SMN vs. BITO
SMN (ProShares UltraShort Basic Materials) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SMN is passively managed, while BITO is actively managed. Over the past 3 years, SMN returned -17.26%/yr vs 25.27%/yr for BITO. At a correlation of -0.28, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -23.85% return, which is significantly higher than BITO's -26.37% return.
SMN
- 1D
- -0.81%
- 1M
- -4.18%
- YTD
- -23.85%
- 6M
- -27.24%
- 1Y
- -28.88%
- 3Y*
- -17.26%
- 5Y*
- -14.35%
- 10Y*
- -25.09%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
SMN vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -23.85% | -17.96% | 7.37% | -20.23% | -3.03% | -15.39% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between SMN and BITO is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | -0.28 |
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Return for Risk
SMN vs. BITO — Risk / Return Rank
SMN
BITO
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 ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.85 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.82 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.41 | +0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMN | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | -0.95 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.09 | -0.45 |
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.
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Drawdown Indicators
| SMN | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -77.86% | -22.06% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -50.05% | +11.53% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -50.05% | -3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.39% | — | — |
Current DrawdownCurrent decline from peak | -99.91% | -49.22% | -50.69% |
Average DrawdownAverage peak-to-trough decline | -90.55% | -36.73% | -53.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.25% | 29.09% | -7.84% |
Volatility
SMN vs. BITO - Volatility Comparison
ProShares UltraShort Basic Materials (SMN) has a higher volatility of 11.58% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that SMN's price experiences larger fluctuations and is considered to be riskier 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
| SMN | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.58% | 9.43% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 26.63% | 34.26% | -7.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 43.57% | -9.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.54% | 55.11% | -15.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.90% | 55.11% | -12.21% |
SMN vs. BITO - Expense Ratio Comparison
Both SMN and BITO have an expense ratio of 0.95%.
Dividends
SMN vs. BITO - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 4.62%, less than BITO's 67.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMN ProShares UltraShort Basic Materials | 4.62% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% |
Frequently Asked Questions
SMN and BITO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMN has higher volatility (11.58%) compared to BITO (9.43%). In terms of maximum drawdown, SMN dropped -99.92% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -17.26% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 9.43%. 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 25.27% return vs -17.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 67.63%, compared with 4.62% for SMN.
SMN is categorized as Leveraged Equities, while BITO is Cryptocurrency.
SMN currently has the higher Sharpe Ratio (-0.86 vs -0.94), 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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