BITI vs. BTC-USD
BITI (ProShares Short Bitcoin ETF) is Cryptocurrency fund tracking the Bloomberg Bitcoin Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BITI returned -31.54%/yr vs 28.83%/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 23.84% return, which is significantly higher than BTC-USD's -25.95% return.
BITI
- 1D
- -3.81%
- 1M
- -2.41%
- 6M
- 34.02%
- YTD
- 23.84%
- 1Y
- 64.31%
- 3Y*
- -31.54%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 4.06%
- 1M
- -1.40%
- 6M
- -32.07%
- YTD
- -25.95%
- 1Y
- -45.95%
- 3Y*
- 28.83%
- 5Y*
- 15.25%
- 10Y*
- 58.05%
BITI vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 23.84% | -1.76% | -62.60% | -66.17% | 3.39% |
BTC-USD Bitcoin | -25.95% | -6.27% | 120.76% | 155.82% | -19.56% |
Correlation
The correlation between BITI and BTC-USD is -0.73, 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 | -0.73 |
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 -0.73 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 Short 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 | +2.53 | ||
| Sortino ratioReturn per unit of downside risk | +3.64 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.84 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | -0.87 | +3.42 |
| Martin ratioReturn relative to average drawdown | 6.37 | -1.40 | +7.77 |
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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% | -53.08% | +27.80% |
Max Drawdown (3Y)Largest decline over 3 years | -84.63% | -53.08% | -31.55% |
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 | -86.48% | -48.05% | -38.43% |
Average DrawdownAverage peak-to-trough decline | -68.36% | -42.56% | -25.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.13% | 29.09% | -18.96% |
Volatility
BITI vs. BTC-USD - Volatility Comparison
ProShares Short Bitcoin ETF (BITI) has a higher volatility of 11.73% compared to Bitcoin (BTC-USD) at 9.63%. 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 | 11.73% | 9.63% | +2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 34.49% | 34.91% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.24% | 35.72% | +8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.29% | 43.97% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.29% | 56.33% | -4.04% |
Frequently Asked Questions
BITI and BTC-USD have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.73%) compared to BTC-USD (9.63%). In terms of maximum drawdown, BITI dropped -92.16% vs BTC-USD's -85.30%.
BITI currently has the higher Sharpe Ratio (1.46 vs -1.07), 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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