ETHU vs. BITI

Last updated Jul 15, 2026

ETHU (Volatility Shares 2x Ether ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. ETHU is actively managed, while BITI is passively managed. Over the past year, ETHU returned -79.51% vs 64.31% for BITI. At a correlation of -0.82, they often move in opposite directions. ETHU charges 2.67%/yr vs 1.03%/yr for BITI.

Performance

ETHU vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) 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, ETHU achieves a -70.69% return, which is significantly lower than BITI's 23.84% return.

ETHU

• 1D: 11.46%
• 1M: 22.71%
• 6M: -74.56%
• YTD: -70.69%
• 1Y: -79.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

ETHU vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-70.69%	-64.38%	-48.73%
BITI ProShares Short Bitcoin ETF	23.84%	-1.76%	-33.79%

Correlation

The correlation between ETHU 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 (All Time) Calculated using the full available price history since Jun 4, 2024	-0.82

The correlation between ETHU and BITI has been stable across timeframes, ranging from -0.89 to -0.82 - a consistent structural relationship.

Return for Risk

ETHU vs. BITI — Risk / Return Rank

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 5
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 4

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

ETHU vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.

	ETHU	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.46	-2.04
Sortino ratio: Return per unit of downside risk	-0.65	2.03	-2.68
Omega ratio: Gain probability vs. loss probability	0.93	1.24	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.85	2.56	-3.40
Martin ratio: Return relative to average drawdown	-1.15	6.37	-7.52

ETHU vs. BITI - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.58, which is lower than the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ETHU 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

ETHU vs. BITI - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.46%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETHU and BITI.

Drawdown Indicators

	ETHU	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-92.16%	-4.30%
Max Drawdown (1Y) Largest decline over 1 year	-93.99%	-25.28%	-68.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-94.93%	-86.48%	-8.45%
Average Drawdown Average peak-to-trough decline	-70.62%	-68.36%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.07%	10.13%	+58.94%

Volatility

ETHU vs. BITI - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 32.99% compared to ProShares Short Bitcoin ETF (BITI) at 11.73%. This indicates that ETHU'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

	ETHU	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.99%	11.73%	+21.26%
Volatility (6M) Calculated over the trailing 6-month period	96.63%	34.49%	+62.14%
Volatility (1Y) Calculated over the trailing 1-year period	137.49%	44.24%	+93.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.44%	52.29%	+90.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.44%	52.29%	+90.15%

ETHU vs. BITI - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

ETHU vs. BITI - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 4.82%, less than BITI's 15.70% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%
ETHU Volatility Shares 2x Ether ETF	4.82%	2.31%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHU and BITI in my portfolio?

ETHU 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, ETHU or BITI?

ETHU has higher volatility (32.99%) compared to BITI (11.73%). In terms of maximum drawdown, ETHU dropped -96.46% vs BITI's -92.16%.

Which ETF is better, ETHU or BITI?

On 1-year performance, BITI leads with 64.31% vs -79.51% for ETHU. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 11.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or BITI?

Over the 1-year period, BITI has performed better with a 64.31% return vs -79.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.67% for ETHU.

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

BITI has the higher dividend yield at 15.70%, compared with 4.82% for ETHU.

What is the main difference between ETHU and BITI?

ETHU is categorized as Leveraged Cryptocurrency, while BITI is Cryptocurrency. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.67% for ETHU and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.46 vs -0.58), 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.