EWX vs. BITI
EWX (SPDR S&P Emerging Markets Small Cap ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - EWX is a Emerging Markets Equities fund tracking the S&P Emerging Markets Under USD2 Billion Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, EWX returned 11.64%/yr vs -31.71%/yr for BITI. At a correlation of -0.31, they often move in opposite directions. EWX charges 0.65%/yr vs 1.03%/yr for BITI.
Performance
EWX vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, EWX achieves a 6.42% return, which is significantly lower than BITI's 24.73% return.
EWX
- 1D
- -2.34%
- 1M
- -6.30%
- 6M
- 3.56%
- YTD
- 6.42%
- 1Y
- 11.64%
- 3Y*
- 11.64%
- 5Y*
- 5.45%
- 10Y*
- 8.45%
BITI
- 1D
- 0.20%
- 1M
- -0.52%
- 6M
- 36.51%
- YTD
- 24.73%
- 1Y
- 64.56%
- 3Y*
- -31.71%
- 5Y*
- —
- 10Y*
- —
EWX vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EWX SPDR S&P Emerging Markets Small Cap ETF | 6.42% | 15.46% | 6.81% | 18.13% | 1.79% |
BITI ProShares Short Bitcoin ETF | 24.73% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between EWX and BITI is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.31 |
The correlation between EWX and BITI shifts across timeframes, from -0.39 (1 year) to -0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWX vs. BITI — Risk / Return Rank
EWX
BITI
EWX vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Small Cap ETF (EWX) 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.
| EWX | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 2.57 | -1.31 |
| Martin ratioReturn relative to average drawdown | 4.02 | 6.36 | -2.35 |
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Drawdowns
EWX vs. BITI - Drawdown Comparison
The maximum EWX drawdown since its inception was -63.90%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for EWX and BITI.
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Drawdown Indicators
| EWX | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.90% | -92.16% | +28.26% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -25.28% | +15.98% |
Max Drawdown (3Y)Largest decline over 3 years | -21.37% | -84.63% | +63.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.00% | — | — |
Current DrawdownCurrent decline from peak | -9.30% | -86.38% | +77.08% |
Average DrawdownAverage peak-to-trough decline | -13.11% | -68.42% | +55.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 10.18% | -7.27% |
Volatility
EWX vs. BITI - Volatility Comparison
The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 7.21%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that EWX experiences smaller price fluctuations and is considered to be less risky 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
| EWX | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 10.69% | -3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 15.06% | 34.09% | -19.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 44.07% | -27.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.69% | 52.21% | -36.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.21% | 52.21% | -35.00% |
EWX vs. BITI - Expense Ratio Comparison
EWX has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
EWX vs. BITI - Dividend Comparison
EWX's dividend yield for the trailing twelve months is around 2.66%, less than BITI's 15.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.59% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWX SPDR S&P Emerging Markets Small Cap ETF | 2.66% | 2.91% | 2.90% | 2.32% | 3.00% | 2.77% | 2.24% | 2.73% | 3.26% | 2.30% | 2.46% | 3.04% |
Frequently Asked Questions
EWX and BITI have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.69%) compared to EWX (7.21%). In terms of maximum drawdown, EWX dropped -63.90% vs BITI's -92.16%.
On 3-year performance, EWX leads with 11.64% vs -31.71% for BITI. On fees, EWX is cheaper at 0.65% per year. On volatility, EWX has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EWX has performed better with a 11.64% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWX is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.59%, compared with 2.66% for EWX.
EWX is categorized as Emerging Markets Equities, while BITI is Cryptocurrency. EWX tracks S&P Emerging Markets Under USD2 Billion Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.65% for EWX and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 vs 0.69), 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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