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SPXE vs. BITO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXE vs. BITO

Last updated Jul 18, 2026
Documentation

SPXE (ProShares S&P 500 Ex-Energy ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while BITO is a Cryptocurrency fund actively managed by ProShares. SPXE is passively managed, while BITO is actively managed. SPXE charges 0.09%/yr vs 0.95%/yr for BITO.

Performance

SPXE vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

SPXE

1D
0.00%
1M
—
6M
—
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

BITO

1D
-0.34%
1M
-0.33%
6M
-33.99%
YTD
-28.01%
1Y
-48.20%
3Y*
21.17%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXE vs. BITO - Yearly Performance Comparison

2026 (YTD)
SPXE
ProShares S&P 500 Ex-Energy ETF		0.00%
BITO
ProShares Bitcoin Strategy ETF		-0.34%

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ProShares S&P 500 Ex-Energy ETF

ProShares Bitcoin Strategy ETF

Often compared with SPXE:
SPXE vs. SPXVSPXE vs. SPXLSPXE vs. SPXUSPXE vs. VOOSPXE vs. SPYSPXE vs. QQQSPXE vs. VTSAX
Often compared with BITO:
BITO vs. BTC-USDBITO vs. IBITBITO vs. BTCIBITO vs. QQQBITO vs. BITUBITO vs. BITXBITO vs. MSTR

Return for Risk

SPXE vs. BITO — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITO
BITO Risk / Return Rank: 11
Overall Rank
BITO Sharpe Ratio Rank: 11
Sharpe Ratio Rank
BITO Sortino Ratio Rank: 11
Sortino Ratio Rank
BITO Omega Ratio Rank: 11
Omega Ratio Rank
BITO Calmar Ratio Rank: 22
Calmar Ratio Rank
BITO Martin Ratio Rank: 11
Martin Ratio Rank
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.

SPXE vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

SPXEBITODifference
Sharpe ratioReturn per unit of total volatility

—

-1.10

—

Sortino ratioReturn per unit of downside risk

—

-1.71

—

Omega ratioGain probability vs. loss probability

—

0.81

—

Calmar ratioReturn relative to maximum drawdown

—

-0.89

—

Martin ratioReturn relative to average drawdown

—

-1.42

—

SPXE vs. BITO - Sharpe Ratio Comparison

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Drawdowns

SPXE vs. BITO - Drawdown Comparison

The maximum SPXE drawdown since its inception was 0.00%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SPXE and BITO.

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Drawdown Indicators

SPXEBITODifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-77.86%

+77.86%

Max Drawdown (1Y)

Largest decline over 1 year

—

-54.47%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-54.47%

—

Current Drawdown

Current decline from peak

0.00%

-50.35%

+50.35%

Average Drawdown

Average peak-to-trough decline

0.00%

-37.07%

+37.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

34.06%

—

Volatility

SPXE vs. BITO - Volatility Comparison

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Volatility by Period

SPXEBITODifference

Volatility (1M)

Calculated over the trailing 1-month period

—

10.41%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

34.29%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

44.02%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

54.78%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

54.78%

—

SPXE vs. BITO - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

SPXE vs. BITO - Dividend Comparison

SPXE has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 60.45%.

PositionTTM202520242023
BITO
ProShares Bitcoin Strategy ETF		60.45%78.29%61.59%15.14%
SPXE
ProShares S&P 500 Ex-Energy ETF		0.00%0.00%0.00%0.00%

Frequently Asked Questions

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXE is cheaper with a 0.09% expense ratio, compared with 0.95% for BITO.

BITO has the higher dividend yield at 60.45%, compared with 0.00% for SPXE.

SPXE is categorized as S&P 500, while BITO is Cryptocurrency. Their fees differ too: 0.09% for SPXE and 0.95% for BITO.

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