BBAI vs. BITX

Last updated Apr 1, 2026

Compare and contrast key facts about BigBear.ai Holdings, Inc. (BBAI) and Volatility Shares 2x Bitcoin Strategy ETF (BITX).

BITX is an actively managed fund by Volatility Shares. It was launched on Jun 27, 2023.

Performance

BBAI vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BigBear.ai Holdings, Inc. (BBAI) and Volatility Shares 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

BBAI vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BBAI BigBear.ai Holdings, Inc.	-34.81%	21.35%	107.94%	-10.08%
BITX Volatility Shares 2x Bitcoin Strategy ETF	-46.69%	-38.71%	163.41%	47.23%

Returns By Period

In the year-to-date period, BBAI achieves a -34.81% return, which is significantly higher than BITX's -46.69% return.

BBAI

• 1D: 15.79%
• 1M: -11.11%
• YTD: -34.81%
• 6M: -46.01%
• 1Y: 23.08%
• 3Y*: 12.99%
• 5Y*: —
• 10Y*: —

BITX

• 1D: 3.88%
• 1M: 3.53%
• YTD: -46.69%
• 6M: -71.66%
• 1Y: -53.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

BBAI vs. BITX — Risk / Return Rank

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

BBAI

BBAI Risk / Return Rank: 53
BBAI Sharpe Ratio Rank: 50
BBAI Sortino Ratio Rank: 63
BBAI Omega Ratio Rank: 55
BBAI Calmar Ratio Rank: 48
BBAI Martin Ratio Rank: 49

BITX

BITX Risk / Return Rank: 3
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 4
BITX Omega Ratio Rank: 4
BITX Calmar Ratio Rank: 2
BITX Martin Ratio Rank: 2

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.

BBAI vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BigBear.ai Holdings, Inc. (BBAI) and Volatility Shares 2x Bitcoin Strategy ETF (BITX). 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.

	BBAI	BITX	Difference
Sharpe ratio Return per unit of total volatility	0.22	-0.59	+0.81
Sortino ratio Return per unit of downside risk	1.24	-0.53	+1.77
Omega ratio Gain probability vs. loss probability	1.13	0.94	+0.19
Calmar ratio Return relative to maximum drawdown	0.24	-0.70	+0.94
Martin ratio Return relative to average drawdown	0.51	-1.35	+1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBAI vs. BITX - Sharpe Ratio Comparison

The current BBAI Sharpe Ratio is 0.22, which is higher than the BITX Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of BBAI and BITX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BBAI	BITX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	-0.59	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.09	-0.20

Correlation

The correlation between BBAI and BITX is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BBAI vs. BITX - Dividend Comparison

BBAI has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 36.66%.

	TTM	2025	2024
BBAI BigBear.ai Holdings, Inc.	0.00%	0.00%	0.00%
BITX Volatility Shares 2x Bitcoin Strategy ETF	36.66%	21.69%	10.70%

Drawdowns

BBAI vs. BITX - Drawdown Comparison

The maximum BBAI drawdown since its inception was -95.01%, which is greater than BITX's maximum drawdown of -77.88%. Use the drawdown chart below to compare losses from any high point for BBAI and BITX.

Drawdown Indicators

	BBAI	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-95.01%	-77.88%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-65.88%	-77.88%	+12.00%
Current Drawdown Current decline from peak	-72.26%	-76.44%	+4.18%
Average Drawdown Average peak-to-trough decline	-71.00%	-29.19%	-41.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.07%	40.45%	-9.38%

Volatility

BBAI vs. BITX - Volatility Comparison

The current volatility for BigBear.ai Holdings, Inc. (BBAI) is 22.77%, while Volatility Shares 2x Bitcoin Strategy ETF (BITX) has a volatility of 26.02%. This indicates that BBAI experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBAI	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.77%	26.02%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	66.27%	73.70%	-7.43%
Volatility (1Y) Calculated over the trailing 1-year period	104.87%	90.25%	+14.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	178.01%	99.89%	+78.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	178.01%	99.89%	+78.12%