BITI vs. BCDF

Last updated Jun 4, 2026

BITI (ProShares Shrt Bitcoin ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. BITI is passively managed, while BCDF is actively managed. Over the past 3 years, BITI returned -34.09%/yr vs 14.97%/yr for BCDF. At a correlation of -0.46, they often move in opposite directions. BITI charges 1.03%/yr vs 0.85%/yr for BCDF.

Performance

BITI vs. BCDF - Performance Comparison

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

Returns By Period

In the year-to-date period, BITI achieves a 24.06% return, which is significantly higher than BCDF's 3.23% return.

BITI

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

BCDF

• 1D: -0.16%
• 1M: -4.70%
• YTD: 3.23%
• 6M: 4.02%
• 1Y: 6.26%
• 3Y*: 14.97%
• 5Y*: —
• 10Y*: —

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

BITI vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	24.06%	-1.76%	-62.60%	-66.17%	16.01%
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	11.63%	14.87%	24.99%	-22.71%

Correlation

The correlation between BITI and BCDF is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022	-0.46

BITI vs. BCDF - Sectors Allocation Comparison

Sectors	BITI	BCDF
Financial Services	28.5%	80.2%
Basic Materials	-	-
Communication Services	-	1.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	3.5%
Healthcare	-	0.0%
Industrials	-	0.4%
Real Estate	-	0.1%
Technology	-	9.7%
Utilities	-	4.7%

Return for Risk

BITI vs. BCDF — 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

BCDF

BCDF Risk / Return Rank: 16
BCDF Sharpe Ratio Rank: 15
BCDF Sortino Ratio Rank: 15
BCDF Omega Ratio Rank: 15
BCDF Calmar Ratio Rank: 20
BCDF Martin Ratio Rank: 18

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.

BITI vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and Horizon Kinetics Blockchain Development ETF (BCDF). 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.

	BITI	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.43	+0.63
Sortino ratio: Return per unit of downside risk	1.62	0.69	+0.93
Omega ratio: Gain probability vs. loss probability	1.19	1.08	+0.11
Calmar ratio: Return relative to maximum drawdown	1.82	0.82	+1.00
Martin ratio: Return relative to average drawdown	3.89	1.85	+2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITI vs. BCDF - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.06, which is higher than the BCDF Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of BITI and BCDF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITI	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.43	+0.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.39	-1.11

Drawdowns

BITI vs. BCDF - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for BITI and BCDF.

Drawdown Indicators

	BITI	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-27.70%	-64.46%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-7.63%	-17.65%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	-13.46%	-71.17%
Current Drawdown Current decline from peak	-86.46%	-7.63%	-78.83%
Average Drawdown Average peak-to-trough decline	-67.95%	-9.83%	-58.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	3.39%	+8.41%

Volatility

BITI vs. BCDF - Volatility Comparison

ProShares Shrt Bitcoin ETF (BITI) has a higher volatility of 9.29% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.17%. This indicates that BITI's price experiences larger fluctuations and is considered to be riskier than BCDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	5.17%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	34.02%	11.03%	+22.99%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	14.76%	+28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	16.94%	+35.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	16.94%	+35.56%

BITI vs. BCDF - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than BCDF's 0.85% expense ratio.

Dividends

BITI vs. BCDF - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.52%, more than BCDF's 2.45% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	2.53%	1.63%	0.69%	0.38%
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%

Frequently Asked Questions

Can I hold both BITI and BCDF in my portfolio?

BITI and BCDF have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITI or BCDF?

BITI has higher volatility (9.29%) compared to BCDF (5.17%). In terms of maximum drawdown, BITI dropped -92.16% vs BCDF's -27.70%.

Which ETF is better, BITI or BCDF?

On 3-year performance, BCDF leads with 14.97% vs -34.09% for BITI. On fees, BCDF is cheaper at 0.85% per year. On volatility, BCDF has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or BCDF?

Over the 3-year period, BCDF has performed better with a 14.97% return vs -34.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or BCDF?

BCDF is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.52%, compared with 2.45% for BCDF.

What is the main difference between BITI and BCDF?

They also come from different issuers: ProShares and Horizon. Their fees differ too: 1.03% for BITI and 0.85% for BCDF.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.06 vs 0.43), 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.