BITQ vs. BITI
BITQ (Bitwise Crypto Industry Innovators ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BITQ returned 31.35%/yr vs -31.54%/yr for BITI. At a correlation of -0.72, they often move in opposite directions. BITQ charges 0.85%/yr vs 1.03%/yr for BITI.
Performance
BITQ vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, BITQ achieves a 18.26% return, which is significantly lower than BITI's 23.84% return.
BITQ
- 1D
- 1.68%
- 1M
- -11.99%
- 6M
- -0.04%
- YTD
- 18.26%
- 1Y
- 10.66%
- 3Y*
- 31.35%
- 5Y*
- 4.48%
- 10Y*
- —
BITI
- 1D
- -3.81%
- 1M
- -2.41%
- 6M
- 34.02%
- YTD
- 23.84%
- 1Y
- 64.31%
- 3Y*
- -31.54%
- 5Y*
- —
- 10Y*
- —
BITQ vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 18.26% | 18.00% | 46.97% | 246.83% | -44.79% |
BITI ProShares Short Bitcoin ETF | 23.84% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between BITQ and BITI is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.72 |
The correlation between BITQ and BITI has been stable across timeframes, ranging from -0.72 to -0.69 - a consistent structural relationship.
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Return for Risk
BITQ vs. BITI — Risk / Return Rank
BITQ
BITI
BITQ vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) and ProShares Short Bitcoin ETF (BITI). 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.
| BITQ | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.24 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | 2.56 | -2.32 |
| Martin ratioReturn relative to average drawdown | 0.49 | 6.37 | -5.88 |
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Drawdowns
BITQ vs. BITI - Drawdown Comparison
The maximum BITQ drawdown since its inception was -90.32%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BITQ and BITI.
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Drawdown Indicators
| BITQ | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.32% | -92.16% | +1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -44.99% | -25.28% | -19.71% |
Max Drawdown (3Y)Largest decline over 3 years | -51.22% | -84.63% | +33.41% |
Max Drawdown (5Y)Largest decline over 5 years | -90.32% | — | — |
Current DrawdownCurrent decline from peak | -27.30% | -86.48% | +59.18% |
Average DrawdownAverage peak-to-trough decline | -52.23% | -68.36% | +16.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.02% | 10.13% | +11.89% |
Volatility
BITQ vs. BITI - Volatility Comparison
Bitwise Crypto Industry Innovators ETF (BITQ) and ProShares Short Bitcoin ETF (BITI) have volatilities of 12.18% and 11.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITQ | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.18% | 11.73% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 42.48% | 34.49% | +7.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.13% | 44.24% | +12.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.31% | 52.29% | +15.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.04% | 52.29% | +14.75% |
BITQ vs. BITI - Expense Ratio Comparison
BITQ has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
BITQ vs. BITI - Dividend Comparison
BITQ has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.70% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% |
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
Frequently Asked Questions
BITQ and BITI have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (12.18%) compared to BITI (11.73%). In terms of maximum drawdown, BITQ dropped -90.32% vs BITI's -92.16%.
On 3-year performance, BITQ leads with 31.35% vs -31.54% for BITI. On fees, BITQ is cheaper at 0.85% per year. On volatility, BITI has been the lower-risk option at 11.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITQ has performed better with a 31.35% return vs -31.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITQ is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.70%, compared with 0.00% for BITQ.
BITQ is categorized as Blockchain, while BITI is Cryptocurrency. BITQ tracks Bitwise Crypto Innovators 30 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.85% for BITQ and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.46 vs 0.19), 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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