FNGO vs. BITI

Last updated Jul 14, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, FNGO returned 48.28%/yr vs -30.65%/yr for BITI. At a correlation of -0.37, they often move in opposite directions. FNGO charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

FNGO vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) 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, FNGO achieves a 14.63% return, which is significantly lower than BITI's 28.75% return.

FNGO

• 1D: -1.83%
• 1M: 5.25%
• 6M: 14.43%
• YTD: 14.63%
• 1Y: 23.99%
• 3Y*: 48.28%
• 5Y*: 23.07%
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FNGO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	14.63%	25.49%	101.65%	240.10%	-24.24%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between FNGO and BITI is -0.47, 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	-0.47
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.37

The correlation between FNGO and BITI shifts across timeframes, from -0.47 (1 year) to -0.34 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FNGO vs. BITI — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 20
FNGO Sharpe Ratio Rank: 20
FNGO Sortino Ratio Rank: 22
FNGO Omega Ratio Rank: 22
FNGO Calmar Ratio Rank: 17
FNGO Martin Ratio Rank: 18

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

FNGO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) 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.

	FNGO	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.56	-1.01
Sortino ratio: Return per unit of downside risk	1.03	2.13	-1.10
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.13
Calmar ratio: Return relative to maximum drawdown	0.56	2.72	-2.15
Martin ratio: Return relative to average drawdown	1.41	6.78	-5.37

FNGO vs. BITI - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.55, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FNGO 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

FNGO vs. BITI - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FNGO and BITI.

Drawdown Indicators

	FNGO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-92.16%	+13.77%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-25.28%	-17.45%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-84.63%	+36.99%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-14.17%	-85.94%	+71.77%
Average Drawdown Average peak-to-trough decline	-23.80%	-68.34%	+44.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.09%	10.11%	+6.98%

Volatility

FNGO vs. BITI - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 15.91% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.91%	11.38%	+4.53%
Volatility (6M) Calculated over the trailing 6-month period	35.37%	34.25%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	44.14%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.79%	52.28%	+8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.55%	52.28%	+9.27%

FNGO vs. BITI - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

FNGO vs. BITI - Dividend Comparison

FNGO has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.10%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGO and BITI in my portfolio?

FNGO and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGO or BITI?

FNGO has higher volatility (15.91%) compared to BITI (11.38%). In terms of maximum drawdown, FNGO dropped -78.39% vs BITI's -92.16%.

Which ETF is better, FNGO or BITI?

On 3-year performance, FNGO leads with 48.28% vs -30.65% for BITI. On fees, FNGO is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or BITI?

Over the 3-year period, FNGO has performed better with a 48.28% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or BITI?

FNGO is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.00% for FNGO.

What is the main difference between FNGO and BITI?

FNGO is categorized as Leveraged Equities, while BITI is Cryptocurrency. FNGO tracks NYSE FANG+ Index (+200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Bank of Montreal and ProShares. Their fees differ too: 0.95% for FNGO and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.55), 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.