BAGY vs. BITI

Last updated Jul 17, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. BAGY is actively managed, while BITI is passively managed. Over the past year, BAGY returned -45.35% vs 64.61% for BITI. At a correlation of -0.98, they often move in opposite directions. BAGY charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

BAGY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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, BAGY achieves a -24.48% return, which is significantly lower than BITI's 24.48% return.

BAGY

• 1D: -1.15%
• 1M: -4.23%
• 6M: -31.05%
• YTD: -24.48%
• 1Y: -45.35%
• 3Y*: —
• 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)

BAGY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-24.48%	-8.33%
BITI ProShares Short Bitcoin ETF	24.48%	4.86%

Correlation

The correlation between BAGY and BITI is -0.98, 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	-0.98
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	-0.98

The correlation between BAGY and BITI has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.

Return for Risk

BAGY vs. BITI — Risk / Return Rank

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

BAGY

BAGY Risk / Return Rank: 1
BAGY Sharpe Ratio Rank: 1
BAGY Sortino Ratio Rank: 2
BAGY Omega Ratio Rank: 1
BAGY Calmar Ratio Rank: 1
BAGY Martin Ratio Rank: 1

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.

BAGY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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.

	BAGY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.47	-2.53
Sortino ratio: Return per unit of downside risk	-1.56	2.04	-3.60
Omega ratio: Gain probability vs. loss probability	0.82	1.25	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.90	2.57	-3.47
Martin ratio: Return relative to average drawdown	-1.47	6.38	-7.85

BAGY vs. BITI - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -1.05, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of BAGY 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

BAGY vs. BITI - Drawdown Comparison

The maximum BAGY drawdown since its inception was -50.68%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BAGY and BITI.

Drawdown Indicators

	BAGY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-92.16%	+41.48%
Max Drawdown (1Y) Largest decline over 1 year	-50.68%	-25.28%	-25.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-46.87%	-86.41%	+39.54%
Average Drawdown Average peak-to-trough decline	-22.22%	-68.40%	+46.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	10.16%	+20.70%

Volatility

BAGY vs. BITI - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.19% and 10.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAGY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	10.76%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	34.64%	34.28%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	43.30%	44.15%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.11%	52.24%	-11.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.11%	52.24%	-11.13%

BAGY vs. BITI - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

BAGY vs. BITI - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 58.07%, more than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BAGY Amplify Bitcoin Max Income Covered Call ETF	58.07%	30.16%	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 BAGY and BITI in my portfolio?

BAGY and BITI have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAGY or BITI?

BAGY has higher volatility (11.19%) compared to BITI (10.76%). In terms of maximum drawdown, BAGY dropped -50.68% vs BITI's -92.16%.

Which ETF is better, BAGY or BITI?

On 1-year performance, BITI leads with 64.61% vs -45.35% for BAGY. On fees, BAGY is cheaper at 0.65% 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, BAGY or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -45.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or BITI?

BAGY is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

BAGY has the higher dividend yield at 58.07%, compared with 15.62% for BITI.

What is the main difference between BAGY and BITI?

BAGY is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Amplify and ProShares. Their fees differ too: 0.65% for BAGY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -1.05), 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.