BDCX vs. BITI
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BDCX returned 0.23%/yr vs -31.77%/yr for BITI. Their -0.26 correlation means they have often moved in opposite directions in the past. BDCX charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
BDCX vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than BITI's 27.11% return.
BDCX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -9.86%
- YTD
- -10.75%
- 1Y
- -18.23%
- 3Y*
- 0.23%
- 5Y*
- 2.22%
- 10Y*
- —
- ALL TIME*
- 11.61%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $24.10M | $26.49M | $38.71M |
BDCX vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -10.42% | 15.32% | 35.33% | 3.93% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between BDCX and BITI is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.26 |
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Return for Risk
BDCX vs. BITI — Risk / Return Rank
BDCX
BITI
BDCX vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) 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.
| BDCX | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.24 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.53 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.17 | -7.46 |
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Drawdowns
BDCX vs. BITI - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BDCX and BITI.
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Drawdown Indicators
| BDCX | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -92.16% | +57.20% |
Max Drawdown (1Y)Largest decline over 1 year | -26.35% | -25.28% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -84.63% | +51.24% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -27.46% | -86.12% | +58.66% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -68.59% | +58.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 10.35% | +4.93% |
Volatility
BDCX vs. BITI - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.16%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that BDCX 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.
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Volatility by Period
| BDCX | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 9.13% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 33.31% | -10.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 44.23% | -15.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 52.03% | -25.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 52.03% | -25.16% |
BDCX vs. BITI - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
BDCX vs. BITI - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 21.64%, more than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 21.64% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and BITI have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (9.13%) compared to BDCX (7.16%). In terms of maximum drawdown, BDCX dropped -34.96% vs BITI's -92.16%.
On 3-year performance, BDCX leads with 0.23% vs -31.77% for BITI. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BDCX has performed better with a 0.23% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
BDCX has the higher dividend yield at 21.64%, compared with 15.17% for BITI.
BDCX is categorized as Leveraged Equities, while BITI is Cryptocurrency. BDCX tracks MVIS US Business Development Companies (150%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for BDCX and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 vs -0.69), 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.
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