FEP vs. BITI
FEP (First Trust Europe AlphaDEX Fund) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, FEP returned 22.63%/yr vs -31.77%/yr for BITI. Their -0.32 correlation means they have often moved in opposite directions in the past. FEP charges 0.80%/yr vs 1.03%/yr for BITI.
Performance
FEP vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, FEP achieves a 11.59% return, which is significantly lower than BITI's 27.11% return.
FEP
- 1D
- -0.14%
- 1M
- 2.41%
- 6M
- 5.11%
- YTD
- 11.59%
- 1Y
- 28.08%
- 3Y*
- 22.63%
- 5Y*
- 10.19%
- 10Y*
- 10.76%
- ALL TIME*
- 7.19%
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 | |
| $974.88K | $1.10M | $1.43M |
FEP vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 11.59% | 55.72% | 3.38% | 16.85% | 1.84% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between FEP and BITI is -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.32 |
The correlation between FEP and BITI shifts across timeframes, from -0.42 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FEP vs. BITI — Risk / Return Rank
FEP
BITI
FEP vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) 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.
| FEP | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.53 | -0.25 |
| Martin ratioReturn relative to average drawdown | 8.53 | 6.17 | +2.36 |
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Drawdowns
FEP vs. BITI - Drawdown Comparison
The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FEP and BITI.
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Drawdown Indicators
| FEP | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.05% | -92.16% | +46.11% |
Max Drawdown (1Y)Largest decline over 1 year | -12.13% | -25.28% | +13.15% |
Max Drawdown (3Y)Largest decline over 3 years | -15.83% | -84.63% | +68.80% |
Max Drawdown (5Y)Largest decline over 5 years | -38.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -86.12% | +85.98% |
Average DrawdownAverage peak-to-trough decline | -11.92% | -68.59% | +56.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 10.35% | -7.11% |
Volatility
FEP vs. BITI - Volatility Comparison
The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 3.97%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that FEP 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
| FEP | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 9.13% | -5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 33.31% | -18.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.97% | 44.23% | -27.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 52.03% | -32.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 52.03% | -31.84% |
FEP vs. BITI - Expense Ratio Comparison
FEP has a 0.80% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
FEP vs. BITI - Dividend Comparison
FEP's dividend yield for the trailing twelve months is around 2.71%, less than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FEP First Trust Europe AlphaDEX Fund | 2.71% | 3.33% | 4.94% | 3.27% | 3.00% | 3.49% | 2.32% | 2.63% | 2.62% | 1.65% | 2.14% | 2.20% |
Frequently Asked Questions
FEP and BITI have a correlation of -0.42, 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 FEP (3.97%). In terms of maximum drawdown, FEP dropped -46.05% vs BITI's -92.16%.
On 3-year performance, FEP leads with 22.63% vs -31.77% for BITI. On fees, FEP is cheaper at 0.80% per year. On volatility, FEP has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FEP has performed better with a 22.63% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEP is cheaper with a 0.80% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 2.71% for FEP.
FEP is categorized as Europe Equities, while BITI is Cryptocurrency. FEP tracks Defined Europe Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FEP and 1.03% for BITI.
FEP currently has the higher Sharpe Ratio (1.63 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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