BTF vs. BITI

Last updated Jun 24, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. BTF is actively managed, while BITI is passively managed. Over the past 3 years, BTF returned 5.96%/yr vs -29.87%/yr for BITI. At a correlation of -0.95, they often move in opposite directions. BTF charges 1.24%/yr vs 1.03%/yr for BITI.

Performance

BTF vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTF achieves a -37.72% return, which is significantly lower than BITI's 29.11% return.

BTF

• 1D: -3.72%
• 1M: -18.83%
• YTD: -37.72%
• 6M: -37.84%
• 1Y: -36.03%
• 3Y*: 5.96%
• 5Y*: —
• 10Y*: —

BITI

• 1D: 3.32%
• 1M: 20.07%
• YTD: 29.11%
• 6M: 29.34%
• 1Y: 47.64%
• 3Y*: -29.87%
• 5Y*: —
• 10Y*: —

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

BTF vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BTF Valkyrie Bitcoin and Ether Strategy ETF	-37.72%	-12.44%	67.60%	136.86%	-16.25%
BITI ProShares Shrt Bitcoin ETF	29.11%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between BTF and BITI is -0.95, 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	-0.95
Correlation (3Y) Calculated over the trailing 3-year period	-0.93
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.95

The correlation between BTF and BITI has been stable across timeframes, ranging from -0.95 to -0.93 - a consistent structural relationship.

Return for Risk

BTF vs. BITI — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

BITI

BITI Risk / Return Rank: 33
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 31

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.

BTF vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and ProShares Shrt 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.

	BTF	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	1.09	-1.74
Sortino ratio: Return per unit of downside risk	-0.75	1.65	-2.40
Omega ratio: Gain probability vs. loss probability	0.92	1.20	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.59	1.89	-2.49
Martin ratio: Return relative to average drawdown	-1.01	4.36	-5.37

BTF vs. BITI - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.66, which is lower than the BITI Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of BTF 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

BTF vs. BITI - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BTF and BITI.

Drawdown Indicators

	BTF	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-92.16%	+14.66%
Max Drawdown (1Y) Largest decline over 1 year	-60.85%	-25.28%	-35.57%
Max Drawdown (3Y) Largest decline over 3 years	-60.85%	-84.63%	+23.78%
Current Drawdown Current decline from peak	-59.27%	-85.90%	+26.63%
Average Drawdown Average peak-to-trough decline	-39.85%	-68.12%	+28.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.81%	11.39%	+24.42%

Volatility

BTF vs. BITI - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 15.71% compared to ProShares Shrt Bitcoin ETF (BITI) at 12.93%. This indicates that BTF'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

	BTF	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	12.93%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	39.94%	34.15%	+5.79%
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	44.06%	+10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.48%	52.46%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.48%	52.46%	+6.02%

BTF vs. BITI - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

BTF vs. BITI - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 233.68%, more than BITI's 9.15% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.15%	1.60%	3.91%	3.33%	0.06%
BTF Valkyrie Bitcoin and Ether Strategy ETF	233.68%	146.05%	52.96%	15.98%	0.00%

Frequently Asked Questions

Can I hold both BTF and BITI in my portfolio?

BTF and BITI have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTF or BITI?

BTF has higher volatility (15.71%) compared to BITI (12.93%). In terms of maximum drawdown, BTF dropped -77.50% vs BITI's -92.16%.

Which ETF is better, BTF or BITI?

On 3-year performance, BTF leads with 5.96% vs -29.87% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 12.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or BITI?

Over the 3-year period, BTF has performed better with a 5.96% return vs -29.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 233.68%, compared with 9.15% for BITI.

What is the main difference between BTF and BITI?

They also come from different issuers: Valkyrie and ProShares. Their fees differ too: 1.24% for BTF and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.09 vs -0.66), 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.