FDHY vs. BITI
FDHY (Fidelity Enhanced High Yield ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FDHY is a High Yield Bonds fund actively managed by Fidelity, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. FDHY is actively managed, while BITI is passively managed. Over the past 3 years, FDHY returned 8.43%/yr vs -31.77%/yr for BITI. Their -0.31 correlation means they have often moved in opposite directions in the past. FDHY charges 0.35%/yr vs 1.03%/yr for BITI.
Performance
FDHY vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, FDHY achieves a 2.61% return, which is significantly lower than BITI's 27.11% return.
FDHY
- 1D
- 0.06%
- 1M
- -0.17%
- 6M
- 1.67%
- YTD
- 2.61%
- 1Y
- 6.85%
- 3Y*
- 8.43%
- 5Y*
- 3.74%
- 10Y*
- —
- ALL TIME*
- 5.68%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $3.94M | $4.42M | $4.10M |
FDHY vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FDHY Fidelity Enhanced High Yield ETF | 2.61% | 9.24% | 7.53% | 11.14% | 3.25% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between FDHY and BITI is -0.41, 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.31 |
The correlation between FDHY and BITI shifts across timeframes, from -0.41 (1 year) to -0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FDHY vs. BITI — Risk / Return Rank
FDHY
BITI
FDHY vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) 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.
| FDHY | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.53 | +0.68 |
| Martin ratioReturn relative to average drawdown | 13.30 | 6.17 | +7.12 |
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Drawdowns
FDHY vs. BITI - Drawdown Comparison
The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FDHY and BITI.
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Drawdown Indicators
| FDHY | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -92.16% | +72.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -25.28% | +23.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -84.63% | +79.37% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | — | — |
Current DrawdownCurrent decline from peak | -0.36% | -86.12% | +85.76% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -68.59% | +65.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 10.35% | -9.84% |
Volatility
FDHY vs. BITI - Volatility Comparison
The current volatility for Fidelity Enhanced High Yield ETF (FDHY) is 0.81%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that FDHY 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
| FDHY | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 9.13% | -8.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 33.31% | -30.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 44.23% | -40.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.13% | 52.03% | -44.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.98% | 52.03% | -44.05% |
FDHY vs. BITI - Expense Ratio Comparison
FDHY has a 0.35% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
FDHY vs. BITI - Dividend Comparison
FDHY's dividend yield for the trailing twelve months is around 6.54%, less than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% |
FDHY Fidelity Enhanced High Yield ETF | 6.54% | 6.56% | 6.58% | 6.26% | 5.34% | 6.09% | 5.78% | 4.94% | 2.55% |
Frequently Asked Questions
FDHY and BITI have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (9.13%) compared to FDHY (0.81%). In terms of maximum drawdown, FDHY dropped -20.01% vs BITI's -92.16%.
On 3-year performance, FDHY leads with 8.43% vs -31.77% for BITI. On fees, FDHY is cheaper at 0.35% per year. On volatility, FDHY has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FDHY has performed better with a 8.43% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDHY is cheaper with a 0.35% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 6.54% for FDHY.
FDHY is categorized as High Yield Bonds, while BITI is Cryptocurrency. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.35% for FDHY and 1.03% for BITI.
FDHY currently has the higher Sharpe Ratio (1.90 vs 1.45), 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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