BUYW vs. BITI

Last updated Jul 14, 2026

BUYW (Main Buywrite ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BUYW is a Derivative Income fund actively managed by Main Funds, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. BUYW is actively managed, while BITI is passively managed. Over the past 3 years, BUYW returned 8.66%/yr vs -30.65%/yr for BITI. At a correlation of -0.30, they often move in opposite directions. BUYW charges 1.29%/yr vs 1.03%/yr for BITI.

Performance

BUYW vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) 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, BUYW achieves a 4.70% return, which is significantly lower than BITI's 28.75% return.

BUYW

• 1D: 0.14%
• 1M: 1.34%
• 6M: 4.27%
• YTD: 4.70%
• 1Y: 9.27%
• 3Y*: 8.66%
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

BUYW vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUYW Main Buywrite ETF	4.70%	9.08%	9.82%	12.80%	1.94%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	12.19%

Correlation

The correlation between BUYW and BITI is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.29
Correlation (All Time) Calculated using the full available price history since Sep 12, 2022	-0.30

Return for Risk

BUYW vs. BITI — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 83
BUYW Sharpe Ratio Rank: 76
BUYW Sortino Ratio Rank: 81
BUYW Omega Ratio Rank: 80
BUYW Calmar Ratio Rank: 83
BUYW Martin Ratio Rank: 93

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

BUYW vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) 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.

	BUYW	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.56	+0.36
Sortino ratio: Return per unit of downside risk	2.86	2.13	+0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	3.60	2.72	+0.88
Martin ratio: Return relative to average drawdown	19.17	6.78	+12.39

BUYW vs. BITI - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 1.92, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of BUYW 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

BUYW vs. BITI - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BUYW and BITI.

Drawdown Indicators

	BUYW	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-92.16%	+82.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-25.28%	+22.69%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-84.63%	+75.27%
Current Drawdown Current decline from peak	0.00%	-85.94%	+85.94%
Average Drawdown Average peak-to-trough decline	-0.59%	-68.34%	+67.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	10.11%	-9.63%

Volatility

BUYW vs. BITI - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.35%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that BUYW experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUYW	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	11.38%	-10.03%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	34.25%	-30.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.86%	44.14%	-39.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.39%	52.28%	-43.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.39%	52.28%	-43.89%

BUYW vs. BITI - Expense Ratio Comparison

BUYW has a 1.29% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

BUYW vs. BITI - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.88%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
BUYW Main Buywrite ETF	5.88%	5.89%	5.93%	5.95%	0.50%

Frequently Asked Questions

Can I hold both BUYW and BITI in my portfolio?

BUYW and BITI have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYW or BITI?

BITI has higher volatility (11.38%) compared to BUYW (1.35%). In terms of maximum drawdown, BUYW dropped -9.36% vs BITI's -92.16%.

Which ETF is better, BUYW or BITI?

On 3-year performance, BUYW leads with 8.66% vs -30.65% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BUYW has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or BITI?

Over the 3-year period, BUYW has performed better with a 8.66% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.29% for BUYW.

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

BITI has the higher dividend yield at 15.10%, compared with 5.88% for BUYW.

What is the main difference between BUYW and BITI?

BUYW is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Main Funds and ProShares. Their fees differ too: 1.29% for BUYW and 1.03% for BITI.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.92 vs 1.56), 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.