EPRF vs. BITI

Last updated Jul 17, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, EPRF returned 3.16%/yr vs -31.62%/yr for BITI. At a correlation of -0.28, they often move in opposite directions. EPRF charges 0.47%/yr vs 1.03%/yr for BITI.

Performance

EPRF vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) 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, EPRF achieves a -2.15% return, which is significantly lower than BITI's 24.48% return.

EPRF

• 1D: -0.06%
• 1M: -0.76%
• 6M: -4.59%
• YTD: -2.15%
• 1Y: -1.05%
• 3Y*: 3.16%
• 5Y*: -2.02%
• 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)

EPRF vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EPRF Innovator S&P High Quality Preferred ETF	-2.15%	2.69%	3.46%	9.43%	-2.77%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between EPRF and BITI is -0.45, 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	-0.45
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.28

The correlation between EPRF and BITI shifts across timeframes, from -0.45 (1 year) to -0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EPRF vs. BITI — Risk / Return Rank

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

EPRF

EPRF Risk / Return Rank: 8
EPRF Sharpe Ratio Rank: 8
EPRF Sortino Ratio Rank: 7
EPRF Omega Ratio Rank: 7
EPRF Calmar Ratio Rank: 8
EPRF Martin Ratio Rank: 8

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.

EPRF vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.

	EPRF	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	1.47	-1.62
Sortino ratio: Return per unit of downside risk	-0.15	2.04	-2.19
Omega ratio: Gain probability vs. loss probability	0.98	1.25	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.12	2.57	-2.69
Martin ratio: Return relative to average drawdown	-0.23	6.38	-6.60

EPRF vs. BITI - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is -0.14, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EPRF 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

EPRF vs. BITI - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for EPRF and BITI.

Drawdown Indicators

	EPRF	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-92.16%	+65.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-25.28%	+16.69%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-84.63%	+72.34%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	—	—
Current Drawdown Current decline from peak	-10.84%	-86.41%	+75.57%
Average Drawdown Average peak-to-trough decline	-7.42%	-68.40%	+60.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	10.16%	-5.55%

Volatility

EPRF vs. BITI - Volatility Comparison

The current volatility for Innovator S&P High Quality Preferred ETF (EPRF) is 2.31%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that EPRF 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

	EPRF	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	10.76%	-8.45%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	34.28%	-28.71%
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	44.15%	-36.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.85%	52.24%	-40.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	52.24%	-38.82%

EPRF vs. BITI - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

EPRF vs. BITI - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.17%, 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%
EPRF Innovator S&P High Quality Preferred ETF	6.17%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%

Frequently Asked Questions

Can I hold both EPRF and BITI in my portfolio?

EPRF and BITI have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or BITI?

BITI has higher volatility (10.76%) compared to EPRF (2.31%). In terms of maximum drawdown, EPRF dropped -26.82% vs BITI's -92.16%.

Which ETF is better, EPRF or BITI?

On 3-year performance, EPRF leads with 3.16% vs -31.62% for BITI. On fees, EPRF is cheaper at 0.47% per year. On volatility, EPRF has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPRF or BITI?

Over the 3-year period, EPRF has performed better with a 3.16% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or BITI?

EPRF is cheaper with a 0.47% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 6.17% for EPRF.

What is the main difference between EPRF and BITI?

EPRF is categorized as Preferred Stock/Convertible Bonds, while BITI is Cryptocurrency. EPRF tracks S&P U.S. High Quality Preferred Stock Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.47% for EPRF and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.14), 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.