CTEX vs. BITI

Last updated Jul 14, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, CTEX returned 3.77%/yr vs -30.65%/yr for BITI. At a correlation of -0.32, they often move in opposite directions. CTEX charges 0.58%/yr vs 1.03%/yr for BITI.

Performance

CTEX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) 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, CTEX achieves a 4.74% return, which is significantly lower than BITI's 28.75% return.

CTEX

• 1D: -3.75%
• 1M: -13.57%
• 6M: -4.37%
• YTD: 4.74%
• 1Y: 62.54%
• 3Y*: 3.77%
• 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)

CTEX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CTEX ProShares S&P Kensho Cleantech ETF	4.74%	67.74%	-20.38%	-10.25%	4.49%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between CTEX 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	-0.31
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.32

The correlation between CTEX and BITI shifts across timeframes, from -0.44 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CTEX vs. BITI — Risk / Return Rank

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

CTEX

CTEX Risk / Return Rank: 50
CTEX Sharpe Ratio Rank: 51
CTEX Sortino Ratio Rank: 48
CTEX Omega Ratio Rank: 46
CTEX Calmar Ratio Rank: 56
CTEX Martin Ratio Rank: 48

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.

CTEX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) 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.

	CTEX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.56	-0.17
Sortino ratio: Return per unit of downside risk	1.91	2.13	-0.22
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.23	2.72	-0.49
Martin ratio: Return relative to average drawdown	6.37	6.78	-0.40

CTEX vs. BITI - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 1.39, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CTEX 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

CTEX vs. BITI - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CTEX and BITI.

Drawdown Indicators

	CTEX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-92.16%	+21.85%
Max Drawdown (1Y) Largest decline over 1 year	-28.22%	-25.28%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-84.63%	+27.80%
Current Drawdown Current decline from peak	-28.22%	-85.94%	+57.72%
Average Drawdown Average peak-to-trough decline	-41.39%	-68.34%	+26.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.84%	10.11%	-0.27%

Volatility

CTEX vs. BITI - Volatility Comparison

ProShares S&P Kensho Cleantech ETF (CTEX) has a higher volatility of 15.69% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that CTEX'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

	CTEX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.69%	11.38%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	34.25%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	45.21%	44.14%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.69%	52.28%	-8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.69%	52.28%	-8.59%

CTEX vs. BITI - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CTEX vs. BITI - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 2.00%, 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%
CTEX ProShares S&P Kensho Cleantech ETF	2.00%	2.17%	0.57%	0.12%	0.00%

Frequently Asked Questions

Can I hold both CTEX and BITI in my portfolio?

CTEX 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, CTEX or BITI?

CTEX has higher volatility (15.69%) compared to BITI (11.38%). In terms of maximum drawdown, CTEX dropped -70.31% vs BITI's -92.16%.

Which ETF is better, CTEX or BITI?

On 3-year performance, CTEX leads with 3.77% vs -30.65% for BITI. On fees, CTEX is cheaper at 0.58% 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, CTEX or BITI?

Over the 3-year period, CTEX has performed better with a 3.77% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or BITI?

CTEX is cheaper with a 0.58% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 2.00% for CTEX.

What is the main difference between CTEX and BITI?

CTEX is categorized as Alternative Energy Equities, while BITI is Cryptocurrency. CTEX tracks S&P Kensho Cleantech Index, while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.58% for CTEX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 1.39), 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.