ETHE vs. BITI
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 10.35%/yr vs -32.46%/yr for BITI. Their -0.80 correlation means they have often moved in opposite directions in the past. ETHE charges 2.50%/yr vs 1.03%/yr for BITI.
Performance
ETHE vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than BITI's 24.60% return.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
BITI
- 1D
- -0.50%
- 1M
- -4.51%
- 6M
- 10.22%
- YTD
- 24.60%
- 1Y
- 57.95%
- 3Y*
- -32.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.17M | $25.84M | $38.74M | |
| $26.36M | $26.52M | $33.93M |
ETHE vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 44.14% | 308.40% | -32.77% |
BITI ProShares Short Bitcoin ETF | 24.60% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between ETHE 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 (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.80 |
The correlation between ETHE and BITI shifts across timeframes, from -0.91 (1 year) to -0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. BITI — Risk / Return Rank
ETHE
BITI
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 ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.23 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 2.30 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.08 | 5.60 | -6.68 |
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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.
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Drawdown Indicators
| ETHE | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -76.25% | -86.40% | +10.15% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -68.62% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 10.37% | +35.60% |
Volatility
ETHE vs. BITI - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 11.25% compared to ProShares Short Bitcoin ETF (BITI) at 8.18%. 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.
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Volatility by Period
| ETHE | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 8.18% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 32.69% | +10.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 44.17% | +22.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 51.98% | +28.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 51.98% | +137.75% |
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 1.59%, less than BITI's 21.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.91% | 1.60% | 3.91% | 3.33% | 0.06% |
ETHE Grayscale Ethereum Trust ETF | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHE 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.
ETHE has higher volatility (11.25%) compared to BITI (8.18%). In terms of maximum drawdown, ETHE dropped -96.26% vs BITI's -92.16%.
On 3-year performance, ETHE leads with 10.35% vs -32.46% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ETHE has performed better with a 10.35% return vs -32.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITI is cheaper with a 1.03% expense ratio, compared with 2.50% for ETHE.
BITI has the higher dividend yield at 21.91%, compared with 1.59% for ETHE.
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.
BITI currently has the higher Sharpe Ratio (1.32 vs -0.74), 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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