CNXT vs. BITI

Last updated Jul 14, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, CNXT returned 22.79%/yr vs -30.65%/yr for BITI. At a correlation of -0.18, they often move in opposite directions. CNXT charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

CNXT vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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, CNXT achieves a 20.68% return, which is significantly lower than BITI's 28.75% return.

CNXT

• 1D: -4.22%
• 1M: -3.05%
• 6M: 10.97%
• YTD: 20.68%
• 1Y: 79.99%
• 3Y*: 22.79%
• 5Y*: 1.56%
• 10Y*: 5.41%

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)

CNXT vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	20.68%	59.31%	12.42%	-21.47%	-15.16%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between CNXT and BITI is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.18

The correlation between CNXT and BITI shifts across timeframes, from -0.27 (1 year) to -0.15 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CNXT vs. BITI — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 88
CNXT Sharpe Ratio Rank: 89
CNXT Sortino Ratio Rank: 84
CNXT Omega Ratio Rank: 80
CNXT Calmar Ratio Rank: 93
CNXT Martin Ratio Rank: 92

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.

CNXT vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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.

	CNXT	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.56	+0.79
Sortino ratio: Return per unit of downside risk	2.96	2.13	+0.84
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	5.23	2.72	+2.52
Martin ratio: Return relative to average drawdown	17.67	6.78	+10.89

CNXT vs. BITI - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 2.35, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CNXT 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

CNXT vs. BITI - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CNXT and BITI.

Drawdown Indicators

	CNXT	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-92.16%	+23.18%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-25.28%	+9.91%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	-84.63%	+36.03%
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	—	—
Current Drawdown Current decline from peak	-15.37%	-85.94%	+70.57%
Average Drawdown Average peak-to-trough decline	-42.61%	-68.34%	+25.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	10.11%	-5.57%

Volatility

CNXT vs. BITI - Volatility Comparison

VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 15.65% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that CNXT'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

	CNXT	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.65%	11.38%	+4.27%
Volatility (6M) Calculated over the trailing 6-month period	25.28%	34.25%	-8.97%
Volatility (1Y) Calculated over the trailing 1-year period	34.35%	44.14%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.85%	52.28%	-16.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.98%	52.28%	-20.30%

CNXT vs. BITI - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CNXT vs. BITI - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.15%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.15%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%

Frequently Asked Questions

Can I hold both CNXT and BITI in my portfolio?

CNXT and BITI have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or BITI?

CNXT has higher volatility (15.65%) compared to BITI (11.38%). In terms of maximum drawdown, CNXT dropped -68.98% vs BITI's -92.16%.

Which ETF is better, CNXT or BITI?

On 3-year performance, CNXT leads with 22.79% vs -30.65% for BITI. On fees, CNXT is cheaper at 0.65% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or BITI?

Over the 3-year period, CNXT has performed better with a 22.79% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or BITI?

CNXT is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.15% for CNXT.

What is the main difference between CNXT and BITI?

CNXT is categorized as China Equities, while BITI is Cryptocurrency. CNXT tracks SME-ChiNext 100 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.65% for CNXT and 1.03% for BITI.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (2.35 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.