SPXN vs. BITO
Compare and contrast key facts about ProShares S&P 500 Ex-Financials ETF (SPXN) and ProShares Bitcoin Strategy ETF (BITO).
SPXN and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXN is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Financials Index. It was launched on Sep 22, 2015. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Performance
SPXN vs. BITO - Performance Comparison
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SPXN vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | -3.02% | 18.74% | 24.35% | 28.57% | -18.87% | 6.64% |
BITO ProShares Bitcoin Strategy ETF | -22.79% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Returns By Period
In the year-to-date period, SPXN achieves a -3.02% return, which is significantly higher than BITO's -22.79% return.
SPXN
- 1D
- 0.96%
- 1M
- -4.46%
- YTD
- -3.02%
- 6M
- -0.71%
- 1Y
- 21.63%
- 3Y*
- 18.96%
- 5Y*
- 12.35%
- 10Y*
- 15.08%
BITO
- 1D
- 0.60%
- 1M
- -1.72%
- YTD
- -22.79%
- 6M
- -43.10%
- 1Y
- -23.27%
- 3Y*
- 24.87%
- 5Y*
- —
- 10Y*
- —
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SPXN vs. BITO - Expense Ratio Comparison
SPXN has a 0.27% expense ratio, which is lower than BITO's 0.95% expense ratio.
Return for Risk
SPXN vs. BITO — Risk / Return Rank
SPXN
BITO
SPXN vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.
| SPXN | BITO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | -0.52 | +1.66 |
Sortino ratioReturn per unit of downside risk | 1.73 | -0.50 | +2.23 |
Omega ratioGain probability vs. loss probability | 1.26 | 0.94 | +0.32 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.42 | +2.22 |
Martin ratioReturn relative to average drawdown | 8.46 | -0.89 | +9.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXN | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | -0.52 | +1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | -0.08 | +0.91 |
Correlation
The correlation between SPXN and BITO is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SPXN vs. BITO - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 1.02%, less than BITO's 80.47% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 1.02% | 0.98% | 1.12% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
BITO ProShares Bitcoin Strategy ETF | 80.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPXN vs. BITO - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SPXN and BITO.
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Drawdown Indicators
| SPXN | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -77.86% | +45.76% |
Max Drawdown (1Y)Largest decline over 1 year | -12.23% | -50.05% | +37.82% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | — | — |
Current DrawdownCurrent decline from peak | -5.70% | -46.75% | +41.05% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -36.57% | +32.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 23.73% | -21.12% |
Volatility
SPXN vs. BITO - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 5.84%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that SPXN 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
| SPXN | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 12.84% | -7.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.33% | 36.71% | -26.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.00% | 45.32% | -26.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.16% | 55.77% | -38.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 55.77% | -38.08% |