SVXY vs. BITO
SVXY (ProShares Short VIX Short-Term Futures ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. SVXY is passively managed, while BITO is actively managed. Over the past 3 years, SVXY returned 13.21%/yr vs 25.27%/yr for BITO. At a 0.34 correlation, their price movements are largely independent. SVXY charges 1.38%/yr vs 0.95%/yr for BITO.
Performance
SVXY vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly higher than BITO's -26.37% return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
SVXY vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 76.21% | -4.66% | 1.57% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Correlation
The correlation between SVXY and BITO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021 | 0.34 |
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Return for Risk
SVXY vs. BITO — Risk / Return Rank
SVXY
BITO
SVXY vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.85 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.82 | +2.28 |
| Martin ratioReturn relative to average drawdown | 4.78 | -1.41 | +6.19 |
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
| SVXY | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | -0.95 | +2.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | -0.09 | +0.31 |
Drawdowns
SVXY vs. BITO - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SVXY and BITO.
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Drawdown Indicators
| SVXY | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -77.86% | -17.39% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -50.05% | +27.11% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -50.05% | +3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -80.15% | -49.22% | -30.93% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -36.73% | -20.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 29.09% | -22.09% |
Volatility
SVXY vs. BITO - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that SVXY 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
| SVXY | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 9.43% | -5.67% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 34.26% | -12.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 43.57% | -14.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 55.11% | -19.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 55.11% | -4.36% |
SVXY vs. BITO - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is higher than BITO's 0.95% expense ratio.
Dividends
SVXY vs. BITO - Dividend Comparison
SVXY has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 67.63%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVXY and BITO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITO has higher volatility (9.43%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs 13.21% for SVXY. On fees, BITO is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 3.76%. 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 25.27% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO is cheaper with a 0.95% expense ratio, compared with 1.38% for SVXY.
BITO has the higher dividend yield at 67.63%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while BITO is Cryptocurrency. Their fees differ too: 1.38% for SVXY and 0.95% for BITO.
SVXY currently has the higher Sharpe Ratio (1.17 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.
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