ETHV vs. BITI

Last updated Jul 17, 2026

ETHV (VanEck Ethereum ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - ETHV tracks the MarketVector Ethereum Benchmark Rate while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, ETHV returned -44.82% vs 64.61% for BITI. At a correlation of -0.82, they often move in opposite directions. ETHV charges 0.20%/yr vs 1.03%/yr for BITI.

Performance

ETHV vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) 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, ETHV achieves a -36.95% return, which is significantly lower than BITI's 24.48% return.

ETHV

• 1D: -2.42%
• 1M: 4.38%
• 6M: -43.07%
• YTD: -36.95%
• 1Y: -44.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

ETHV vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-36.95%	-11.02%	-5.50%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-33.28%

Correlation

The correlation between ETHV 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 Jul 23, 2024	-0.82

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

Return for Risk

ETHV vs. BITI — Risk / Return Rank

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

ETHV

ETHV Risk / Return Rank: 4
ETHV Sharpe Ratio Rank: 4
ETHV Sortino Ratio Rank: 4
ETHV Omega Ratio Rank: 4
ETHV Calmar Ratio Rank: 4
ETHV Martin Ratio Rank: 4

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
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.

ETHV vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.47	-2.14
Sortino ratio: Return per unit of downside risk	-0.77	2.04	-2.81
Omega ratio: Gain probability vs. loss probability	0.91	1.25	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.66	2.57	-3.23
Martin ratio: Return relative to average drawdown	-1.03	6.38	-7.41

ETHV vs. BITI - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.67, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ETHV 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

ETHV vs. BITI - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ETHV and BITI.

Drawdown Indicators

	ETHV	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-92.16%	+24.28%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-25.28%	-42.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-61.35%	-86.41%	+25.06%
Average Drawdown Average peak-to-trough decline	-34.71%	-68.40%	+33.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.55%	10.16%	+33.39%

Volatility

ETHV vs. BITI - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 14.44% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that ETHV'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

	ETHV	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.44%	10.76%	+3.68%
Volatility (6M) Calculated over the trailing 6-month period	47.28%	34.28%	+13.00%
Volatility (1Y) Calculated over the trailing 1-year period	68.36%	44.15%	+24.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.82%	52.24%	+19.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.82%	52.24%	+19.58%

ETHV vs. BITI - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

ETHV vs. BITI - Dividend Comparison

ETHV has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
ETHV VanEck Ethereum ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHV and BITI in my portfolio?

ETHV 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, ETHV or BITI?

ETHV has higher volatility (14.44%) compared to BITI (10.76%). In terms of maximum drawdown, ETHV dropped -67.88% vs BITI's -92.16%.

Which ETF is better, ETHV or BITI?

On 1-year performance, BITI leads with 64.61% vs -44.82% for ETHV. On fees, ETHV is cheaper at 0.20% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -44.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or BITI?

ETHV is cheaper with a 0.20% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for ETHV.

What is the main difference between ETHV and BITI?

ETHV tracks MarketVector Ethereum Benchmark Rate, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.20% for ETHV and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.67), 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.