62% for BITI. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 9.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SMHB has performed better with a 7.36% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.
SMHB has the higher dividend yield at 18.21%, compared with 15.62% for BITI.
SMHB is categorized as Leveraged Equities, while BITI is Cryptocurrency. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for SMHB and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 vs 0.41), 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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