FNGU vs. BITI

Last updated Jul 15, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FNGU is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, FNGU returned 20.27% vs 64.31% for BITI. At a correlation of -0.47, they often move in opposite directions. FNGU charges 2.60%/yr vs 1.03%/yr for BITI.

Performance

FNGU vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) 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, FNGU achieves a 14.41% return, which is significantly lower than BITI's 23.84% return.

FNGU

• 1D: 3.58%
• 1M: 10.05%
• 6M: 14.91%
• YTD: 14.41%
• 1Y: 20.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

FNGU vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	14.41%	3.02%
BITI ProShares Short Bitcoin ETF	23.84%	1.78%

Correlation

The correlation between FNGU 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 (All Time) Calculated using the full available price history since Feb 20, 2025	-0.47

Return for Risk

FNGU vs. BITI — Risk / Return Rank

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

FNGU

FNGU Risk / Return Rank: 16
FNGU Sharpe Ratio Rank: 15
FNGU Sortino Ratio Rank: 19
FNGU Omega Ratio Rank: 19
FNGU Calmar Ratio Rank: 14
FNGU Martin Ratio Rank: 14

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
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.

FNGU vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) 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.

	FNGU	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.46	-1.14
Sortino ratio: Return per unit of downside risk	0.87	2.03	-1.16
Omega ratio: Gain probability vs. loss probability	1.11	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.34	2.56	-2.22
Martin ratio: Return relative to average drawdown	0.78	6.37	-5.58

FNGU vs. BITI - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 0.32, which is lower than the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FNGU 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

FNGU vs. BITI - Drawdown Comparison

The maximum FNGU drawdown since its inception was -61.30%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FNGU and BITI.

Drawdown Indicators

	FNGU	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-61.30%	-92.16%	+30.86%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-25.28%	-34.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-20.06%	-86.48%	+66.42%
Average Drawdown Average peak-to-trough decline	-22.44%	-68.36%	+45.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.94%	10.13%	+15.81%

Volatility

FNGU vs. BITI - Volatility Comparison

MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a higher volatility of 23.02% compared to ProShares Short Bitcoin ETF (BITI) at 11.73%. This indicates that FNGU'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

	FNGU	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.02%	11.73%	+11.29%
Volatility (6M) Calculated over the trailing 6-month period	52.78%	34.49%	+18.29%
Volatility (1Y) Calculated over the trailing 1-year period	64.16%	44.24%	+19.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.96%	52.29%	+27.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.96%	52.29%	+27.67%

FNGU vs. BITI - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

FNGU vs. BITI - Dividend Comparison

FNGU has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.70%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGU and BITI in my portfolio?

FNGU 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, FNGU or BITI?

FNGU has higher volatility (23.02%) compared to BITI (11.73%). In terms of maximum drawdown, FNGU dropped -61.30% vs BITI's -92.16%.

Which ETF is better, FNGU or BITI?

On 1-year performance, BITI leads with 64.31% vs 20.27% for FNGU. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 11.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or BITI?

Over the 1-year period, BITI has performed better with a 64.31% return vs 20.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.60% for FNGU.

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

BITI has the higher dividend yield at 15.70%, compared with 0.00% for FNGU.

What is the main difference between FNGU and BITI?

FNGU is categorized as Leveraged Equities, while BITI is Cryptocurrency. FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Bank of Montreal and ProShares. Their fees differ too: 2.60% for FNGU and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.46 vs 0.32), 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.