ETCO vs. BITI
ETCO (Grayscale Ethereum Covered Call ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds. ETCO is actively managed, while BITI is passively managed. Their -0.89 correlation means they have often moved in opposite directions in the past. ETCO charges 0.66%/yr vs 1.03%/yr for BITI.
Performance
ETCO vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, ETCO achieves a -34.69% return, which is significantly lower than BITI's 27.11% return.
ETCO
- 1D
- -2.50%
- 1M
- 5.77%
- 6M
- -27.08%
- YTD
- -34.69%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $41.84K | $37.58K | $56.92K |
ETCO vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -34.69% | -26.08% |
BITI ProShares Short Bitcoin ETF | 27.11% | 24.35% |
Correlation
The correlation between ETCO and BITI is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025 | -0.89 |
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Return for Risk
ETCO vs. BITI — Risk / Return Rank
ETCO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BITI
ETCO vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.
| ETCO | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.24 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.53 | — |
| Martin ratioReturn relative to average drawdown | — | 6.17 | — |
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Drawdowns
ETCO vs. BITI - Drawdown Comparison
The maximum ETCO drawdown since its inception was -59.43%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETCO and BITI.
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Drawdown Indicators
| ETCO | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.43% | -92.16% | +32.73% |
Max Drawdown (1Y)Largest decline over 1 year | — | -25.28% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.63% | — |
Current DrawdownCurrent decline from peak | -55.22% | -86.12% | +30.90% |
Average DrawdownAverage peak-to-trough decline | -38.17% | -68.59% | +30.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 10.35% | — |
Volatility
ETCO vs. BITI - Volatility Comparison
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Volatility by Period
| ETCO | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.13% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 33.31% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 50.60% | 44.23% | +6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.60% | 52.03% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.60% | 52.03% | -1.43% |
ETCO vs. BITI - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
ETCO vs. BITI - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 153.50%, more than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% |
ETCO Grayscale Ethereum Covered Call ETF | 153.50% | 42.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETCO and BITI have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 1.03% for BITI.
ETCO has the higher dividend yield at 153.50%, compared with 15.17% for BITI.
They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.66% for ETCO and 1.03% for BITI.
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