SMN vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Basic Materials (SMN) and ProShares Bitcoin Strategy ETF (BITO).

SMN and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMN is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Basic Materials Index (-200%). It was launched on Jan 30, 2007. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

SMN vs. BITO - Performance Comparison

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

SMN vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMN ProShares UltraShort Basic Materials	-19.98%	-17.96%	7.37%	-20.23%	-3.03%	-15.39%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Returns By Period

In the year-to-date period, SMN achieves a -19.98% return, which is significantly higher than BITO's -22.79% return.

SMN

• 1D: -2.24%
• 1M: 10.22%
• YTD: -19.98%
• 6M: -23.52%
• 1Y: -30.96%
• 3Y*: -14.19%
• 5Y*: -17.24%
• 10Y*: -25.70%

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

SMN vs. BITO - Expense Ratio Comparison

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

SMN

ProShares UltraShort Basic Materials

BITO

ProShares Bitcoin Strategy ETF

Return for Risk

SMN vs. BITO — Risk / Return Rank

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

SMN

SMN Risk / Return Rank: 3
SMN Sharpe Ratio Rank: 2
SMN Sortino Ratio Rank: 2
SMN Omega Ratio Rank: 2
SMN Calmar Ratio Rank: 3
SMN Martin Ratio Rank: 5

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

SMN vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) 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.

	SMN	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.73	-0.52	-0.21
Sortino ratio Return per unit of downside risk	-0.88	-0.50	-0.38
Omega ratio Gain probability vs. loss probability	0.89	0.94	-0.05
Calmar ratio Return relative to maximum drawdown	-0.58	-0.42	-0.17
Martin ratio Return relative to average drawdown	-0.89	-0.89	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMN vs. BITO - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.73, which is lower than the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of SMN and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMN	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	-0.52	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.08	-0.46

Correlation

The correlation between SMN and BITO is -0.29. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SMN vs. BITO - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.39%, less than BITO's 80.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SMN ProShares UltraShort Basic Materials	4.39%	4.08%	5.02%	4.54%	0.42%	0.00%	0.00%	0.72%	0.06%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SMN vs. BITO - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SMN and BITO.

Drawdown Indicators

	SMN	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-77.86%	-22.06%
Max Drawdown (1Y) Largest decline over 1 year	-53.71%	-50.05%	-3.66%
Max Drawdown (5Y) Largest decline over 5 years	-66.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.64%	—	—
Current Drawdown Current decline from peak	-99.91%	-46.75%	-53.16%
Average Drawdown Average peak-to-trough decline	-90.46%	-36.57%	-53.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.36%	23.73%	+11.63%

Volatility

SMN vs. BITO - Volatility Comparison

ProShares UltraShort Basic Materials (SMN) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.33% and 12.84%, 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

	SMN	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	12.84%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	25.29%	36.71%	-11.42%
Volatility (1Y) Calculated over the trailing 1-year period	42.56%	45.32%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.58%	55.77%	-16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.87%	55.77%	-12.90%