SVXY vs. BITO

Last updated Jul 18, 2026

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 (-0.5x), 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 9.24%/yr vs 21.17%/yr for BITO. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SVXY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVXY achieves a 2.20% return, which is significantly higher than BITO's -28.01% return.

SVXY

• 1D: -2.62%
• 1M: 1.93%
• 6M: 1.85%
• YTD: 2.20%
• 1Y: 29.58%
• 3Y*: 9.24%
• 5Y*: 15.84%
• 10Y*: -0.38%

BITO

• 1D: -0.34%
• 1M: -0.33%
• 6M: -33.99%
• YTD: -28.01%
• 1Y: -48.20%
• 3Y*: 21.17%
• 5Y*: —
• 10Y*: —

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

SVXY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SVXY ProShares Short VIX Short-Term Futures ETF	2.20%	10.63%	-3.17%	76.21%	-4.66%	1.95%
BITO ProShares Bitcoin Strategy ETF	-28.01%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SVXY and BITO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.34

Return for Risk

SVXY vs. BITO — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 34
SVXY Sharpe Ratio Rank: 34
SVXY Sortino Ratio Rank: 33
SVXY Omega Ratio Rank: 36
SVXY Calmar Ratio Rank: 31
SVXY Martin Ratio Rank: 34

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

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.

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.

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.

	SVXY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.02	-1.10	+2.12
Sortino ratio: Return per unit of downside risk	1.47	-1.71	+3.17
Omega ratio: Gain probability vs. loss probability	1.20	0.81	+0.39
Calmar ratio: Return relative to maximum drawdown	1.30	-0.89	+2.18
Martin ratio: Return relative to average drawdown	4.22	-1.42	+5.63

SVXY vs. BITO - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.02, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of SVXY 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.

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.

Drawdown Indicators

	SVXY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-95.25%	-77.86%	-17.39%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-54.47%	+31.53%
Max Drawdown (3Y) Largest decline over 3 years	-46.45%	-54.47%	+8.02%
Max Drawdown (5Y) Largest decline over 5 years	-46.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	—	—
Current Drawdown Current decline from peak	-79.52%	-50.35%	-29.17%
Average Drawdown Average peak-to-trough decline	-57.04%	-37.07%	-19.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	34.06%	-27.03%

Volatility

SVXY vs. BITO - Volatility Comparison

The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 6.41%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.41%. 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.

Volatility by Period

	SVXY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	10.41%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	34.29%	-11.34%
Volatility (1Y) Calculated over the trailing 1-year period	29.03%	44.02%	-14.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.33%	54.78%	-19.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.48%	54.78%	-5.30%

SVXY vs. BITO - Expense Ratio Comparison

Both SVXY and BITO have an expense ratio of 0.95%.

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 60.45%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.45%	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

Can I hold both SVXY and BITO in my portfolio?

SVXY and BITO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or BITO?

BITO has higher volatility (10.41%) compared to SVXY (6.41%). In terms of maximum drawdown, SVXY dropped -95.25% vs BITO's -77.86%.

Which ETF is better, SVXY or BITO?

On 3-year performance, BITO leads with 21.17% vs 9.24% for SVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SVXY has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or BITO?

Over the 3-year period, BITO has performed better with a 21.17% return vs 9.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or BITO?

SVXY and BITO have the same expense ratio: 0.95% per year.

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

BITO has the higher dividend yield at 60.45%, compared with 0.00% for SVXY.

What is the main difference between SVXY and BITO?

SVXY is categorized as Volatility, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.02 vs -1.10), 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.