ETHD vs. BITI

Last updated Jun 4, 2026

ETHD (ProShares UltraShort Ether ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds from ProShares. ETHD is actively managed, while BITI is passively managed. Over the past year, ETHD returned -42.18% vs 45.79% for BITI. Their correlation of 0.82 suggests significant overlap in exposure. ETHD charges 1.01%/yr vs 1.03%/yr for BITI.

Performance

ETHD vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHD achieves a 63.80% return, which is significantly higher than BITI's 24.06% return.

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.69%
• 1M: 22.00%
• YTD: 24.06%
• 6M: 31.50%
• 1Y: 45.79%
• 3Y*: -34.09%
• 5Y*: —
• 10Y*: —

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

ETHD vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%
BITI ProShares Shrt Bitcoin ETF	24.06%	-1.76%	-33.70%

Correlation

The correlation between ETHD and BITI is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	0.82

The correlation between ETHD and BITI has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

ETHD vs. BITI — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

BITI

BITI Risk / Return Rank: 30
BITI Sharpe Ratio Rank: 29
BITI Sortino Ratio Rank: 30
BITI Omega Ratio Rank: 28
BITI Calmar Ratio Rank: 36
BITI Martin Ratio Rank: 27

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.

ETHD vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

	ETHD	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	1.06	-1.37
Sortino ratio: Return per unit of downside risk	0.40	1.62	-1.22
Omega ratio: Gain probability vs. loss probability	1.05	1.19	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.51	1.82	-2.33
Martin ratio: Return relative to average drawdown	-0.64	3.89	-4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHD vs. BITI - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.31, which is lower than the BITI Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ETHD 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.

Sharpe Ratios by Period

	ETHD	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	1.06	-1.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.72	+0.37

Drawdowns

ETHD vs. BITI - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETHD and BITI.

Drawdown Indicators

	ETHD	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-92.16%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	-25.28%	-58.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-87.20%	-86.46%	-0.74%
Average Drawdown Average peak-to-trough decline	-66.01%	-67.95%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.00%	11.80%	+54.20%

Volatility

ETHD vs. BITI - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 19.00% compared to ProShares Shrt Bitcoin ETF (BITI) at 9.29%. This indicates that ETHD'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.

Volatility by Period

	ETHD	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	9.29%	+9.71%
Volatility (6M) Calculated over the trailing 6-month period	92.37%	34.02%	+58.35%
Volatility (1Y) Calculated over the trailing 1-year period	136.23%	43.52%	+92.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.19%	52.50%	+89.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.19%	52.50%	+89.69%

ETHD vs. BITI - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

ETHD vs. BITI - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.68%, more than BITI's 9.52% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.52%	1.60%	3.91%	3.33%	0.06%
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHD and BITI in my portfolio?

ETHD and BITI have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or BITI?

ETHD has higher volatility (19.00%) compared to BITI (9.29%). In terms of maximum drawdown, ETHD dropped -95.59% vs BITI's -92.16%.

Which ETF is better, ETHD or BITI?

On 1-year performance, BITI leads with 45.79% vs -42.18% for ETHD. On fees, ETHD is cheaper at 1.01% per year. On volatility, BITI has been the lower-risk option at 9.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or BITI?

Over the 1-year period, BITI has performed better with a 45.79% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or BITI?

ETHD is cheaper with a 1.01% expense ratio, compared with 1.03% for BITI.

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

ETHD has the higher dividend yield at 10.68%, compared with 9.52% for BITI.

What is the main difference between ETHD and BITI?

Their fees differ too: 1.01% for ETHD and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.06 vs -0.31), 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.