SZK vs. BITO
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 -6.63%/yr vs 22.88%/yr for BITO. Their -0.21 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SZK vs. BITO - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -18.22% return, which is significantly higher than BITO's -27.23% return.
SZK
- 1D
- -0.26%
- 1M
- -3.10%
- 6M
- 2.45%
- YTD
- -18.22%
- 1Y
- -11.75%
- 3Y*
- -6.63%
- 5Y*
- -4.12%
- 10Y*
- -16.27%
- ALL TIME*
- -19.52%
BITO
- 1D
- 1.04%
- 1M
- 1.67%
- 6M
- -12.90%
- YTD
- -27.23%
- 1Y
- -45.00%
- 3Y*
- 22.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $991.40M | $2.39B | $2.05B | |
| $56.40K | $61.28K | $43.80K |
SZK vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -18.22% | 3.37% | -11.33% | -3.10% | 47.20% | -19.34% |
BITO ProShares Bitcoin Strategy ETF | -27.23% | -11.19% | 104.45% | 137.33% | -63.91% | -29.31% |
Correlation
The correlation between SZK and BITO is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | -0.21 |
The correlation between SZK and BITO shifts across timeframes, from -0.21 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. BITO — Risk / Return Rank
SZK
BITO
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 ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.83 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | -0.83 | +0.43 |
| Martin ratioReturn relative to average drawdown | -0.77 | -1.25 | +0.49 |
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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.
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Drawdown Indicators
| SZK | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -77.86% | -21.54% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -54.47% | +25.21% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -54.47% | +12.66% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | — | — |
Current DrawdownCurrent decline from peak | -99.31% | -49.81% | -49.50% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -37.21% | -44.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.39% | 35.90% | -20.51% |
Volatility
SZK vs. BITO - Volatility Comparison
ProShares UltraShort Consumer Goods (SZK) has a higher volatility of 11.39% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.06%. This indicates that SZK'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
| SZK | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 8.06% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 22.80% | 32.73% | -9.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.20% | 44.11% | -15.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.97% | 54.54% | -22.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.77% | 54.54% | -20.77% |
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 2.81%, less than BITO's 46.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 46.28% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SZK ProShares UltraShort Consumer Goods | 2.81% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
Frequently Asked Questions
SZK and BITO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (11.39%) compared to BITO (8.06%). In terms of maximum drawdown, SZK dropped -99.40% vs BITO's -77.86%.
On 3-year performance, BITO leads with 22.88% vs -6.63% for SZK. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 8.06%. 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 22.88% return vs -6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK and BITO have the same expense ratio: 0.95% per year.
BITO has the higher dividend yield at 46.28%, compared with 2.81% for SZK.
SZK is categorized as Leveraged Equities, while BITO is Cryptocurrency.
SZK currently has the higher Sharpe Ratio (-0.42 vs -1.02), 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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