BITI vs. ETHD

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Shrt Bitcoin ETF (BITI) and ProShares UltraShort Ether ETF (ETHD).

BITI and ETHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITI is a passively managed fund by ProShares that tracks the performance of the Bloomberg Bitcoin Index (-100%). It was launched on Jun 21, 2022. ETHD is an actively managed fund by ProShares. It was launched on Jun 7, 2024.

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.

BITI vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITI ProShares Shrt Bitcoin ETF	20.02%	-1.76%	-33.70%
ETHD ProShares UltraShort Ether ETF	24.55%	-72.49%	-42.57%

Returns By Period

In the year-to-date period, BITI achieves a 20.02% return, which is significantly lower than ETHD's 24.55% return.

BITI

• 1D: -0.46%
• 1M: 0.37%
• YTD: 20.02%
• 6M: 56.40%
• 1Y: 10.94%
• 3Y*: -34.13%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -3.95%
• 1M: -18.40%
• YTD: 24.55%
• 6M: 83.22%
• 1Y: -84.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITI vs. ETHD - Expense Ratio Comparison

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

BITI

ProShares Shrt Bitcoin ETF

ETHD

ProShares UltraShort Ether ETF

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: 18
BITI Sharpe Ratio Rank: 18
BITI Sortino Ratio Rank: 22
BITI Omega Ratio Rank: 20
BITI Calmar Ratio Rank: 15
BITI Martin Ratio Rank: 14

ETHD

ETHD Risk / Return Rank: 3
ETHD Sharpe Ratio Rank: 3
ETHD Sortino Ratio Rank: 4
ETHD Omega Ratio Rank: 4
ETHD Calmar Ratio Rank: 1
ETHD Martin Ratio Rank: 4

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	0.24	-0.56	+0.81
Sortino ratio Return per unit of downside risk	0.66	-0.61	+1.27
Omega ratio Gain probability vs. loss probability	1.08	0.93	+0.15
Calmar ratio Return relative to maximum drawdown	0.19	-0.90	+1.09
Martin ratio Return relative to average drawdown	0.29	-1.01	+1.31
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 0.24, which is higher than the ETHD Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of BITI and ETHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITI	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	-0.56	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.41	-0.34

Correlation

The correlation between BITI and ETHD is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITI vs. ETHD - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 8.23%, less than ETHD's 85.90% yield.

	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	8.23%	1.60%	3.91%	3.33%	0.06%
ETHD ProShares UltraShort Ether ETF	85.90%	156.62%	19.15%	0.00%	0.00%

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	-39.64%	-95.50%	+55.86%
Current Drawdown Current decline from peak	-86.90%	-90.27%	+3.37%
Average Drawdown Average peak-to-trough decline	-67.03%	-63.63%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.26%	84.73%	-59.47%

Volatility

BITI vs. ETHD - Volatility Comparison

The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 13.04%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.47%. 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	13.04%	40.47%	-27.43%
Volatility (6M) Calculated over the trailing 6-month period	36.32%	106.90%	-70.58%
Volatility (1Y) Calculated over the trailing 1-year period	45.20%	150.88%	-105.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.18%	146.74%	-93.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.18%	146.74%	-93.56%