BABX vs. BITI

Last updated Jul 17, 2026

BABX (GraniteShares 2x Long BABA Daily ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BABX is a Leveraged Equities fund actively managed by GraniteShares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. BABX is actively managed, while BITI is passively managed. Over the past 3 years, BABX returned -4.57%/yr vs -31.62%/yr for BITI. At a correlation of -0.22, they often move in opposite directions. BABX charges 1.15%/yr vs 1.03%/yr for BITI.

Performance

BABX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long BABA Daily ETF (BABX) 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, BABX achieves a -43.40% return, which is significantly lower than BITI's 24.48% return.

BABX

• 1D: -0.39%
• 1M: 9.27%
• 6M: -57.47%
• YTD: -43.40%
• 1Y: -20.22%
• 3Y*: -4.57%
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

BABX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BABX GraniteShares 2x Long BABA Daily ETF	-43.40%	123.85%	1.23%	-33.89%	-9.68%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	2.07%

Correlation

The correlation between BABX and BITI is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	-0.22

The correlation between BABX and BITI shifts across timeframes, from -0.34 (1 year) to -0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BABX vs. BITI — Risk / Return Rank

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

BABX

BABX Risk / Return Rank: 8
BABX Sharpe Ratio Rank: 7
BABX Sortino Ratio Rank: 11
BABX Omega Ratio Rank: 10
BABX Calmar Ratio Rank: 7
BABX Martin Ratio Rank: 7

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
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.

BABX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long BABA Daily ETF (BABX) 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.

	BABX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	1.47	-1.70
Sortino ratio: Return per unit of downside risk	0.29	2.04	-1.75
Omega ratio: Gain probability vs. loss probability	1.03	1.25	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.26	2.57	-2.83
Martin ratio: Return relative to average drawdown	-0.46	6.38	-6.84

BABX vs. BITI - Sharpe Ratio Comparison

The current BABX Sharpe Ratio is -0.23, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of BABX 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

BABX vs. BITI - Drawdown Comparison

The maximum BABX drawdown since its inception was -78.83%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BABX and BITI.

Drawdown Indicators

	BABX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-78.83%	-92.16%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-78.83%	-25.28%	-53.55%
Max Drawdown (3Y) Largest decline over 3 years	-78.83%	-84.63%	+5.80%
Current Drawdown Current decline from peak	-68.05%	-86.41%	+18.36%
Average Drawdown Average peak-to-trough decline	-46.10%	-68.40%	+22.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.60%	10.16%	+33.44%

Volatility

BABX vs. BITI - Volatility Comparison

GraniteShares 2x Long BABA Daily ETF (BABX) has a higher volatility of 28.33% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that BABX's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BABX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.33%	10.76%	+17.57%
Volatility (6M) Calculated over the trailing 6-month period	57.90%	34.28%	+23.62%
Volatility (1Y) Calculated over the trailing 1-year period	89.18%	44.15%	+45.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.40%	52.24%	+31.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.40%	52.24%	+31.16%

BABX vs. BITI - Expense Ratio Comparison

BABX has a 1.15% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

BABX vs. BITI - Dividend Comparison

BABX has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BABX GraniteShares 2x Long BABA Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%

Frequently Asked Questions

Can I hold both BABX and BITI in my portfolio?

BABX and BITI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BABX or BITI?

BABX has higher volatility (28.33%) compared to BITI (10.76%). In terms of maximum drawdown, BABX dropped -78.83% vs BITI's -92.16%.

Which ETF is better, BABX or BITI?

On 3-year performance, BABX leads with -4.57% vs -31.62% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BABX or BITI?

Over the 3-year period, BABX has performed better with a -4.57% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BABX or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.15% for BABX.

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for BABX.

What is the main difference between BABX and BITI?

BABX is categorized as Leveraged Equities, while BITI is Cryptocurrency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for BABX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.23), 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.