SQQQ vs. BITO
SQQQ (ProShares UltraPro Short QQQ) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while BITO is a Cryptocurrency fund actively managed by ProShares. SQQQ is passively managed, while BITO is actively managed. Over the past 3 years, SQQQ returned -52.10%/yr vs 22.22%/yr for BITO. Their -0.43 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SQQQ vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -38.05% return, which is significantly lower than BITO's -28.40% return.
SQQQ
- 1D
- -5.26%
- 1M
- 3.70%
- 6M
- -34.63%
- YTD
- -38.05%
- 1Y
- -54.82%
- 3Y*
- -52.10%
- 5Y*
- -44.80%
- 10Y*
- -54.51%
- ALL TIME*
- -52.82%
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 | |
| $2.77B | $2.43B | $2.72B |
SQQQ vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -38.05% | -53.05% | -49.79% | -73.61% | 82.40% | -21.53% |
BITO ProShares Bitcoin Strategy ETF | -28.40% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between SQQQ and BITO is -0.49, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.49 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.43 |
The correlation between SQQQ and BITO shifts across timeframes, from -0.49 (1 year) to -0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SQQQ vs. BITO — Risk / Return Rank
SQQQ
BITO
SQQQ vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) 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.
| SQQQ | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.83 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.84 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.28 | -0.36 |
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Drawdowns
SQQQ vs. BITO - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SQQQ and BITO.
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Drawdown Indicators
| SQQQ | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.86% | -22.14% |
Max Drawdown (1Y)Largest decline over 1 year | -59.62% | -54.47% | -5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -54.47% | -38.04% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -50.61% | -49.39% |
Average DrawdownAverage peak-to-trough decline | -92.78% | -37.19% | -55.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.25% | 35.62% | -0.37% |
Volatility
SQQQ vs. BITO - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.07% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.72%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier 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
| SQQQ | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 8.72% | +12.35% |
Volatility (6M)Calculated over the trailing 6-month period | 48.20% | 33.49% | +14.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.95% | 44.21% | +13.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.24% | 54.58% | +13.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.78% | 54.58% | +12.20% |
SQQQ vs. BITO - Expense Ratio Comparison
Both SQQQ and BITO have an expense ratio of 0.95%.
Dividends
SQQQ vs. BITO - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.64%, less than BITO's 47.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 47.03% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.64% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and BITO have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.07%) compared to BITO (8.72%). In terms of maximum drawdown, SQQQ dropped -100.00% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.22% vs -52.10% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 22.22% return vs -52.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 47.03%, compared with 9.64% for SQQQ.
SQQQ is categorized as Leveraged Equities, while BITO is Cryptocurrency.
SQQQ currently has the higher Sharpe Ratio (-0.95 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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