BITI vs. BTCI

Last updated Jun 3, 2026

BITI (ProShares Shrt Bitcoin ETF) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. BITI is passively managed, while BTCI is actively managed. Over the past year, BITI returned 39.52% vs -30.68% for BTCI. At a correlation of -0.99, they often move in opposite directions. BITI charges 1.03%/yr vs 0.99%/yr for BTCI.

Performance

BITI vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, BITI achieves a 20.81% return, which is significantly higher than BTCI's -20.70% return.

BITI

• 1D: 5.99%
• 1M: 16.30%
• YTD: 20.81%
• 6M: 25.36%
• 1Y: 39.52%
• 3Y*: -34.67%
• 5Y*: —
• 10Y*: —

BTCI

• 1D: -5.71%
• 1M: -12.46%
• YTD: -20.70%
• 6M: -22.95%
• 1Y: -30.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITI vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITI ProShares Shrt Bitcoin ETF	20.81%	-1.76%	-31.55%
BTCI NEOS Bitcoin High Income ETF	-20.70%	-1.09%	28.24%

Correlation

The correlation between BITI and BTCI is -0.99, 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	-0.99
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	-0.99

The correlation between BITI and BTCI has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

Return for Risk

BITI vs. BTCI — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 27
BITI Sharpe Ratio Rank: 25
BITI Sortino Ratio Rank: 27
BITI Omega Ratio Rank: 26
BITI Calmar Ratio Rank: 31
BITI Martin Ratio Rank: 25

BTCI

BTCI Risk / Return Rank: 3
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 3
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio Return per unit of total volatility	0.91	-0.79	+1.71
Sortino ratio Return per unit of downside risk	1.47	-1.01	+2.47
Omega ratio Gain probability vs. loss probability	1.17	0.88	+0.29
Calmar ratio Return relative to maximum drawdown	1.57	-0.68	+2.25
Martin ratio Return relative to average drawdown	3.37	-1.23	+4.60
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. BTCI - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 0.91, which is higher than the BTCI Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of BITI and BTCI, 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	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	-0.79	+1.71
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	0.01	-0.74

Drawdowns

BITI vs. BTCI - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than BTCI's maximum drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for BITI and BTCI.

Drawdown Indicators

	BITI	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-44.98%	-47.18%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-44.98%	+19.70%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.81%	-41.37%	-45.44%
Average Drawdown Average peak-to-trough decline	-67.93%	-15.11%	-52.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.79%	24.90%	-13.11%

Volatility

BITI vs. BTCI - Volatility Comparison

ProShares Shrt Bitcoin ETF (BITI) has a higher volatility of 9.60% compared to NEOS Bitcoin High Income ETF (BTCI) at 8.56%. This indicates that BITI's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	8.56%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	34.38%	31.26%	+3.12%
Volatility (1Y) Calculated over the trailing 1-year period	43.45%	38.85%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	40.11%	+12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.51%	40.11%	+12.40%

BITI vs. BTCI - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than BTCI's 0.99% expense ratio.

Dividends

BITI vs. BTCI - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.77%, less than BTCI's 42.05% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.77%	1.60%	3.91%	3.33%	0.06%
BTCI NEOS Bitcoin High Income ETF	42.05%	36.46%	6.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and BTCI in my portfolio?

BITI and BTCI have a correlation of -0.99, 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 BTCI?

BITI has higher volatility (9.60%) compared to BTCI (8.56%). In terms of maximum drawdown, BITI dropped -92.16% vs BTCI's -44.98%.

Which ETF is better, BITI or BTCI?

On 1-year performance, BITI leads with 39.52% vs -30.68% for BTCI. On fees, BTCI is cheaper at 0.99% per year. On volatility, BTCI has been the lower-risk option at 8.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or BTCI?

Over the 1-year period, BITI has performed better with a 39.52% return vs -30.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or BTCI?

BTCI is cheaper with a 0.99% expense ratio, compared with 1.03% for BITI.

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

BTCI has the higher dividend yield at 42.05%, compared with 9.77% for BITI.

What is the main difference between BITI and BTCI?

They also come from different issuers: ProShares and Neos. Their fees differ too: 1.03% for BITI and 0.99% for BTCI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (0.91 vs -0.79), 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.