CBSE vs. BITI

Last updated Jul 17, 2026

CBSE (Clough Select Equity ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CBSE is a Large Cap Value Equities fund actively managed by Clough, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. CBSE is actively managed, while BITI is passively managed. Over the past 3 years, CBSE returned 26.88%/yr vs -31.62%/yr for BITI. At a correlation of -0.42, they often move in opposite directions. CBSE charges 0.85%/yr vs 1.03%/yr for BITI.

Performance

CBSE vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CBSE having a 23.97% return and BITI slightly higher at 24.48%.

CBSE

• 1D: -1.43%
• 1M: -1.46%
• 6M: 13.01%
• YTD: 23.97%
• 1Y: 31.87%
• 3Y*: 26.88%
• 5Y*: 12.08%
• 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)

CBSE vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CBSE Clough Select Equity ETF	23.97%	19.53%	32.20%	17.29%	8.67%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between CBSE and BITI is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.42

Return for Risk

CBSE vs. BITI — Risk / Return Rank

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

CBSE

CBSE Risk / Return Rank: 47
CBSE Sharpe Ratio Rank: 44
CBSE Sortino Ratio Rank: 41
CBSE Omega Ratio Rank: 41
CBSE Calmar Ratio Rank: 59
CBSE Martin Ratio Rank: 49

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.

CBSE vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) 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.

	CBSE	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.47	-0.21
Sortino ratio: Return per unit of downside risk	1.75	2.04	-0.28
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	2.36	2.57	-0.21
Martin ratio: Return relative to average drawdown	6.64	6.38	+0.26

CBSE vs. BITI - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 1.26, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CBSE 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

CBSE vs. BITI - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CBSE and BITI.

Drawdown Indicators

	CBSE	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-92.16%	+55.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-25.28%	+11.71%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	-84.63%	+55.23%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	—	—
Current Drawdown Current decline from peak	-7.08%	-86.41%	+79.33%
Average Drawdown Average peak-to-trough decline	-12.15%	-68.40%	+56.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	10.16%	-5.35%

Volatility

CBSE vs. BITI - Volatility Comparison

The current volatility for Clough Select Equity ETF (CBSE) is 8.14%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that CBSE 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

	CBSE	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	10.76%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	20.67%	34.28%	-13.61%
Volatility (1Y) Calculated over the trailing 1-year period	25.33%	44.15%	-18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	52.24%	-27.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.10%	52.24%	-28.14%

CBSE vs. BITI - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CBSE vs. BITI - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.28%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
CBSE Clough Select Equity ETF	0.28%	0.35%	0.37%	1.50%	0.52%

Frequently Asked Questions

Can I hold both CBSE and BITI in my portfolio?

CBSE and BITI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBSE or BITI?

BITI has higher volatility (10.76%) compared to CBSE (8.14%). In terms of maximum drawdown, CBSE dropped -36.30% vs BITI's -92.16%.

Which ETF is better, CBSE or BITI?

On 3-year performance, CBSE leads with 26.88% vs -31.62% for BITI. On fees, CBSE is cheaper at 0.85% per year. On volatility, CBSE has been the lower-risk option at 8.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBSE or BITI?

Over the 3-year period, CBSE has performed better with a 26.88% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBSE or BITI?

CBSE is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.28% for CBSE.

What is the main difference between CBSE and BITI?

CBSE is categorized as Large Cap Value Equities, while BITI is Cryptocurrency. They also come from different issuers: Clough and ProShares. Their fees differ too: 0.85% for CBSE and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 1.26), 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.