BITI vs. ICVT
BITI (ProShares Shrt Bitcoin ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past 3 years, BITI returned -29.87%/yr vs 20.04%/yr for ICVT. At a correlation of -0.47, they often move in opposite directions. BITI charges 1.03%/yr vs 0.20%/yr for ICVT.
Performance
BITI vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, BITI achieves a 29.11% return, which is significantly higher than ICVT's 24.42% return.
BITI
- 1D
- 3.32%
- 1M
- 20.07%
- YTD
- 29.11%
- 6M
- 29.34%
- 1Y
- 47.64%
- 3Y*
- -29.87%
- 5Y*
- —
- 10Y*
- —
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
BITI vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 29.11% | -1.76% | -62.60% | -66.17% | 3.39% |
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 10.61% | 15.35% | 3.22% |
Correlation
The correlation between BITI and ICVT is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.47 |
The correlation between BITI and ICVT has been stable across timeframes, ranging from -0.55 to -0.46 - a consistent structural relationship.
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Return for Risk
BITI vs. ICVT — Risk / Return Rank
BITI
ICVT
BITI vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and iShares Convertible Bond ETF (ICVT). 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 | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.46 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 5.35 | -3.45 |
| Martin ratioReturn relative to average drawdown | 4.36 | 18.22 | -13.86 |
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Drawdowns
BITI vs. ICVT - Drawdown Comparison
The maximum BITI drawdown since its inception was -92.16%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for BITI and ICVT.
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Drawdown Indicators
| BITI | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.16% | -33.25% | -58.91% |
Max Drawdown (1Y)Largest decline over 1 year | -25.28% | -7.55% | -17.73% |
Max Drawdown (3Y)Largest decline over 3 years | -84.63% | -11.22% | -73.41% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -85.90% | -1.95% | -83.95% |
Average DrawdownAverage peak-to-trough decline | -68.12% | -9.46% | -58.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.39% | 2.21% | +9.18% |
Volatility
BITI vs. ICVT - Volatility Comparison
ProShares Shrt Bitcoin ETF (BITI) has a higher volatility of 12.93% compared to iShares Convertible Bond ETF (ICVT) at 7.08%. This indicates that BITI's price experiences larger fluctuations and is considered to be riskier than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITI | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.93% | 7.08% | +5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 34.15% | 13.10% | +21.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.06% | 15.68% | +28.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.46% | 13.51% | +38.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.46% | 15.61% | +36.85% |
BITI vs. ICVT - Expense Ratio Comparison
BITI has a 1.03% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
BITI vs. ICVT - Dividend Comparison
BITI's dividend yield for the trailing twelve months is around 9.15%, more than ICVT's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 9.15% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Frequently Asked Questions
BITI and ICVT have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (12.93%) compared to ICVT (7.08%). In terms of maximum drawdown, BITI dropped -92.16% vs ICVT's -33.25%.
On 3-year performance, ICVT leads with 20.04% vs -29.87% for BITI. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICVT has performed better with a 20.04% return vs -29.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 9.15%, compared with 1.30% for ICVT.
BITI is categorized as Cryptocurrency, while ICVT is Preferred Stock/Convertible Bonds. BITI tracks Bloomberg Bitcoin Index (-100%), while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 1.03% for BITI and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.57 vs 1.09), 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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