BITW vs. BITI

Last updated Jul 12, 2026

BITW (Bitwise 10 Crypto Index ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - BITW tracks the Bitwise 10 Large Cap Crypto Index while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BITW returned 51.89%/yr vs -31.00%/yr for BITI. At a correlation of -0.84, they often move in opposite directions. BITW charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

BITW vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.14% return, which is significantly lower than BITI's 25.42% return.

BITW

• 1D: 1.36%
• 1M: 1.81%
• 6M: -32.94%
• YTD: -30.14%
• 1Y: -43.69%
• 3Y*: 51.89%
• 5Y*: 0.52%
• 10Y*: —

BITI

• 1D: -1.02%
• 1M: -1.16%
• 6M: 29.39%
• YTD: 25.42%
• 1Y: 64.00%
• 3Y*: -31.00%
• 5Y*: —
• 10Y*: —

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

BITW vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITW Bitwise 10 Crypto Index ETF	-30.14%	-2.63%	160.69%	331.10%	-54.10%
BITI ProShares Short Bitcoin ETF	25.42%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between BITW and BITI is -0.98, 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	-0.98
Correlation (3Y) Calculated over the trailing 3-year period	-0.86
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.84

The correlation between BITW and BITI shifts across timeframes, from -0.98 (1 year) to -0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITW vs. BITI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITW

BITW Risk / Return Rank: 3
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 3
BITW Omega Ratio Rank: 3
BITW Calmar Ratio Rank: 3
BITW Martin Ratio Rank: 3

BITI

BITI Risk / Return Rank: 47
BITI Sharpe Ratio Rank: 46
BITI Sortino Ratio Rank: 45
BITI Omega Ratio Rank: 42
BITI Calmar Ratio Rank: 57
BITI Martin Ratio Rank: 44

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.

BITW vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	1.30	-2.13
Sortino ratio: Return per unit of downside risk	-1.13	1.87	-3.00
Omega ratio: Gain probability vs. loss probability	0.87	1.22	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.73	2.28	-3.01
Martin ratio: Return relative to average drawdown	-1.19	5.68	-6.87

BITW vs. BITI - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.83, which is lower than the BITI Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. BITI - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BITW and BITI.

Drawdown Indicators

	BITW	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-92.16%	-4.30%
Max Drawdown (1Y) Largest decline over 1 year	-56.45%	-25.28%	-31.17%
Max Drawdown (3Y) Largest decline over 3 years	-56.45%	-84.63%	+28.18%
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.47%	-86.31%	+15.84%
Average Drawdown Average peak-to-trough decline	-69.58%	-68.33%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.66%	10.15%	+24.51%

Volatility

BITW vs. BITI - Volatility Comparison

Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 12.11% compared to ProShares Short Bitcoin ETF (BITI) at 11.04%. This indicates that BITW'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

	BITW	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	11.04%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	37.29%	34.16%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	49.73%	44.23%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.29%	52.29%	+13.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.95%	52.29%	+55.66%

BITW vs. BITI - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

BITW vs. BITI - Dividend Comparison

BITW has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.50%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.50%	1.60%	3.91%	3.33%	0.06%
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITW and BITI in my portfolio?

BITW and BITI have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or BITI?

BITW has higher volatility (12.11%) compared to BITI (11.04%). In terms of maximum drawdown, BITW dropped -96.46% vs BITI's -92.16%.

Which ETF is better, BITW or BITI?

On 3-year performance, BITW leads with 51.89% vs -31.00% for BITI. On fees, BITW is cheaper at 0.75% per year. On volatility, BITI has been the lower-risk option at 11.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or BITI?

Over the 3-year period, BITW has performed better with a 51.89% return vs -31.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or BITI?

BITW is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.50%, compared with 0.00% for BITW.

What is the main difference between BITW and BITI?

BITW tracks Bitwise 10 Large Cap Crypto Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.75% for BITW and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.30 vs -0.83), 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.