SPXU vs. BITO

Last updated Jun 4, 2026

SPXU (ProShares UltraPro Short S&P500) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SPXU is a Leveraged Equities fund tracking the S&P 500 Index (-300%), while BITO is a Cryptocurrency fund actively managed by ProShares. SPXU is passively managed, while BITO is actively managed. Over the past 3 years, SPXU returned -43.02%/yr vs 25.27%/yr for BITO. At a correlation of -0.42, they often move in opposite directions. SPXU charges 0.93%/yr vs 0.95%/yr for BITO.

Performance

SPXU vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPXU having a -25.62% return and BITO slightly lower at -26.37%.

SPXU

• 1D: 2.06%
• 1M: -13.20%
• YTD: -25.62%
• 6M: -25.04%
• 1Y: -48.96%
• 3Y*: -43.02%
• 5Y*: -34.89%
• 10Y*: -41.95%

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)

SPXU vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPXU ProShares UltraPro Short S&P500	-25.62%	-41.73%	-43.31%	-46.02%	36.05%	-17.39%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between SPXU and BITO is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

SPXU vs. BITO - Sectors Allocation Comparison

Sectors	SPXU	BITO
Financial Services	70.6%	68.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPXU vs. BITO — Risk / Return Rank

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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 0
SPXU Omega Ratio Rank: 0
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

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.

SPXU vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.

	SPXU	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-1.39	-0.95	-0.44
Sortino ratio: Return per unit of downside risk	-2.33	-1.35	-0.98
Omega ratio: Gain probability vs. loss probability	0.75	0.85	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.82	-0.14
Martin ratio: Return relative to average drawdown	-1.63	-1.41	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXU vs. BITO - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.39, which is lower than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of SPXU 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

	SPXU	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.39	-0.95	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.84	-0.09	-0.75

Drawdowns

SPXU vs. BITO - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SPXU and BITO.

Drawdown Indicators

	SPXU	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-77.86%	-22.13%
Max Drawdown (1Y) Largest decline over 1 year	-50.82%	-50.05%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-50.05%	-34.31%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-99.99%	-49.22%	-50.77%
Average Drawdown Average peak-to-trough decline	-93.33%	-36.73%	-56.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.06%	29.09%	+0.97%

Volatility

SPXU vs. BITO - Volatility Comparison

The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 8.58%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that SPXU 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

	SPXU	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	9.43%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	26.85%	34.26%	-7.41%
Volatility (1Y) Calculated over the trailing 1-year period	35.37%	43.57%	-8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.33%	55.11%	-4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.38%	55.11%	-1.73%

SPXU vs. BITO - Expense Ratio Comparison

SPXU has a 0.93% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

SPXU vs. BITO - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.89%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPXU ProShares UltraPro Short S&P500	7.89%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and BITO in my portfolio?

SPXU 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, SPXU or BITO?

BITO has higher volatility (9.43%) compared to SPXU (8.58%). In terms of maximum drawdown, SPXU dropped -99.99% vs BITO's -77.86%.

Which ETF is better, SPXU or BITO?

On 3-year performance, BITO leads with 25.27% vs -43.02% for SPXU. On fees, SPXU is cheaper at 0.93% per year. On volatility, SPXU has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs -43.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or BITO?

SPXU is cheaper with a 0.93% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 7.89% for SPXU.

What is the main difference between SPXU and BITO?

SPXU is categorized as Leveraged Equities, while BITO is Cryptocurrency. Their fees differ too: 0.93% for SPXU and 0.95% for BITO.

Which has better risk-adjusted returns?

BITO currently has the higher Sharpe Ratio (-0.94 vs -1.39), 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.