BITI vs. HECO
BITI (ProShares Short Bitcoin ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index, while HECO is a Blockchain fund actively managed by State Street. BITI is passively managed, while HECO is actively managed. Over the past year, BITI returned 57.95% vs 97.99% for HECO. Their -0.65 correlation means they have often moved in opposite directions in the past. BITI charges 1.03%/yr vs 0.90%/yr for HECO.
Performance
BITI vs. HECO - Performance Comparison
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Returns By Period
In the year-to-date period, BITI achieves a 24.60% return, which is significantly lower than HECO's 68.96% return.
BITI
- 1D
- -0.50%
- 1M
- -4.51%
- 6M
- 10.22%
- YTD
- 24.60%
- 1Y
- 57.95%
- 3Y*
- -32.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.89%
HECO
- 1D
- 0.24%
- 1M
- 2.48%
- 6M
- 51.83%
- YTD
- 68.96%
- 1Y
- 97.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 70.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.17M | $25.84M | $38.74M | |
| $85.76K | $50.61K | $469.13K |
BITI vs. HECO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 24.60% | -1.76% | -41.75% |
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF | 68.96% | 26.23% | 28.95% |
Correlation
The correlation between BITI and HECO is -0.64, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024 | -0.65 |
The correlation between BITI and HECO has been stable across timeframes, ranging from -0.65 to -0.64 - a consistent structural relationship.
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Return for Risk
BITI vs. HECO — Risk / Return Rank
BITI
HECO
BITI vs. HECO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Bitcoin ETF (BITI) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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 | HECO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.38 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 4.69 | -2.38 |
| Martin ratioReturn relative to average drawdown | 5.60 | 12.93 | -7.32 |
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Drawdowns
BITI vs. HECO - Drawdown Comparison
The maximum BITI drawdown since its inception was -92.16%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for BITI and HECO.
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Drawdown Indicators
| BITI | HECO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.16% | -44.59% | -47.57% |
Max Drawdown (1Y)Largest decline over 1 year | -25.28% | -21.03% | -4.25% |
Max Drawdown (3Y)Largest decline over 3 years | -84.63% | — | — |
Current DrawdownCurrent decline from peak | -86.40% | -3.57% | -82.83% |
Average DrawdownAverage peak-to-trough decline | -68.62% | -11.17% | -57.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.37% | 7.61% | +2.76% |
Volatility
BITI vs. HECO - Volatility Comparison
The current volatility for ProShares Short Bitcoin ETF (BITI) is 8.18%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 17.86%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITI | HECO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.18% | 17.86% | -9.68% |
Volatility (6M)Calculated over the trailing 6-month period | 32.69% | 31.68% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.17% | 40.31% | +3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.98% | 45.29% | +6.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.98% | 45.29% | +6.69% |
BITI vs. HECO - Expense Ratio Comparison
BITI has a 1.03% expense ratio, which is higher than HECO's 0.90% expense ratio.
Dividends
BITI vs. HECO - Dividend Comparison
BITI's dividend yield for the trailing twelve months is around 21.91%, while HECO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.91% | 1.60% | 3.91% | 3.33% | 0.06% |
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF | 0.00% | 0.00% | 2.61% | 0.00% | 0.00% |
Frequently Asked Questions
BITI and HECO have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HECO has higher volatility (17.86%) compared to BITI (8.18%). In terms of maximum drawdown, BITI dropped -92.16% vs HECO's -44.59%.
On 1-year performance, HECO leads with 97.99% vs 57.95% for BITI. On fees, HECO is cheaper at 0.90% per year. On volatility, BITI has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HECO has performed better with a 97.99% return vs 57.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HECO is cheaper with a 0.90% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.91%, compared with 0.00% for HECO.
BITI is categorized as Cryptocurrency, while HECO is Blockchain. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.03% for BITI and 0.90% for HECO.
HECO currently has the higher Sharpe Ratio (2.45 vs 1.32), 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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