FEPI vs. BITI

Last updated Jul 17, 2026

FEPI (REX FANG & Innovation Equity Premium Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FEPI is a Derivative Income fund actively managed by REX, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. FEPI is actively managed, while BITI is passively managed. Over the past year, FEPI returned 14.82% vs 64.61% for BITI. At a correlation of -0.39, they often move in opposite directions. FEPI charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

FEPI vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX FANG & Innovation Equity Premium Income ETF (FEPI) 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, FEPI achieves a 2.79% return, which is significantly lower than BITI's 24.48% return.

FEPI

• 1D: -2.20%
• 1M: -3.44%
• 6M: 3.19%
• YTD: 2.79%
• 1Y: 14.82%
• 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)

FEPI vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	2.79%	18.33%	15.69%	11.75%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-36.10%

Correlation

The correlation between FEPI and BITI is -0.55, 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	-0.55
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	-0.39

The correlation between FEPI and BITI shifts across timeframes, from -0.55 (1 year) to -0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEPI vs. BITI — Risk / Return Rank

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

FEPI

FEPI Risk / Return Rank: 27
FEPI Sharpe Ratio Rank: 27
FEPI Sortino Ratio Rank: 25
FEPI Omega Ratio Rank: 26
FEPI Calmar Ratio Rank: 28
FEPI Martin Ratio Rank: 30

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.

FEPI vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX FANG & Innovation Equity Premium Income ETF (FEPI) 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.

	FEPI	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.47	-0.67
Sortino ratio: Return per unit of downside risk	1.19	2.04	-0.85
Omega ratio: Gain probability vs. loss probability	1.15	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	1.15	2.57	-1.42
Martin ratio: Return relative to average drawdown	3.35	6.38	-3.02

FEPI vs. BITI - Sharpe Ratio Comparison

The current FEPI Sharpe Ratio is 0.81, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FEPI 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

FEPI vs. BITI - Drawdown Comparison

The maximum FEPI drawdown since its inception was -23.56%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FEPI and BITI.

Drawdown Indicators

	FEPI	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-92.16%	+68.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-25.28%	+12.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-8.27%	-86.41%	+78.14%
Average Drawdown Average peak-to-trough decline	-3.62%	-68.40%	+64.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	10.16%	-5.73%

Volatility

FEPI vs. BITI - Volatility Comparison

The current volatility for REX FANG & Innovation Equity Premium Income ETF (FEPI) is 7.04%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that FEPI 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

	FEPI	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.04%	10.76%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	34.28%	-19.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	44.15%	-25.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	52.24%	-32.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	52.24%	-32.88%

FEPI vs. BITI - Expense Ratio Comparison

FEPI has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

FEPI vs. BITI - Dividend Comparison

FEPI's dividend yield for the trailing twelve months is around 27.15%, more 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%
FEPI REX FANG & Innovation Equity Premium Income ETF	27.15%	25.48%	27.18%	4.21%	0.00%

Frequently Asked Questions

Can I hold both FEPI and BITI in my portfolio?

FEPI and BITI have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEPI or BITI?

BITI has higher volatility (10.76%) compared to FEPI (7.04%). In terms of maximum drawdown, FEPI dropped -23.56% vs BITI's -92.16%.

Which ETF is better, FEPI or BITI?

On 1-year performance, BITI leads with 64.61% vs 14.82% for FEPI. On fees, FEPI is cheaper at 0.65% per year. On volatility, FEPI has been the lower-risk option at 7.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEPI or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 14.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEPI or BITI?

FEPI is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

FEPI has the higher dividend yield at 27.15%, compared with 15.62% for BITI.

What is the main difference between FEPI and BITI?

FEPI is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: REX and ProShares. Their fees differ too: 0.65% for FEPI and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.81), 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.