SMPIX vs. BITO

Last updated Jun 16, 2026

SMPIX (ProFunds Semiconductor UltraSector Fund) and BITO (ProShares Bitcoin Strategy ETF) are both funds - SMPIX is a Leveraged Equities fund managed by ProFunds, while BITO is a Cryptocurrency fund actively managed by ProShares. Over the past 3 years, SMPIX returned -10.34%/yr vs 27.40%/yr for BITO. At a 0.39 correlation, their price movements are largely independent. SMPIX charges 1.49%/yr vs 0.95%/yr for BITO.

Performance

SMPIX vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Semiconductor UltraSector Fund (SMPIX) 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, SMPIX achieves a 64.10% return, which is significantly higher than BITO's -25.13% return.

SMPIX

• 1D: 1.30%
• 1M: 2.63%
• YTD: 64.10%
• 6M: 74.65%
• 1Y: 154.32%
• 3Y*: -10.34%
• 5Y*: 0.33%
• 10Y*: 19.12%

BITO

• 1D: 4.62%
• 1M: -16.16%
• YTD: -25.13%
• 6M: -23.76%
• 1Y: -39.30%
• 3Y*: 27.40%
• 5Y*: —
• 10Y*: —

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

SMPIX vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMPIX ProFunds Semiconductor UltraSector Fund	64.10%	56.35%	-77.32%	155.37%	-54.31%	35.28%
BITO ProShares Bitcoin Strategy ETF	-25.13%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SMPIX and BITO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.39

The correlation between SMPIX and BITO shifts across timeframes, from 0.30 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMPIX vs. BITO — Risk / Return Rank

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

SMPIX

SMPIX Risk / Return Rank: 87
SMPIX Sharpe Ratio Rank: 95
SMPIX Sortino Ratio Rank: 75
SMPIX Omega Ratio Rank: 75
SMPIX Calmar Ratio Rank: 97
SMPIX Martin Ratio Rank: 94

BITO

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

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.

SMPIX vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Semiconductor UltraSector Fund (SMPIX) 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.

	SMPIX	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.94	-0.89	+3.83
Sortino ratio: Return per unit of downside risk	3.08	-1.24	+4.32
Omega ratio: Gain probability vs. loss probability	1.41	0.86	+0.55
Calmar ratio: Return relative to maximum drawdown	6.44	-0.74	+7.18
Martin ratio: Return relative to average drawdown	18.72	-1.29	+20.01

SMPIX vs. BITO - Sharpe Ratio Comparison

The current SMPIX Sharpe Ratio is 2.94, which is higher than the BITO Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SMPIX 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

SMPIX vs. BITO - Drawdown Comparison

The maximum SMPIX drawdown since its inception was -94.52%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SMPIX and BITO.

Drawdown Indicators

	SMPIX	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-94.52%	-77.86%	-16.66%
Max Drawdown (1Y) Largest decline over 1 year	-22.72%	-53.10%	+30.38%
Max Drawdown (3Y) Largest decline over 3 years	-94.52%	-53.10%	-41.42%
Max Drawdown (5Y) Largest decline over 5 years	-94.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.52%	—	—
Current Drawdown Current decline from peak	-75.23%	-48.36%	-26.87%
Average Drawdown Average peak-to-trough decline	-57.63%	-36.80%	-20.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	30.47%	-22.66%

Volatility

SMPIX vs. BITO - Volatility Comparison

ProFunds Semiconductor UltraSector Fund (SMPIX) has a higher volatility of 22.44% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.59%. This indicates that SMPIX'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.

Volatility by Period

	SMPIX	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.44%	12.59%	+9.85%
Volatility (6M) Calculated over the trailing 6-month period	39.97%	34.54%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	49.82%	44.17%	+5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.25%	55.08%	+16.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.50%	55.08%	+4.42%

SMPIX vs. BITO - Expense Ratio Comparison

SMPIX has a 1.49% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

SMPIX vs. BITO - Dividend Comparison

SMPIX's dividend yield for the trailing twelve months is around 7.93%, less than BITO's 66.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	66.51%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund	7.93%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%

Frequently Asked Questions

Can I hold both SMPIX and BITO in my portfolio?

SMPIX and BITO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMPIX or BITO?

SMPIX has higher volatility (22.44%) compared to BITO (12.59%). In terms of maximum drawdown, SMPIX dropped -94.52% vs BITO's -77.86%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.94 vs -0.89), 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.