BITI vs. TRFM

Last updated Aug 5, 2026

BITI (ProShares Short Bitcoin ETF) and TRFM (AAM Transformers ETF) are both exchange-traded funds - BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index, while TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BITI returned -32.46%/yr vs 28.48%/yr for TRFM. Their -0.43 correlation means they have often moved in opposite directions in the past. BITI charges 1.03%/yr vs 0.49%/yr for TRFM.

Performance

BITI vs. TRFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Bitcoin ETF (BITI) and AAM Transformers ETF (TRFM). 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 lower than TRFM's 28.58% 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%

TRFM

• 1D: 3.88%
• 1M: 0.39%
• 6M: 24.79%
• YTD: 28.58%
• 1Y: 38.79%
• 3Y*: 28.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.65%

*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
TRFM AAM Transformers ETF	$2.75M	$2.29M	$2.01M

BITI vs. TRFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	24.60%	-1.76%	-62.60%	-66.17%	0.29%
TRFM AAM Transformers ETF	28.58%	25.76%	19.96%	44.71%	-9.92%

Correlation

The correlation between BITI and TRFM is -0.53, 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.	-0.53
Correlation (3Y) Balances recent behavior with more history.	-0.42
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	-0.43

The correlation between BITI and TRFM shifts across timeframes, from -0.53 (1 year) to -0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BITI vs. TRFM — 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

TRFM

TRFM Risk / Return Rank: 59
TRFM Sharpe Ratio Rank: 55
TRFM Sortino Ratio Rank: 51
TRFM Omega Ratio Rank: 49
TRFM Calmar Ratio Rank: 76
TRFM Martin Ratio Rank: 63

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. TRFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Bitcoin ETF (BITI) and AAM Transformers ETF (TRFM). 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	TRFM	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.52	-0.20
Sortino ratio: Return per unit of downside risk	1.89	2.05	-0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	2.30	3.00	-0.70
Martin ratio: Return relative to average drawdown	5.60	8.57	-2.97

BITI vs. TRFM - Sharpe Ratio Comparison

The current BITI Sharpe Ratio is 1.32, which is comparable to the TRFM Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of BITI and TRFM, 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. TRFM - Drawdown Comparison

The maximum BITI drawdown since its inception was -92.16%, which is greater than TRFM's maximum drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for BITI and TRFM.

Drawdown Indicators

	BITI	TRFM	Difference
Max Drawdown Largest peak-to-trough decline	-92.16%	-28.40%	-63.76%
Max Drawdown (1Y) Largest decline over 1 year	-25.28%	-12.99%	-12.29%
Max Drawdown (3Y) Largest decline over 3 years	-84.63%	-28.40%	-56.23%
Current Drawdown Current decline from peak	-86.40%	-3.01%	-83.39%
Average Drawdown Average peak-to-trough decline	-68.62%	-6.56%	-62.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.37%	4.54%	+5.83%

Volatility

BITI vs. TRFM - Volatility Comparison

The current volatility for ProShares Short Bitcoin ETF (BITI) is 8.18%, while AAM Transformers ETF (TRFM) has a volatility of 8.71%. This indicates that BITI experiences smaller price fluctuations and is considered to be less risky than TRFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITI	TRFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.18%	8.71%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	32.69%	21.04%	+11.65%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	25.81%	+18.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.98%	27.32%	+24.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.98%	27.32%	+24.66%

BITI vs. TRFM - Expense Ratio Comparison

BITI has a 1.03% expense ratio, which is higher than TRFM's 0.49% expense ratio.

Dividends

BITI vs. TRFM - Dividend Comparison

BITI's dividend yield for the trailing twelve months is around 21.91%, more than TRFM's 0.13% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.91%	1.60%	3.91%	3.33%	0.06%
TRFM AAM Transformers ETF	0.13%	0.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITI and TRFM in my portfolio?

BITI and TRFM have a correlation of -0.53, 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 TRFM?

TRFM has higher volatility (8.71%) compared to BITI (8.18%). In terms of maximum drawdown, BITI dropped -92.16% vs TRFM's -28.40%.

Which ETF is better, BITI or TRFM?

On 3-year performance, TRFM leads with 28.48% vs -32.46% for BITI. On fees, TRFM is cheaper at 0.49% 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 TRFM?

Over the 3-year period, TRFM has performed better with a 28.48% return vs -32.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITI or TRFM?

TRFM is cheaper with a 0.49% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 21.91%, compared with 0.13% for TRFM.

What is the main difference between BITI and TRFM?

BITI is categorized as Cryptocurrency, while TRFM is Technology Equities. BITI tracks Bloomberg Bitcoin Index, while TRFM tracks Pence Transformers Index - Benchmark TR Gross. They also come from different issuers: ProShares and AAM. Their fees differ too: 1.03% for BITI and 0.49% for TRFM.

Which has better risk-adjusted returns?

TRFM currently has the higher Sharpe Ratio (1.52 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.