ALAI vs. BITI

Last updated Jul 15, 2026

ALAI (Alger AI Enablers & Adopters ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ALAI is a Technology Equities fund actively managed by Alger, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. ALAI is actively managed, while BITI is passively managed. Over the past year, ALAI returned 45.29% vs 64.31% for BITI. At a correlation of -0.42, they often move in opposite directions. ALAI charges 0.55%/yr vs 1.03%/yr for BITI.

Performance

ALAI vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters ETF (ALAI) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAI achieves a 22.29% return, which is significantly lower than BITI's 23.84% return.

ALAI

• 1D: -0.20%
• 1M: 1.80%
• 6M: 18.33%
• YTD: 22.29%
• 1Y: 45.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

ALAI vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALAI Alger AI Enablers & Adopters ETF	22.29%	39.81%	32.38%
BITI ProShares Short Bitcoin ETF	23.84%	-1.76%	-35.90%

Correlation

The correlation between ALAI and BITI is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	-0.42

Return for Risk

ALAI vs. BITI — Risk / Return Rank

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

ALAI

ALAI Risk / Return Rank: 59
ALAI Sharpe Ratio Rank: 67
ALAI Sortino Ratio Rank: 61
ALAI Omega Ratio Rank: 58
ALAI Calmar Ratio Rank: 58
ALAI Martin Ratio Rank: 53

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

ALAI vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters ETF (ALAI) 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.

	ALAI	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.46	+0.26
Sortino ratio: Return per unit of downside risk	2.29	2.03	+0.26
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.34	2.56	-0.22
Martin ratio: Return relative to average drawdown	7.22	6.37	+0.85

ALAI vs. BITI - Sharpe Ratio Comparison

The current ALAI Sharpe Ratio is 1.72, which is comparable to the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ALAI and BITI, 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

ALAI vs. BITI - Drawdown Comparison

The maximum ALAI drawdown since its inception was -29.36%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ALAI and BITI.

Drawdown Indicators

	ALAI	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-92.16%	+62.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-25.28%	+5.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-5.54%	-86.48%	+80.94%
Average Drawdown Average peak-to-trough decline	-5.11%	-68.36%	+63.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.29%	10.13%	-3.84%

Volatility

ALAI vs. BITI - Volatility Comparison

The current volatility for Alger AI Enablers & Adopters ETF (ALAI) is 10.17%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that ALAI 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.

Volatility by Period

	ALAI	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.17%	11.73%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	34.49%	-13.22%
Volatility (1Y) Calculated over the trailing 1-year period	26.44%	44.24%	-17.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.86%	52.29%	-23.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.86%	52.29%	-23.43%

ALAI vs. BITI - Expense Ratio Comparison

ALAI has a 0.55% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

ALAI vs. BITI - Dividend Comparison

ALAI's dividend yield for the trailing twelve months is around 1.23%, less than BITI's 15.70% yield.

Position	TTM	2025	2024	2023	2022
ALAI Alger AI Enablers & Adopters ETF	1.23%	1.50%	0.66%	0.00%	0.00%
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%

Frequently Asked Questions

Can I hold both ALAI and BITI in my portfolio?

ALAI and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALAI or BITI?

BITI has higher volatility (11.73%) compared to ALAI (10.17%). In terms of maximum drawdown, ALAI dropped -29.36% vs BITI's -92.16%.

Which ETF is better, ALAI or BITI?

On 1-year performance, BITI leads with 64.31% vs 45.29% for ALAI. On fees, ALAI is cheaper at 0.55% per year. On volatility, ALAI has been the lower-risk option at 10.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALAI or BITI?

Over the 1-year period, BITI has performed better with a 64.31% return vs 45.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALAI or BITI?

ALAI is cheaper with a 0.55% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, ALAI or BITI?

BITI has the higher dividend yield at 15.70%, compared with 1.23% for ALAI.

What is the main difference between ALAI and BITI?

ALAI is categorized as Technology Equities, while BITI is Cryptocurrency. They also come from different issuers: Alger and ProShares. Their fees differ too: 0.55% for ALAI and 1.03% for BITI.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (1.72 vs 1.46), 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.