BITS vs. BITI

Last updated Aug 2, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - BITS tracks the NONE while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BITS returned 31.46%/yr vs -31.77%/yr for BITI. Their -0.88 correlation means they have often moved in opposite directions in the past. BITS charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

BITS vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain & Bitcoin Strategy ETF (BITS) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITS achieves a -11.24% return, which is significantly lower than BITI's 27.11% return.

BITS

• 1D: -3.36%
• 1M: -0.63%
• 6M: -14.68%
• YTD: -11.24%
• 1Y: -9.04%
• 3Y*: 31.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.25%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

*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	$24.10M	$26.49M	$38.71M
BITS Global X Blockchain & Bitcoin Strategy ETF	$89.94K	$81.82K	$170.18K

BITS vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITS Global X Blockchain & Bitcoin Strategy ETF	-11.24%	14.90%	61.84%	212.23%	-29.68%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between BITS and BITI 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.	-0.85
Correlation (3Y) Balances recent behavior with more history.	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.88

The correlation between BITS and BITI has been stable across timeframes, ranging from -0.88 to -0.84 - a consistent structural relationship.

Return for Risk

BITS vs. BITI — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 8
BITS Sharpe Ratio Rank: 7
BITS Sortino Ratio Rank: 9
BITS Omega Ratio Rank: 9
BITS Calmar Ratio Rank: 7
BITS Martin Ratio Rank: 8

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

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.

BITS vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) 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.

	BITS	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.45	-1.72
Sortino ratio: Return per unit of downside risk	-0.03	2.02	-2.04
Omega ratio: Gain probability vs. loss probability	1.00	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.30	2.53	-2.84
Martin ratio: Return relative to average drawdown	-0.49	6.17	-6.67

BITS vs. BITI - Sharpe Ratio Comparison

The current BITS Sharpe Ratio is -0.27, which is lower than the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of BITS and BITI, 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

BITS vs. BITI - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BITS and BITI.

Drawdown Indicators

	BITS	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-92.16%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-25.28%	-23.10%
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	-84.63%	+36.25%
Current Drawdown Current decline from peak	-41.56%	-86.12%	+44.56%
Average Drawdown Average peak-to-trough decline	-42.56%	-68.59%	+26.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.76%	10.35%	+19.41%

Volatility

BITS vs. BITI - Volatility Comparison

Global X Blockchain & Bitcoin Strategy ETF (BITS) has a higher volatility of 14.95% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that BITS's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITS	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.95%	9.13%	+5.82%
Volatility (6M) Calculated over the trailing 6-month period	40.75%	33.31%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	54.36%	44.23%	+10.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.62%	52.03%	+8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.62%	52.03%	+8.59%

BITS vs. BITI - Expense Ratio Comparison

BITS has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

BITS vs. BITI - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 25.64%, more than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%	0.00%
BITS Global X Blockchain & Bitcoin Strategy ETF	25.64%	22.80%	29.49%	13.69%	0.48%	1.90%

Frequently Asked Questions

Can I hold both BITS and BITI in my portfolio?

BITS and BITI 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, BITS or BITI?

BITS has higher volatility (14.95%) compared to BITI (9.13%). In terms of maximum drawdown, BITS dropped -83.11% vs BITI's -92.16%.

Which ETF is better, BITS or BITI?

On 3-year performance, BITS leads with 31.46% vs -31.77% for BITI. On fees, BITS is cheaper at 0.65% per year. On volatility, BITI has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITS or BITI?

Over the 3-year period, BITS has performed better with a 31.46% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITS or BITI?

BITS is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

BITS has the higher dividend yield at 25.64%, compared with 15.17% for BITI.

What is the main difference between BITS and BITI?

BITS tracks NONE, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for BITS and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.45 vs -0.27), 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.