BITX vs. BITI

Last updated Aug 4, 2026

BITX (2x Bitcoin Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BITX returned 6.79%/yr vs -32.35%/yr for BITI. Their -1.00 correlation means they have often moved in opposite directions in the past. BITX charges 2.38%/yr vs 1.03%/yr for BITI.

Performance

BITX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -56.44% return, which is significantly lower than BITI's 25.22% return.

BITX

• 1D: 2.83%
• 1M: 6.13%
• 6M: -43.47%
• YTD: -56.44%
• 1Y: -77.31%
• 3Y*: 6.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.89%

BITI

• 1D: -1.48%
• 1M: -4.03%
• 6M: 13.09%
• YTD: 25.22%
• 1Y: 56.28%
• 3Y*: -32.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.83%

*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	$24.18M	$25.87M	$38.72M
BITX 2x Bitcoin Strategy ETF	$88.24M	$96.85M	$117.71M

BITX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-56.44%	-38.71%	163.41%	46.18%
BITI ProShares Short Bitcoin ETF	25.22%	-1.76%	-62.60%	-29.00%

Correlation

The correlation between BITX and BITI is -1.00, 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.	-1.00
Correlation (3Y) Balances recent behavior with more history.	-1.00
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	-1.00

The correlation between BITX and BITI has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

BITX vs. BITI — Risk / Return Rank

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

BITX

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

BITI

BITI Risk / Return Rank: 51
BITI Sharpe Ratio Rank: 51
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 62
BITI Martin Ratio Rank: 47

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.

BITX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.28	-2.16
Sortino ratio: Return per unit of downside risk	-1.65	1.86	-3.50
Omega ratio: Gain probability vs. loss probability	0.82	1.22	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.93	2.24	-3.17
Martin ratio: Return relative to average drawdown	-1.30	5.45	-6.74

BITX vs. BITI - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.88, which is lower than the BITI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of BITX 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

BITX vs. BITI - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BITX and BITI.

Drawdown Indicators

	BITX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-92.16%	+8.71%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-25.28%	-58.17%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	-84.63%	+1.18%
Current Drawdown Current decline from peak	-80.75%	-86.33%	+5.58%
Average Drawdown Average peak-to-trough decline	-34.25%	-68.61%	+34.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.65%	10.37%	+49.28%

Volatility

BITX vs. BITI - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.57% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that BITX'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

	BITX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	8.93%	+8.64%
Volatility (6M) Calculated over the trailing 6-month period	67.80%	33.35%	+34.45%
Volatility (1Y) Calculated over the trailing 1-year period	88.21%	44.25%	+43.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.14%	52.01%	+45.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.14%	52.01%	+45.13%

BITX vs. BITI - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

BITX vs. BITI - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.12%, more than BITI's 21.80% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.80%	1.60%	3.91%	3.33%	0.06%
BITX 2x Bitcoin Strategy ETF	27.12%	21.69%	10.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and BITI in my portfolio?

BITX and BITI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or BITI?

BITX has higher volatility (17.57%) compared to BITI (8.93%). In terms of maximum drawdown, BITX dropped -83.45% vs BITI's -92.16%.

Which ETF is better, BITX or BITI?

On 3-year performance, BITX leads with 6.79% vs -32.35% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or BITI?

Over the 3-year period, BITX has performed better with a 6.79% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 27.12%, compared with 21.80% for BITI.

What is the main difference between BITX and BITI?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.38% for BITX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.28 vs -0.88), 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.