EMTL vs. BITI
EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - EMTL is a Emerging Markets Bonds fund actively managed by State Street, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. EMTL is actively managed, while BITI is passively managed. Over the past 3 years, EMTL returned 6.55%/yr vs -30.65%/yr for BITI. At a correlation of -0.18, they often move in opposite directions. EMTL charges 0.65%/yr vs 1.03%/yr for BITI.
Performance
EMTL vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, EMTL achieves a 0.51% return, which is significantly lower than BITI's 28.75% return.
EMTL
- 1D
- -0.18%
- 1M
- -0.01%
- 6M
- 0.34%
- YTD
- 0.51%
- 1Y
- 3.86%
- 3Y*
- 6.55%
- 5Y*
- 1.52%
- 10Y*
- 2.99%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
EMTL vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 0.51% | 8.27% | 5.86% | 9.60% | -0.34% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between EMTL and BITI is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.18 |
The correlation between EMTL and BITI shifts across timeframes, from -0.26 (1 year) to -0.16 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMTL vs. BITI — Risk / Return Rank
EMTL
BITI
EMTL vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) 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.
| EMTL | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.72 | -0.78 |
| Martin ratioReturn relative to average drawdown | 6.84 | 6.78 | +0.06 |
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Drawdowns
EMTL vs. BITI - Drawdown Comparison
The maximum EMTL drawdown since its inception was -22.91%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for EMTL and BITI.
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Drawdown Indicators
| EMTL | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -92.16% | +69.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -25.28% | +23.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.79% | -84.63% | +80.84% |
Max Drawdown (5Y)Largest decline over 5 years | -22.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.91% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | -85.94% | +85.62% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -68.34% | +64.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 10.11% | -9.54% |
Volatility
EMTL vs. BITI - Volatility Comparison
The current volatility for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is 0.65%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that EMTL 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.
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Volatility by Period
| EMTL | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 11.38% | -10.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 34.25% | -32.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 44.14% | -41.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 52.28% | -47.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 52.28% | -47.63% |
EMTL vs. BITI - Expense Ratio Comparison
EMTL has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
EMTL vs. BITI - Dividend Comparison
EMTL's dividend yield for the trailing twelve months is around 4.98%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF | 4.98% | 5.09% | 5.34% | 4.78% | 4.19% | 5.43% | 3.28% | 3.96% | 3.35% | 4.16% | 8.87% |
Frequently Asked Questions
EMTL and BITI have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.38%) compared to EMTL (0.65%). In terms of maximum drawdown, EMTL dropped -22.91% vs BITI's -92.16%.
On 3-year performance, EMTL leads with 6.55% vs -30.65% for BITI. On fees, EMTL is cheaper at 0.65% per year. On volatility, EMTL has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMTL has performed better with a 6.55% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTL is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 4.98% for EMTL.
EMTL is categorized as Emerging Markets Bonds, while BITI is Cryptocurrency. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.65% for EMTL and 1.03% for BITI.
EMTL currently has the higher Sharpe Ratio (1.71 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.
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