BITI vs. MSTY

Last updated Jun 3, 2026

BITI (ProShares Shrt Bitcoin ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-100%), while MSTY is a Derivative Income fund actively managed by YieldMax. BITI is passively managed, while MSTY is actively managed. Over the past year, BITI returned 39.52% vs -57.30% for MSTY. At a correlation of -0.77, they often move in opposite directions. BITI charges 1.03%/yr vs 0.99%/yr for MSTY.

Performance

BITI vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Shrt Bitcoin ETF (BITI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 MSTY's -8.55% return.

BITI

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

MSTY

• 1D: -8.50%
• 1M: -20.82%
• YTD: -8.55%
• 6M: -19.25%
• 1Y: -57.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITI ProShares Shrt Bitcoin ETF	20.81%	-1.76%	-53.13%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-8.55%	-42.71%	200.20%

Correlation

The correlation between BITI and MSTY is -0.85, 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	-0.85
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	-0.77

The correlation between BITI and MSTY has been stable across timeframes, ranging from -0.85 to -0.77 - a consistent structural relationship.

Return for Risk

BITI vs. MSTY — 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

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY 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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Shrt Bitcoin ETF (BITI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio Return per unit of total volatility	0.91	-0.96	+1.87
Sortino ratio Return per unit of downside risk	1.47	-1.53	+3.00
Omega ratio Gain probability vs. loss probability	1.17	0.83	+0.35
Calmar ratio Return relative to maximum drawdown	1.57	-0.79	+2.36
Martin ratio Return relative to average drawdown	3.37	-1.22	+4.58
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. MSTY - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 0.91, which is higher than the MSTY Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of BITI and MSTY, 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	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	-0.96	+1.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	0.31	-1.04

Drawdowns

BITI vs. MSTY - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than MSTY's maximum drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for BITI and MSTY.

Drawdown Indicators

	BITI	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-71.79%	-20.37%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-71.79%	+46.51%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.81%	-64.04%	-22.77%
Average Drawdown Average peak-to-trough decline	-67.93%	-26.01%	-41.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.79%	46.68%	-34.89%

Volatility

BITI vs. MSTY - Volatility Comparison

The current volatility for ProShares Shrt Bitcoin ETF (BITI) is 9.60%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 16.65%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	16.65%	-7.05%
Volatility (6M) Calculated over the trailing 6-month period	34.38%	48.38%	-14.00%
Volatility (1Y) Calculated over the trailing 1-year period	43.45%	60.11%	-16.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	71.83%	-19.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.51%	71.83%	-19.32%

BITI vs. MSTY - Expense Ratio Comparison

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

Dividends

BITI vs. MSTY - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 9.77%, less than MSTY's 251.24% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.77%	1.60%	3.91%	3.33%	0.06%
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.24%	294.61%	104.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and MSTY in my portfolio?

BITI and MSTY have a correlation of -0.85, 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 MSTY?

MSTY has higher volatility (16.65%) compared to BITI (9.60%). In terms of maximum drawdown, BITI dropped -92.16% vs MSTY's -71.79%.

Which ETF is better, BITI or MSTY?

On 1-year performance, BITI leads with 39.52% vs -57.30% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, BITI has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITI or MSTY?

Over the 1-year period, BITI has performed better with a 39.52% return vs -57.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or MSTY?

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

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

MSTY has the higher dividend yield at 251.24%, compared with 9.77% for BITI.

What is the main difference between BITI and MSTY?

BITI is categorized as Cryptocurrency, while MSTY is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 1.03% for BITI and 0.99% for MSTY.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (0.91 vs -0.96), 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.