BITI vs. ETHD

Last updated Jun 4, 2026

BITI (ProShares Shrt Bitcoin ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds from ProShares. BITI is passively managed, while ETHD is actively managed. Over the past year, BITI returned 45.79% vs -42.18% for ETHD. Their correlation of 0.82 suggests significant overlap in exposure. BITI charges 1.03%/yr vs 1.01%/yr for ETHD.

Performance

BITI vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Shrt Bitcoin ETF (BITI) and ProShares UltraShort Ether ETF (ETHD). 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 lower than ETHD's 63.80% return.

BITI

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

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITI vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITI ProShares Shrt Bitcoin ETF	24.06%	-1.76%	-33.70%
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%

Correlation

The correlation between BITI and ETHD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	0.82

The correlation between BITI and ETHD has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

BITI vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.31	+1.37
Sortino ratio: Return per unit of downside risk	1.62	0.40	+1.22
Omega ratio: Gain probability vs. loss probability	1.19	1.05	+0.15
Calmar ratio: Return relative to maximum drawdown	1.82	-0.51	+2.33
Martin ratio: Return relative to average drawdown	3.89	-0.64	+4.53
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. ETHD - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.06, which is higher than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of BITI and ETHD, 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	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.31	+1.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	-0.35	-0.37

Drawdowns

BITI vs. ETHD - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BITI and ETHD.

Drawdown Indicators

	BITI	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-95.59%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-83.63%	+58.35%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.46%	-87.20%	+0.74%
Average Drawdown Average peak-to-trough decline	-67.95%	-66.01%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	66.00%	-54.20%

Volatility

BITI vs. ETHD - Volatility Comparison

The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 9.29%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 19.00%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	19.00%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	34.02%	92.37%	-58.35%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	136.23%	-92.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.50%	142.19%	-89.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.50%	142.19%	-89.69%

BITI vs. ETHD - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than ETHD's 1.01% expense ratio.

Dividends

BITI vs. ETHD - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.52%, less than ETHD's 10.68% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and ETHD in my portfolio?

BITI and ETHD have a correlation of 0.87, 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 ETHD?

ETHD has higher volatility (19.00%) compared to BITI (9.29%). In terms of maximum drawdown, BITI dropped -92.16% vs ETHD's -95.59%.

Which ETF is better, BITI or ETHD?

On 1-year performance, BITI leads with 45.79% vs -42.18% for ETHD. On fees, ETHD is cheaper at 1.01% per year. On volatility, BITI has been the lower-risk option at 9.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or ETHD?

Over the 1-year period, BITI has performed better with a 45.79% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or ETHD?

ETHD is cheaper with a 1.01% expense ratio, compared with 1.03% for BITI.

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

ETHD has the higher dividend yield at 10.68%, compared with 9.52% for BITI.

What is the main difference between BITI and ETHD?

Their fees differ too: 1.03% for BITI and 1.01% for ETHD.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.06 vs -0.31), 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.