SPXE vs. BITO

Last updated Jun 4, 2026

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. Over the past 3 years, SPXE returned 22.55%/yr vs 25.27%/yr for BITO. At a 0.42 correlation, their price movements are largely independent. 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.

Returns By Period

In the year-to-date period, SPXE achieves a 10.29% return, which is significantly higher than BITO's -26.37% return.

SPXE

• 1D: -0.72%
• 1M: 5.33%
• YTD: 10.29%
• 6M: 10.47%
• 1Y: 27.46%
• 3Y*: 22.55%
• 5Y*: 13.56%
• 10Y*: 15.72%

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

SPXE vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPXE ProShares S&P 500 Ex-Energy ETF	10.29%	18.03%	25.72%	27.71%	-20.58%	6.07%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SPXE and BITO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.42

The correlation between SPXE and BITO shifts across timeframes, from 0.35 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

SPXE vs. BITO - Sectors Allocation Comparison

Sectors	SPXE	BITO
Technology	39.6%	-
Financial Services	11.6%	68.5%
Communication Services	11.0%	-
Consumer Cyclical	10.1%	-
Healthcare	8.6%	-
Industrials	7.9%	-
Consumer Defensive	4.7%	-
Utilities	2.7%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-
Energy	0.0%	-

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

SPXE Risk / Return Rank: 64
SPXE Sharpe Ratio Rank: 67
SPXE Sortino Ratio Rank: 66
SPXE Omega Ratio Rank: 65
SPXE Calmar Ratio Rank: 55
SPXE Martin Ratio Rank: 68

BITO

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

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.

	SPXE	BITO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-0.95	+3.16
Sortino ratio: Return per unit of downside risk	3.07	-1.35	+4.41
Omega ratio: Gain probability vs. loss probability	1.40	0.85	+0.55
Calmar ratio: Return relative to maximum drawdown	2.73	-0.82	+3.55
Martin ratio: Return relative to average drawdown	12.40	-1.41	+13.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. BITO - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 2.22, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of SPXE 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.

Sharpe Ratios by Period

	SPXE	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	-0.95	+3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	-0.09	+1.00

Drawdowns

SPXE vs. BITO - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, 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.

Drawdown Indicators

	SPXE	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-77.86%	+45.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-50.05%	+39.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-50.05%	+31.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	—	—
Current Drawdown Current decline from peak	-0.72%	-49.22%	+48.50%
Average Drawdown Average peak-to-trough decline	-4.47%	-36.73%	+32.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	29.09%	-26.87%

Volatility

SPXE vs. BITO - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 3.20%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that SPXE 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

	SPXE	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	9.43%	-6.23%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	34.26%	-24.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	43.57%	-31.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	55.11%	-38.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	55.11%	-37.69%

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's dividend yield for the trailing twelve months is around 0.91%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXE ProShares S&P 500 Ex-Energy ETF	0.91%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%

Frequently Asked Questions

Can I hold both SPXE and BITO in my portfolio?

SPXE and BITO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXE or BITO?

BITO has higher volatility (9.43%) compared to SPXE (3.20%). In terms of maximum drawdown, SPXE dropped -32.27% vs BITO's -77.86%.

Which ETF is better, SPXE or BITO?

On 3-year performance, BITO leads with 25.27% vs 22.55% for SPXE. On fees, SPXE is cheaper at 0.09% per year. On volatility, SPXE has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 22.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 0.91% for SPXE.

What is the main difference between SPXE and BITO?

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

Which has better risk-adjusted returns?

SPXE currently has the higher Sharpe Ratio (2.22 vs -0.94), 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.