SMN vs. BITU

Last updated Jun 4, 2026

SMN (ProShares UltraShort Basic Materials) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - SMN is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (-200%), while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. Both are passively managed. Over the past year, SMN returned -28.88% vs -73.07% for BITU. At a correlation of -0.24, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SMN vs. BITU - Performance Comparison

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

Returns By Period

In the year-to-date period, SMN achieves a -23.85% return, which is significantly higher than BITU's -52.92% 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%

BITU

• 1D: -5.58%
• 1M: -34.84%
• YTD: -52.92%
• 6M: -59.11%
• 1Y: -73.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMN vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMN ProShares UltraShort Basic Materials	-23.85%	-17.96%	23.66%
BITU Proshares Ultra Bitcoin ETF	-52.92%	-37.07%	37.90%

Correlation

The correlation between SMN and BITU 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 (All Time) Calculated using the full available price history since Apr 3, 2024	-0.24

Return for Risk

SMN vs. BITU — Risk / Return Rank

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

SMN

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

BITU

BITU Risk / Return Rank: 2
BITU Sharpe Ratio Rank: 2
BITU Sortino Ratio Rank: 2
BITU Omega Ratio Rank: 2
BITU Calmar Ratio Rank: 1
BITU 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.

SMN vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and Proshares Ultra Bitcoin ETF (BITU). 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	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.84	-0.01
Sortino ratio: Return per unit of downside risk	-1.14	-1.44	+0.29
Omega ratio: Gain probability vs. loss probability	0.87	0.84	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.93	+0.18
Martin ratio: Return relative to average drawdown	-1.36	-1.47	+0.10
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. BITU - Sharpe Ratio Comparison

The current SMN Sharpe Ratio is -0.86, which is comparable to the BITU Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of SMN and BITU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMN	BITU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-0.84	-0.01
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	-0.35	-0.19

Drawdowns

SMN vs. BITU - Drawdown Comparison

The maximum SMN drawdown since its inception was -99.92%, which is greater than BITU's maximum drawdown of -78.94%. Use the drawdown chart below to compare losses from any high point for SMN and BITU.

Drawdown Indicators

	SMN	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-78.94%	-20.98%
Max Drawdown (1Y) Largest decline over 1 year	-38.52%	-78.94%	+40.42%
Max Drawdown (3Y) Largest decline over 3 years	-53.71%	—	—
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%	-78.94%	-20.97%
Average Drawdown Average peak-to-trough decline	-90.55%	-34.49%	-56.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.25%	49.84%	-28.59%

Volatility

SMN vs. BITU - Volatility Comparison

The current volatility for ProShares UltraShort Basic Materials (SMN) is 11.58%, while Proshares Ultra Bitcoin ETF (BITU) has a volatility of 18.99%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than BITU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMN	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	18.99%	-7.41%
Volatility (6M) Calculated over the trailing 6-month period	26.63%	69.41%	-42.78%
Volatility (1Y) Calculated over the trailing 1-year period	33.89%	87.00%	-53.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.54%	97.45%	-57.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.90%	97.45%	-54.55%

SMN vs. BITU - Expense Ratio Comparison

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

Dividends

SMN vs. BITU - Dividend Comparison

SMN's dividend yield for the trailing twelve months is around 4.62%, less than BITU's 83.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITU Proshares Ultra Bitcoin ETF	83.36%	50.23%	0.12%	0.00%	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

Can I hold both SMN and BITU in my portfolio?

SMN and BITU 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.

Which is riskier, SMN or BITU?

BITU has higher volatility (18.99%) compared to SMN (11.58%). In terms of maximum drawdown, SMN dropped -99.92% vs BITU's -78.94%.

Which ETF is better, SMN or BITU?

On 1-year performance, SMN leads with -28.88% vs -73.07% for BITU. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMN or BITU?

Over the 1-year period, SMN has performed better with a -28.88% return vs -73.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMN or BITU?

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

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

BITU has the higher dividend yield at 83.36%, compared with 4.62% for SMN.

What is the main difference between SMN and BITU?

SMN is categorized as Leveraged Equities, while BITU is Cryptocurrency. SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while BITU tracks Bloomberg Bitcoin Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.84 vs -0.86), 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.