SZK vs. BITO

Last updated Jun 26, 2026

SZK (ProShares UltraShort Consumer Goods) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%), while BITO is a Cryptocurrency fund actively managed by ProShares. SZK is passively managed, while BITO is actively managed. Over the past 3 years, SZK returned -5.88%/yr vs 17.05%/yr for BITO. At a correlation of -0.22, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SZK vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Consumer Goods (SZK) 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, SZK achieves a -15.40% return, which is significantly higher than BITO's -33.32% return.

SZK

• 1D: 1.08%
• 1M: -2.19%
• YTD: -15.40%
• 6M: -13.95%
• 1Y: -7.92%
• 3Y*: -5.88%
• 5Y*: -4.06%
• 10Y*: -16.93%

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

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

SZK vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SZK ProShares UltraShort Consumer Goods	-15.40%	3.37%	-11.33%	-3.10%	47.20%	-19.34%
BITO ProShares Bitcoin Strategy ETF	-33.32%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between SZK and BITO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.22

The correlation between SZK and BITO shifts across timeframes, from -0.22 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SZK vs. BITO — Risk / Return Rank

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

SZK

SZK Risk / Return Rank: 7
SZK Sharpe Ratio Rank: 7
SZK Sortino Ratio Rank: 6
SZK Omega Ratio Rank: 6
SZK Calmar Ratio Rank: 7
SZK Martin Ratio Rank: 7

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.

SZK vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) 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.

	SZK	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-1.07	+0.77
Sortino ratio: Return per unit of downside risk	-0.26	-1.65	+1.39
Omega ratio: Gain probability vs. loss probability	0.97	0.82	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.27	-0.88	+0.60
Martin ratio: Return relative to average drawdown	-0.58	-1.49	+0.91

SZK vs. BITO - Sharpe Ratio Comparison

The current SZK Sharpe Ratio is -0.31, which is higher than the BITO Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of SZK 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

SZK vs. BITO - Drawdown Comparison

The maximum SZK drawdown since its inception was -99.40%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for SZK and BITO.

Drawdown Indicators

	SZK	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-77.86%	-21.54%
Max Drawdown (1Y) Largest decline over 1 year	-29.26%	-54.01%	+24.75%
Max Drawdown (3Y) Largest decline over 3 years	-41.81%	-54.01%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-41.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.78%	—	—
Current Drawdown Current decline from peak	-99.28%	-54.01%	-45.27%
Average Drawdown Average peak-to-trough decline	-82.03%	-36.89%	-45.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.72%	31.65%	-17.93%

Volatility

SZK vs. BITO - Volatility Comparison

The current volatility for ProShares UltraShort Consumer Goods (SZK) is 9.89%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.96%. This indicates that SZK 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

	SZK	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	12.96%	-3.07%
Volatility (6M) Calculated over the trailing 6-month period	21.21%	34.32%	-13.11%
Volatility (1Y) Calculated over the trailing 1-year period	25.99%	44.16%	-18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.58%	55.00%	-23.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.63%	55.00%	-21.37%

SZK vs. BITO - Expense Ratio Comparison

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

Dividends

SZK vs. BITO - Dividend Comparison

SZK's dividend yield for the trailing twelve months is around 2.72%, less than BITO's 74.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%
SZK ProShares UltraShort Consumer Goods	2.72%	2.90%	5.70%	4.03%	0.56%	0.00%	0.19%	1.70%	0.50%

Frequently Asked Questions

Can I hold both SZK and BITO in my portfolio?

SZK and BITO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SZK or BITO?

BITO has higher volatility (12.96%) compared to SZK (9.89%). In terms of maximum drawdown, SZK dropped -99.40% vs BITO's -77.86%.

Which ETF is better, SZK or BITO?

On 3-year performance, BITO leads with 17.05% vs -5.88% for SZK. Both ETFs have the same 0.95% expense ratio. On volatility, SZK has been the lower-risk option at 9.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SZK or BITO?

Over the 3-year period, BITO has performed better with a 17.05% return vs -5.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SZK or BITO?

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

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

BITO has the higher dividend yield at 74.68%, compared with 2.72% for SZK.

What is the main difference between SZK and BITO?

SZK is categorized as Leveraged Equities, while BITO is Cryptocurrency.

Which has better risk-adjusted returns?

SZK currently has the higher Sharpe Ratio (-0.31 vs -1.07), 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.