ETCO vs. BITI
ETCO (Grayscale Ethereum Covered Call ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. ETCO is actively managed, while BITI is passively managed. At a correlation of -0.89, they often move in opposite directions. 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 -34.48% return, which is significantly lower than BITI's 27.41% return.
ETCO
- 1D
- -1.66%
- 1M
- -22.34%
- YTD
- -34.48%
- 6M
- -36.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITI
- 1D
- 2.70%
- 1M
- 27.75%
- YTD
- 27.41%
- 6M
- 34.37%
- 1Y
- 47.79%
- 3Y*
- -34.84%
- 5Y*
- —
- 10Y*
- —
ETCO vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -34.48% | -24.78% |
BITI ProShares Shrt Bitcoin ETF | 27.41% | 21.68% |
Correlation
The correlation between ETCO and BITI is -0.89, 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 (All Time) Calculated using the full available price history since Sep 5, 2025 | -0.89 |
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Return for Risk
ETCO vs. BITI — Risk / Return Rank
ETCO
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 Shrt 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ETCO | BITI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.17 | -0.71 | -0.46 |
Drawdowns
ETCO vs. BITI - Drawdown Comparison
The maximum ETCO drawdown since its inception was -56.81%, 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 | -56.81% | -92.16% | +35.35% |
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 | -55.08% | -86.09% | +31.01% |
Average DrawdownAverage peak-to-trough decline | -34.54% | -67.97% | +33.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.80% | — |
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 | — | 8.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 33.40% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.38% | 43.55% | +8.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.38% | 52.50% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.38% | 52.50% | -0.12% |
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 129.56%, more than BITI's 9.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 9.27% | 1.60% | 3.91% | 3.33% | 0.06% |
ETCO Grayscale Ethereum Covered Call ETF | 129.56% | 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 129.56%, compared with 9.27% 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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