SSO vs. SBIT

Last updated Jul 14, 2026

SSO (ProShares Ultra S&P500) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, SSO returned 37.37% vs 124.12% for SBIT. At a correlation of -0.43, they often move in opposite directions. SSO charges 0.87%/yr vs 0.95%/yr for SBIT.

Performance

SSO vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 17.32% return, which is significantly lower than SBIT's 44.00% return.

SSO

• 1D: -1.53%
• 1M: 1.94%
• 6M: 13.10%
• YTD: 17.32%
• 1Y: 37.37%
• 3Y*: 32.47%
• 5Y*: 17.61%
• 10Y*: 23.27%

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSO vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSO ProShares Ultra S&P500	17.32%	26.19%	20.58%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between SSO and SBIT is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.43

Return for Risk

SSO vs. SBIT — Risk / Return Rank

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

SSO

SSO Risk / Return Rank: 54
SSO Sharpe Ratio Rank: 55
SSO Sortino Ratio Rank: 51
SSO Omega Ratio Rank: 53
SSO Calmar Ratio Rank: 52
SSO Martin Ratio Rank: 61

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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.

SSO vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Proshares Ultrashort Bitcoin ETF (SBIT). 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.

	SSO	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.41	+0.09
Sortino ratio: Return per unit of downside risk	2.03	2.05	-0.02
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.07	2.60	-0.54
Martin ratio: Return relative to average drawdown	8.51	5.92	+2.59

SSO vs. SBIT - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.50, which is comparable to the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of SSO and SBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSO vs. SBIT - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for SSO and SBIT.

Drawdown Indicators

	SSO	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-91.35%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-47.94%	+29.77%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	—	—
Current Drawdown Current decline from peak	-3.10%	-77.15%	+74.05%
Average Drawdown Average peak-to-trough decline	-19.49%	-68.83%	+49.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	21.04%	-16.64%

Volatility

SSO vs. SBIT - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 8.22%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	22.98%	-14.76%
Volatility (6M) Calculated over the trailing 6-month period	19.91%	68.89%	-48.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.05%	88.51%	-63.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	96.89%	-63.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.88%	96.89%	-61.01%

SSO vs. SBIT - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

SSO vs. SBIT - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.67%, less than SBIT's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.67%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both SSO and SBIT in my portfolio?

SSO and SBIT have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSO or SBIT?

SBIT has higher volatility (22.98%) compared to SSO (8.22%). In terms of maximum drawdown, SSO dropped -84.67% vs SBIT's -91.35%.

Which ETF is better, SSO or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 37.37% for SSO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 37.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or SBIT?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SBIT.

Which ETF pays a higher dividend yield, SSO or SBIT?

SBIT has the higher dividend yield at 3.97%, compared with 0.67% for SSO.

What is the main difference between SSO and SBIT?

SSO is categorized as Leveraged Equities, while SBIT is Cryptocurrency. SSO tracks S&P 500, while SBIT tracks Bloomberg Bitcoin Index (-200%). Their fees differ too: 0.87% for SSO and 0.95% for SBIT.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.50 vs 1.41), 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.