BHDG vs. BITI

Last updated Jun 4, 2026

BHDG (Nicholas Bitcoin Tail ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. BHDG is actively managed, while BITI is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. BHDG charges 0.97%/yr vs 1.03%/yr for BITI.

Performance

BHDG vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHDG

• 1D: 1.46%
• 1M: 6.79%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 5Y*: —
• 10Y*: —

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

BHDG vs. BITI - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-3.79%
BITI ProShares Shrt Bitcoin ETF	7.67%

Correlation

The correlation between BHDG and BITI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	0.93

Return for Risk

BHDG vs. BITI — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

BHDG vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and ProShares Shrt 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BHDG	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.91	-0.72	-0.19

Drawdowns

BHDG vs. BITI - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BHDG and BITI.

Drawdown Indicators

	BHDG	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-92.16%	+77.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-7.70%	-86.46%	+78.76%
Average Drawdown Average peak-to-trough decline	-9.28%	-67.95%	+58.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.80%	—

Volatility

Volatility by Period

	BHDG	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	43.52%	-24.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	52.50%	-33.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	52.50%	-33.80%

BHDG vs. BITI - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

BHDG vs. BITI - Dividend Comparison

BHDG has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 9.52%.

Position	TTM	2025	2024	2023	2022
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%	0.00%	0.00%
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%

Frequently Asked Questions

Can I hold both BHDG and BITI in my portfolio?

With a correlation of 0.93, BHDG and BITI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BHDG or BITI?

On fees, BHDG is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BHDG or BITI?

BHDG is cheaper with a 0.97% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.52%, compared with 0.00% for BHDG.

What is the main difference between BHDG and BITI?

They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for BHDG and 1.03% for BITI.