BITI vs. MSTY

Last updated Aug 5, 2026

BITI (ProShares Short 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, 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 57.95% vs -68.96% for MSTY. Their -0.77 correlation means they have often moved in opposite directions in the past. 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 Short 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 24.60% return, which is significantly higher than MSTY's -30.81% 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%

MSTY

• 1D: 2.56%
• 1M: 0.99%
• 6M: -21.95%
• YTD: -30.81%
• 1Y: -68.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$22.17M	$25.84M	$38.74M
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.99M	$13.22M	$27.42M

BITI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITI ProShares Short Bitcoin ETF	24.60%	-1.76%	-54.10%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-30.81%	-42.71%	212.16%

Correlation

The correlation between BITI and MSTY is -0.84, 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.	-0.84
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	-0.77

The correlation between BITI and MSTY has been stable across timeframes, ranging from -0.84 to -0.77 - a consistent structural relationship.

Return for Risk

BITI vs. MSTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITI

BITI Risk / Return Rank: 48
BITI Sharpe Ratio Rank: 47
BITI Sortino Ratio Rank: 46
BITI Omega Ratio Rank: 43
BITI Calmar Ratio Rank: 58
BITI Martin Ratio Rank: 45

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITI vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 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.

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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-1.07	+2.39
Sortino ratio: Return per unit of downside risk	1.89	-2.03	+3.92
Omega ratio: Gain probability vs. loss probability	1.23	0.78	+0.44
Calmar ratio: Return relative to maximum drawdown	2.30	-0.92	+3.23
Martin ratio: Return relative to average drawdown	5.60	-1.35	+6.95

BITI vs. MSTY - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.32, which is higher than the MSTY Sharpe Ratio of -1.07. 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.

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 -77.40%. 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%	-77.40%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-74.91%	+49.63%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	—	—
Current Drawdown Current decline from peak	-86.40%	-72.80%	-13.60%
Average Drawdown Average peak-to-trough decline	-68.62%	-29.19%	-39.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.37%	51.14%	-40.77%

Volatility

BITI vs. MSTY - Volatility Comparison

The current volatility for ProShares Short Bitcoin ETF (BITI) is 8.18%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 13.50%. 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	8.18%	13.50%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	32.69%	51.91%	-19.22%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	64.87%	-20.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.98%	71.81%	-19.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.98%	71.81%	-19.83%

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 21.91%, less than MSTY's 242.52% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.91%	1.60%	3.91%	3.33%	0.06%
MSTY YieldMax™ MSTR Option Income Strategy ETF	242.52%	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 -0.84, 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 (13.50%) compared to BITI (8.18%). In terms of maximum drawdown, BITI dropped -92.16% vs MSTY's -77.40%.

Which ETF is better, BITI or MSTY?

On 1-year performance, BITI leads with 57.95% vs -68.96% for MSTY. On fees, MSTY is cheaper at 0.99% 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.

Which ETF has performed better, BITI or MSTY?

Over the 1-year period, BITI has performed better with a 57.95% return vs -68.96%. 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 242.52%, compared with 21.91% 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 (1.32 vs -1.07), 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.