BAUG vs. BITI
BAUG (Innovator U.S. Equity Buffer ETF - August) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BAUG is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index August, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BAUG returned 16.68%/yr vs -30.65%/yr for BITI. At a correlation of -0.37, they often move in opposite directions. BAUG charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
BAUG vs. BITI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BAUG achieves a 7.62% return, which is significantly lower than BITI's 28.75% return.
BAUG
- 1D
- -0.19%
- 1M
- 1.33%
- 6M
- 6.48%
- YTD
- 7.62%
- 1Y
- 16.09%
- 3Y*
- 16.68%
- 5Y*
- 11.25%
- 10Y*
- —
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
BAUG vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BAUG Innovator U.S. Equity Buffer ETF - August | 7.62% | 14.81% | 21.15% | 20.11% | 3.80% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between BAUG and BITI is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.37 |
The correlation between BAUG and BITI shifts across timeframes, from -0.48 (1 year) to -0.36 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BAUG vs. BITI — Risk / Return Rank
BAUG
BITI
BAUG vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - August (BAUG) 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.
| BAUG | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.26 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.72 | +0.14 |
| Martin ratioReturn relative to average drawdown | 14.40 | 6.78 | +7.62 |
Loading charts...
Drawdowns
BAUG vs. BITI - Drawdown Comparison
The maximum BAUG drawdown since its inception was -24.19%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BAUG and BITI.
Loading charts...
Drawdown Indicators
| BAUG | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.19% | -92.16% | +67.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -25.28% | +19.62% |
Max Drawdown (3Y)Largest decline over 3 years | -13.78% | -84.63% | +70.85% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -85.94% | +85.75% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -68.34% | +65.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 10.11% | -8.99% |
Volatility
BAUG vs. BITI - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - August (BAUG) is 1.92%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that BAUG 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.
Loading charts...
Volatility by Period
| BAUG | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.92% | 11.38% | -9.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 34.25% | -28.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 44.14% | -36.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.74% | 52.28% | -40.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.87% | 52.28% | -38.41% |
BAUG vs. BITI - Expense Ratio Comparison
BAUG has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
BAUG vs. BITI - Dividend Comparison
BAUG has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BAUG Innovator U.S. Equity Buffer ETF - August | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% |
Frequently Asked Questions
BAUG and BITI have a correlation of -0.48, 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 BAUG (1.92%). In terms of maximum drawdown, BAUG dropped -24.19% vs BITI's -92.16%.
On 3-year performance, BAUG leads with 16.68% vs -30.65% for BITI. On fees, BAUG is cheaper at 0.79% per year. On volatility, BAUG has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BAUG has performed better with a 16.68% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAUG is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 0.00% for BAUG.
BAUG is categorized as Defined Outcome, while BITI is Cryptocurrency. BAUG tracks Cboe S&P 500 Buffer Protect Index August, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for BAUG and 1.03% for BITI.
BAUG currently has the higher Sharpe Ratio (2.12 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.
Find the right allocation for BAUG and BITI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer