ETHE vs. BITI

Last updated Jul 16, 2026

ETHE (Grayscale Ethereum Trust ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - ETHE tracks the CoinDesk Ether Price Index while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, ETHE returned 11.61%/yr vs -31.68%/yr for BITI. At a correlation of -0.80, they often move in opposite directions. ETHE charges 2.50%/yr vs 1.03%/yr for BITI.

Performance

ETHE vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -35.60% return, which is significantly lower than BITI's 23.09% return.

ETHE

• 1D: 2.44%
• 1M: 5.59%
• 6M: -43.48%
• YTD: -35.60%
• 1Y: -37.69%
• 3Y*: 11.61%
• 5Y*: -2.47%
• 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)

ETHE vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETHE Grayscale Ethereum Trust ETF	-35.60%	-13.03%	44.14%	308.40%	-32.77%
BITI ProShares Short Bitcoin ETF	23.09%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between ETHE 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 (1Y) Calculated over the trailing 1-year period	-0.89
Correlation (3Y) Calculated over the trailing 3-year period	-0.80
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.80

The correlation between ETHE and BITI has been stable across timeframes, ranging from -0.89 to -0.80 - a consistent structural relationship.

Return for Risk

ETHE vs. BITI — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

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.

ETHE vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	1.34	-1.89
Sortino ratio: Return per unit of downside risk	-0.50	1.91	-2.41
Omega ratio: Gain probability vs. loss probability	0.94	1.23	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.55	2.34	-2.89
Martin ratio: Return relative to average drawdown	-0.86	5.81	-6.68

ETHE vs. BITI - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.55, which is lower than the BITI Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ETHE 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

ETHE vs. BITI - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETHE and BITI.

Drawdown Indicators

	ETHE	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-92.16%	-4.10%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-25.28%	-42.89%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	-84.63%	+16.46%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-75.65%	-86.56%	+10.91%
Average Drawdown Average peak-to-trough decline	-72.29%	-68.38%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.64%	10.15%	+33.49%

Volatility

ETHE vs. BITI - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 16.73% compared to ProShares Short Bitcoin ETF (BITI) at 11.74%. This indicates that ETHE'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

	ETHE	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.73%	11.74%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	47.39%	34.46%	+12.93%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	44.22%	+24.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.72%	52.26%	+29.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	190.44%	52.26%	+138.18%

ETHE vs. BITI - Expense Ratio Comparison

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

Dividends

ETHE vs. BITI - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.41%, less than BITI's 15.80% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.80%	1.60%	3.91%	3.33%	0.06%
ETHE Grayscale Ethereum Trust ETF	1.41%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHE and BITI in my portfolio?

ETHE 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.

Which is riskier, ETHE or BITI?

ETHE has higher volatility (16.73%) compared to BITI (11.74%). In terms of maximum drawdown, ETHE dropped -96.26% vs BITI's -92.16%.

Which ETF is better, ETHE or BITI?

On 3-year performance, ETHE leads with 11.61% vs -31.68% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 11.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or BITI?

Over the 3-year period, ETHE has performed better with a 11.61% return vs -31.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or BITI?

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

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

BITI has the higher dividend yield at 15.80%, compared with 1.41% for ETHE.

What is the main difference between ETHE and BITI?

ETHE tracks CoinDesk Ether Price Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETHE and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.34 vs -0.55), 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.