CALF vs. BITI

Last updated Jul 17, 2026

CALF (Pacer US Small Cap Cash Cows ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CALF is a Small Cap Value Equities fund tracking the Pacer US Small Cap Cash Cows Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, CALF returned 9.56%/yr vs -31.62%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. CALF charges 0.59%/yr vs 1.03%/yr for BITI.

Performance

CALF vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Small Cap Cash Cows ETF (CALF) 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, CALF achieves a 20.04% return, which is significantly lower than BITI's 24.48% return.

CALF

• 1D: 1.55%
• 1M: 6.45%
• 6M: 16.08%
• YTD: 20.04%
• 1Y: 33.20%
• 3Y*: 9.56%
• 5Y*: 6.53%
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

CALF vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CALF Pacer US Small Cap Cash Cows ETF	20.04%	2.33%	-7.41%	35.43%	7.30%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between CALF and BITI is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.34

Return for Risk

CALF vs. BITI — Risk / Return Rank

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

CALF

CALF Risk / Return Rank: 86
CALF Sharpe Ratio Rank: 83
CALF Sortino Ratio Rank: 84
CALF Omega Ratio Rank: 79
CALF Calmar Ratio Rank: 94
CALF Martin Ratio Rank: 88

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

CALF vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Small Cap Cash Cows ETF (CALF) 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.

	CALF	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.47	+0.63
Sortino ratio: Return per unit of downside risk	3.02	2.04	+0.98
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	5.42	2.57	+2.85
Martin ratio: Return relative to average drawdown	14.95	6.38	+8.57

CALF vs. BITI - Sharpe Ratio Comparison

The current CALF Sharpe Ratio is 2.10, which is higher than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CALF 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

CALF vs. BITI - Drawdown Comparison

The maximum CALF drawdown since its inception was -47.58%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CALF and BITI.

Drawdown Indicators

	CALF	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-47.58%	-92.16%	+44.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-25.28%	+19.13%
Max Drawdown (3Y) Largest decline over 3 years	-34.22%	-84.63%	+50.41%
Max Drawdown (5Y) Largest decline over 5 years	-34.22%	—	—
Current Drawdown Current decline from peak	0.00%	-86.41%	+86.41%
Average Drawdown Average peak-to-trough decline	-10.62%	-68.40%	+57.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	10.16%	-7.93%

Volatility

CALF vs. BITI - Volatility Comparison

The current volatility for Pacer US Small Cap Cash Cows ETF (CALF) is 4.83%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that CALF 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

	CALF	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	10.76%	-5.93%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	34.28%	-22.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	44.15%	-28.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.27%	52.24%	-28.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.91%	52.24%	-26.33%

CALF vs. BITI - Expense Ratio Comparison

CALF has a 0.59% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CALF vs. BITI - Dividend Comparison

CALF's dividend yield for the trailing twelve months is around 1.14%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
CALF Pacer US Small Cap Cash Cows ETF	1.14%	1.43%	1.07%	1.18%	0.85%	2.63%	0.82%	0.99%	1.39%	0.70%

Frequently Asked Questions

Can I hold both CALF and BITI in my portfolio?

CALF and BITI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CALF or BITI?

BITI has higher volatility (10.76%) compared to CALF (4.83%). In terms of maximum drawdown, CALF dropped -47.58% vs BITI's -92.16%.

Which ETF is better, CALF or BITI?

On 3-year performance, CALF leads with 9.56% vs -31.62% for BITI. On fees, CALF is cheaper at 0.59% per year. On volatility, CALF has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CALF or BITI?

Over the 3-year period, CALF has performed better with a 9.56% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CALF or BITI?

CALF is cheaper with a 0.59% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 1.14% for CALF.

What is the main difference between CALF and BITI?

CALF is categorized as Small Cap Value Equities, while BITI is Cryptocurrency. CALF tracks Pacer US Small Cap Cash Cows Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Pacer and ProShares. Their fees differ too: 0.59% for CALF and 1.03% for BITI.

Which has better risk-adjusted returns?

CALF currently has the higher Sharpe Ratio (2.10 vs 1.47), 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.