FCFY vs. BITI

Last updated Jul 17, 2026

FCFY (First Trust S&P 500 Diversified Free Cash Flow ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FCFY is a Large Cap Value Equities fund tracking the S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, FCFY returned 13.60% vs 64.61% for BITI. At a correlation of -0.31, they often move in opposite directions. FCFY charges 0.60%/yr vs 1.03%/yr for BITI.

Performance

FCFY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) 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, FCFY achieves a 2.26% return, which is significantly lower than BITI's 24.48% return.

FCFY

• 1D: 1.21%
• 1M: 2.13%
• 6M: 1.06%
• YTD: 2.26%
• 1Y: 13.60%
• 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)

FCFY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	2.26%	16.76%	11.28%	11.06%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-38.18%

Correlation

The correlation between FCFY and BITI is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	-0.31

Return for Risk

FCFY vs. BITI — Risk / Return Rank

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

FCFY

FCFY Risk / Return Rank: 28
FCFY Sharpe Ratio Rank: 28
FCFY Sortino Ratio Rank: 28
FCFY Omega Ratio Rank: 27
FCFY Calmar Ratio Rank: 28
FCFY Martin Ratio Rank: 27

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.

FCFY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) 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.

	FCFY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.47	-0.63
Sortino ratio: Return per unit of downside risk	1.29	2.04	-0.75
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	1.14	2.57	-1.43
Martin ratio: Return relative to average drawdown	2.85	6.38	-3.53

FCFY vs. BITI - Sharpe Ratio Comparison

The current FCFY Sharpe Ratio is 0.85, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FCFY 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

FCFY vs. BITI - Drawdown Comparison

The maximum FCFY drawdown since its inception was -21.36%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FCFY and BITI.

Drawdown Indicators

	FCFY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-21.36%	-92.16%	+70.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-25.28%	+13.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-2.97%	-86.41%	+83.44%
Average Drawdown Average peak-to-trough decline	-3.56%	-68.40%	+64.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	10.16%	-5.37%

Volatility

FCFY vs. BITI - Volatility Comparison

The current volatility for First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) is 4.35%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that FCFY 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.

Volatility by Period

	FCFY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	10.76%	-6.41%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	34.28%	-22.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	44.15%	-27.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	52.24%	-34.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	52.24%	-34.81%

FCFY vs. BITI - Expense Ratio Comparison

FCFY has a 0.60% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

FCFY vs. BITI - Dividend Comparison

FCFY's dividend yield for the trailing twelve months is around 1.44%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF	1.44%	1.48%	1.76%	0.73%	0.00%

Frequently Asked Questions

Can I hold both FCFY and BITI in my portfolio?

FCFY and BITI have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCFY or BITI?

BITI has higher volatility (10.76%) compared to FCFY (4.35%). In terms of maximum drawdown, FCFY dropped -21.36% vs BITI's -92.16%.

Which ETF is better, FCFY or BITI?

On 1-year performance, BITI leads with 64.61% vs 13.60% for FCFY. On fees, FCFY is cheaper at 0.60% per year. On volatility, FCFY has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCFY or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCFY or BITI?

FCFY is cheaper with a 0.60% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 1.44% for FCFY.

What is the main difference between FCFY and BITI?

FCFY is categorized as Large Cap Value Equities, while BITI is Cryptocurrency. FCFY tracks S&P 500 Sector-Neutral FCF Index - Benchmark TR Gross, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.60% for FCFY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.84), 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.