BITI vs. BTC-USD
BITI (ProShares Shrt Bitcoin ETF) is Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BITI returned -29.87%/yr vs 27.25%/yr for BTC-USD. At a correlation of -0.71, they often move in opposite directions.
Performance
BITI vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BITI achieves a 29.11% return, which is significantly higher than BTC-USD's -28.07% return.
BITI
- 1D
- 3.32%
- 1M
- 20.07%
- YTD
- 29.11%
- 6M
- 29.34%
- 1Y
- 47.64%
- 3Y*
- -29.87%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.58%
- 1M
- -18.24%
- YTD
- -28.07%
- 6M
- -28.01%
- 1Y
- -40.30%
- 3Y*
- 27.25%
- 5Y*
- 12.68%
- 10Y*
- 57.41%
BITI vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 29.11% | -1.76% | -62.60% | -66.17% | 3.39% |
BTC-USD Bitcoin | -28.07% | -6.27% | 120.76% | 155.82% | -19.56% |
Correlation
The correlation between BITI and BTC-USD is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.71 |
The correlation between BITI and BTC-USD has been stable across timeframes, ranging from -0.72 to -0.71 - a consistent structural relationship.
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Return for Risk
BITI vs. BTC-USD — Risk / Return Rank
BITI
BTC-USD
BITI vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and Bitcoin (BTC-USD). 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.
| BITI | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.86 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | -0.79 | +2.68 |
| Martin ratioReturn relative to average drawdown | 4.36 | -1.32 | +5.68 |
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Drawdowns
BITI vs. BTC-USD - Drawdown Comparison
The maximum BITI drawdown since its inception was -92.16%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITI and BTC-USD.
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Drawdown Indicators
| BITI | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.16% | -85.30% | -6.86% |
Max Drawdown (1Y)Largest decline over 1 year | -25.28% | -51.21% | +25.93% |
Max Drawdown (3Y)Largest decline over 3 years | -84.63% | -51.21% | -33.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -85.90% | -49.54% | -36.36% |
Average DrawdownAverage peak-to-trough decline | -68.12% | -42.40% | -25.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.39% | 31.29% | -19.90% |
Volatility
BITI vs. BTC-USD - Volatility Comparison
ProShares Shrt Bitcoin ETF (BITI) has a higher volatility of 12.93% compared to Bitcoin (BTC-USD) at 12.23%. This indicates that BITI's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITI | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 12.23% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 34.15% | 34.57% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 35.70% | +8.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.46% | 44.26% | +8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.46% | 56.41% | -3.95% |
Frequently Asked Questions
BITI and BTC-USD have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (12.93%) compared to BTC-USD (12.23%). In terms of maximum drawdown, BITI dropped -92.16% vs BTC-USD's -85.30%.
BITI currently has the higher Sharpe Ratio (1.09 vs -0.94), 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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