AIRR vs. BITI
AIRR (First Trust RBA American Industrial Renaissance ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, AIRR returned 31.65%/yr vs -30.65%/yr for BITI. At a correlation of -0.35, they often move in opposite directions. AIRR charges 0.69%/yr vs 1.03%/yr for BITI.
Performance
AIRR vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, AIRR achieves a 23.60% return, which is significantly lower than BITI's 28.75% return.
AIRR
- 1D
- -1.76%
- 1M
- -6.18%
- 6M
- 11.62%
- YTD
- 23.60%
- 1Y
- 43.19%
- 3Y*
- 31.65%
- 5Y*
- 25.07%
- 10Y*
- 20.37%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
AIRR vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 23.60% | 27.92% | 33.45% | 31.43% | 20.67% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between AIRR and BITI is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.35 |
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Return for Risk
AIRR vs. BITI — Risk / Return Rank
AIRR
BITI
AIRR vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust RBA American Industrial Renaissance ETF (AIRR) and ProShares Short Bitcoin ETF (BITI). 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.
| AIRR | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 2.72 | +0.60 |
| Martin ratioReturn relative to average drawdown | 11.47 | 6.78 | +4.69 |
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Drawdowns
AIRR vs. BITI - Drawdown Comparison
The maximum AIRR drawdown since its inception was -42.37%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for AIRR and BITI.
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Drawdown Indicators
| AIRR | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.37% | -92.16% | +49.79% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -25.28% | +12.19% |
Max Drawdown (3Y)Largest decline over 3 years | -27.95% | -84.63% | +56.68% |
Max Drawdown (5Y)Largest decline over 5 years | -27.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.37% | — | — |
Current DrawdownCurrent decline from peak | -8.86% | -85.94% | +77.08% |
Average DrawdownAverage peak-to-trough decline | -7.45% | -68.34% | +60.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 10.11% | -6.33% |
Volatility
AIRR vs. BITI - Volatility Comparison
The current volatility for First Trust RBA American Industrial Renaissance ETF (AIRR) is 9.25%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that AIRR experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIRR | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.25% | 11.38% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 21.15% | 34.25% | -13.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.11% | 44.14% | -17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.53% | 52.28% | -26.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.35% | 52.28% | -25.93% |
AIRR vs. BITI - Expense Ratio Comparison
AIRR has a 0.69% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
AIRR vs. BITI - Dividend Comparison
AIRR's dividend yield for the trailing twelve months is around 0.09%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AIRR First Trust RBA American Industrial Renaissance ETF | 0.09% | 0.19% | 0.18% | 0.23% | 0.12% | 0.05% | 0.10% | 0.20% | 0.43% | 0.30% | 0.08% | 0.47% |
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AIRR and BITI have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.38%) compared to AIRR (9.25%). In terms of maximum drawdown, AIRR dropped -42.37% vs BITI's -92.16%.
On 3-year performance, AIRR leads with 31.65% vs -30.65% for BITI. On fees, AIRR is cheaper at 0.69% per year. On volatility, AIRR has been the lower-risk option at 9.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AIRR has performed better with a 31.65% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AIRR is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 0.09% for AIRR.
AIRR is categorized as Building & Construction, while BITI is Cryptocurrency. AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.69% for AIRR and 1.03% for BITI.
AIRR currently has the higher Sharpe Ratio (1.60 vs 1.56), 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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