SMN vs. BITO

Last updated Jun 24, 2026

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 -15.70%/yr vs 18.00%/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

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.

Returns By Period

In the year-to-date period, SMN achieves a -22.50% return, which is significantly higher than BITO's -29.93% return.

SMN

• 1D: 2.68%
• 1M: -3.51%
• YTD: -22.50%
• 6M: -21.16%
• 1Y: -28.70%
• 3Y*: -15.70%
• 5Y*: -16.33%
• 10Y*: -25.35%

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

SMN vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMN ProShares UltraShort Basic Materials	-22.50%	-17.96%	7.37%	-20.23%	-3.03%	-15.63%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SMN and BITO is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.28

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: 3
SMN Sortino Ratio Rank: 3
SMN Omega Ratio Rank: 3
SMN Calmar Ratio Rank: 3
SMN Martin Ratio Rank: 2

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
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.

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.

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.

	SMN	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-0.96	+0.14
Sortino ratio: Return per unit of downside risk	-1.07	-1.38	+0.31
Omega ratio: Gain probability vs. loss probability	0.88	0.85	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.80	+0.05
Martin ratio: Return relative to average drawdown	-1.28	-1.35	+0.06

SMN vs. BITO - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.82, which is comparable to the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of SMN 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

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	-38.52%	-53.10%	+14.58%
Max Drawdown (3Y) Largest decline over 3 years	-53.71%	-53.10%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-66.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.39%	—	—
Current Drawdown Current decline from peak	-99.91%	-51.67%	-48.24%
Average Drawdown Average peak-to-trough decline	-90.55%	-36.86%	-53.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.40%	31.28%	-8.88%

Volatility

SMN vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.78%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.79%. This indicates that SMN 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

	SMN	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	12.79%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	34.39%	-6.48%
Volatility (1Y) Calculated over the trailing 1-year period	35.15%	44.08%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.65%	55.02%	-15.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.91%	55.02%	-12.11%

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 4.54%, less than BITO's 71.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
SMN ProShares UltraShort Basic Materials	4.54%	4.08%	5.02%	4.54%	0.42%	0.00%	0.00%	0.72%	0.06%

Frequently Asked Questions

Can I hold both SMN and BITO in my portfolio?

SMN and BITO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMN or BITO?

BITO has higher volatility (12.79%) compared to SMN (11.78%). In terms of maximum drawdown, SMN dropped -99.92% vs BITO's -77.86%.

Which ETF is better, SMN or BITO?

On 3-year performance, BITO leads with 18.00% vs -15.70% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMN or BITO?

Over the 3-year period, BITO has performed better with a 18.00% return vs -15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMN or BITO?

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

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

BITO has the higher dividend yield at 71.07%, compared with 4.54% for SMN.

What is the main difference between SMN and BITO?

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

Which has better risk-adjusted returns?

SMN currently has the higher Sharpe Ratio (-0.82 vs -0.96), 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.