ETCG vs. BITI

Last updated Jul 16, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - ETCG tracks the Ethereum Classic (ETC) while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, ETCG returned -19.19%/yr vs -31.68%/yr for BITI. At a correlation of -0.64, they often move in opposite directions. ETCG charges 2.50%/yr vs 1.03%/yr for BITI.

Performance

ETCG vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) 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, ETCG achieves a -38.98% return, which is significantly lower than BITI's 23.09% return.

ETCG

• 1D: 0.00%
• 1M: -3.70%
• 6M: -45.78%
• YTD: -38.98%
• 1Y: -59.15%
• 3Y*: -19.19%
• 5Y*: -32.50%
• 10Y*: —

BITI

• 1D: -0.60%
• 1M: 1.69%
• 6M: 37.78%
• YTD: 23.09%
• 1Y: 58.82%
• 3Y*: -31.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETCG vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETCG Grayscale Ethereum Classic Trust (ETC)	-38.98%	-39.78%	-9.57%	289.22%	-47.69%
BITI ProShares Short Bitcoin ETF	23.09%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between ETCG and BITI is -0.68, 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	-0.68
Correlation (3Y) Calculated over the trailing 3-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.64

The correlation between ETCG and BITI has been stable across timeframes, ranging from -0.68 to -0.63 - a consistent structural relationship.

Return for Risk

ETCG vs. BITI — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 2
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 1
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

BITI

BITI Risk / Return Rank: 47
BITI Sharpe Ratio Rank: 47
BITI Sortino Ratio Rank: 46
BITI Omega Ratio Rank: 42
BITI Calmar Ratio Rank: 58
BITI Martin Ratio Rank: 44

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.

ETCG vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.

	ETCG	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.34	-2.30
Sortino ratio: Return per unit of downside risk	-1.74	1.91	-3.65
Omega ratio: Gain probability vs. loss probability	0.82	1.23	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.86	2.34	-3.20
Martin ratio: Return relative to average drawdown	-1.21	5.81	-7.02

ETCG vs. BITI - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.96, which is lower than the BITI Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ETCG 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

ETCG vs. BITI - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETCG and BITI.

Drawdown Indicators

	ETCG	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-92.16%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-69.23%	-25.28%	-43.95%
Max Drawdown (3Y) Largest decline over 3 years	-79.93%	-84.63%	+4.70%
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.59%	-86.56%	-9.03%
Average Drawdown Average peak-to-trough decline	-82.80%	-68.38%	-14.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.94%	10.15%	+38.79%

Volatility

ETCG vs. BITI - Volatility Comparison

Grayscale Ethereum Classic Trust (ETC) (ETCG) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.22% and 11.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETCG	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.22%	11.74%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	36.23%	34.46%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	61.68%	44.22%	+17.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.85%	52.26%	+39.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.62%	52.26%	+62.36%

ETCG vs. BITI - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

ETCG vs. BITI - Dividend Comparison

ETCG has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.80%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.80%	1.60%	3.91%	3.33%	0.06%
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCG and BITI in my portfolio?

ETCG and BITI have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or BITI?

BITI has higher volatility (11.74%) compared to ETCG (11.22%). In terms of maximum drawdown, ETCG dropped -96.59% vs BITI's -92.16%.

Which ETF is better, ETCG or BITI?

On 3-year performance, ETCG leads with -19.19% vs -31.68% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, ETCG has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or BITI?

Over the 3-year period, ETCG has performed better with a -19.19% return vs -31.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.50% for ETCG.

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

BITI has the higher dividend yield at 15.80%, compared with 0.00% for ETCG.

What is the main difference between ETCG and BITI?

ETCG tracks Ethereum Classic (ETC), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETCG and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.34 vs -0.96), 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.