SPBC vs. BITO
SPBC (Simplify US Equity PLUS GBTC ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past 3 years, SPBC returned 25.61%/yr vs 22.22%/yr for BITO. Their 0.65 correlation means they have sometimes moved together and sometimes differently. SPBC charges 0.50%/yr vs 0.95%/yr for BITO.
Performance
SPBC vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 8.29% return, which is significantly higher than BITO's -28.40% return.
SPBC
- 1D
- 1.46%
- 1M
- 2.00%
- 6M
- 7.46%
- YTD
- 8.29%
- 1Y
- 16.31%
- 3Y*
- 25.61%
- 5Y*
- 14.97%
- 10Y*
- —
- ALL TIME*
- 15.45%
BITO
- 1D
- 1.45%
- 1M
- 3.64%
- 6M
- -19.37%
- YTD
- -28.40%
- 1Y
- -45.62%
- 3Y*
- 22.22%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59B | $2.59B | $2.08B | |
| $388.10K | $321.87K | $250.56K |
SPBC vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 8.29% | 16.83% | 37.32% | 48.04% | -28.00% | 2.89% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between SPBC and BITO is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.65 |
The correlation between SPBC and BITO has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
SPBC vs. BITO — Risk / Return Rank
SPBC
BITO
SPBC vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.
| SPBC | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.83 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | -0.84 | +2.18 |
| Martin ratioReturn relative to average drawdown | 4.60 | -1.28 | +5.89 |
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Drawdowns
SPBC vs. BITO - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SPBC and BITO.
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Drawdown Indicators
| SPBC | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -77.86% | +43.87% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -54.47% | +42.23% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -54.47% | +33.47% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | — | — |
Current DrawdownCurrent decline from peak | -0.74% | -50.61% | +49.87% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -37.19% | +28.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 35.62% | -32.07% |
Volatility
SPBC vs. BITO - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 4.33%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 8.72%. This indicates that SPBC 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.
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Volatility by Period
| SPBC | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 8.72% | -4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 33.49% | -21.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.27% | 44.21% | -28.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.50% | 54.58% | -34.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.27% | 54.58% | -34.31% |
SPBC vs. BITO - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is lower than BITO's 0.95% expense ratio.
Dividends
SPBC vs. BITO - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.83%, less than BITO's 47.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.83% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% |
Frequently Asked Questions
SPBC and BITO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (8.72%) compared to SPBC (4.33%). In terms of maximum drawdown, SPBC dropped -33.99% vs BITO's -77.86%.
On 3-year performance, SPBC leads with 25.61% vs 22.22% for BITO. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPBC has performed better with a 25.61% return vs 22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBC is cheaper with a 0.50% expense ratio, compared with 0.95% for BITO.
BITO has the higher dividend yield at 47.03%, compared with 0.83% for SPBC.
SPBC is categorized as Diversified Portfolio, while BITO is Cryptocurrency. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.50% for SPBC and 0.95% for BITO.
SPBC currently has the higher Sharpe Ratio (1.07 vs -1.04), 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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