ETHA vs. BITI
ETHA (iShares Ethereum Trust ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, ETHA returned -46.41% vs 54.69% for BITI. Their -0.82 correlation means they have often moved in opposite directions in the past. ETHA charges 0.25%/yr vs 1.03%/yr for BITI.
Performance
ETHA vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -35.44% return, which is significantly lower than BITI's 23.29% return.
ETHA
- 1D
- 2.33%
- 1M
- 6.86%
- 6M
- -11.38%
- YTD
- -35.44%
- 1Y
- -46.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.83%
BITI
- 1D
- -1.05%
- 1M
- -2.01%
- 6M
- 4.72%
- YTD
- 23.29%
- 1Y
- 54.69%
- 3Y*
- -32.70%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -36.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.40M | $24.12M | $38.43M | |
| $419.00M | $406.74M | $410.66M |
ETHA vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -35.44% | -11.31% | -4.89% |
BITI ProShares Short Bitcoin ETF | 23.29% | -1.76% | -33.28% |
Correlation
The correlation between ETHA and BITI is -0.91, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | -0.82 |
The correlation between ETHA and BITI has been stable across timeframes, ranging from -0.91 to -0.82 - a consistent structural relationship.
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Return for Risk
ETHA vs. BITI — Risk / Return Rank
ETHA
BITI
ETHA vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.17 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.01 | 5.28 | -6.30 |
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Drawdowns
ETHA vs. BITI - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.91%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETHA and BITI.
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Drawdown Indicators
| ETHA | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.91% | -92.16% | +24.25% |
Max Drawdown (1Y)Largest decline over 1 year | -67.91% | -25.28% | -42.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.63% | — |
Current DrawdownCurrent decline from peak | -60.43% | -86.54% | +26.11% |
Average DrawdownAverage peak-to-trough decline | -35.35% | -68.64% | +33.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.85% | 10.39% | +35.46% |
Volatility
ETHA vs. BITI - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) has a higher volatility of 11.68% compared to ProShares Short Bitcoin ETF (BITI) at 8.24%. This indicates that ETHA's price experiences larger fluctuations and is considered to be riskier 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
| ETHA | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.68% | 8.24% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 43.78% | 32.65% | +11.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.06% | 44.16% | +22.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.34% | 51.96% | +19.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.34% | 51.96% | +19.38% |
ETHA vs. BITI - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
ETHA vs. BITI - Dividend Comparison
ETHA has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 22.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 22.14% | 1.60% | 3.91% | 3.33% | 0.06% |
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHA and BITI have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHA has higher volatility (11.68%) compared to BITI (8.24%). In terms of maximum drawdown, ETHA dropped -67.91% vs BITI's -92.16%.
On 1-year performance, BITI leads with 54.69% vs -46.41% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, BITI has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITI has performed better with a 54.69% return vs -46.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 22.14%, compared with 0.00% for ETHA.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for ETHA and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.25 vs -0.69), 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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