FPA vs. BITI
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, FPA returned 22.92%/yr vs -30.65%/yr for BITI. At a correlation of -0.30, they often move in opposite directions. FPA charges 0.80%/yr vs 1.03%/yr for BITI.
Performance
FPA vs. BITI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FPA achieves a 26.33% return, which is significantly lower than BITI's 28.75% return.
FPA
- 1D
- -5.43%
- 1M
- -14.07%
- 6M
- 18.65%
- YTD
- 26.33%
- 1Y
- 35.45%
- 3Y*
- 22.92%
- 5Y*
- 9.93%
- 10Y*
- 8.60%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
FPA vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 26.33% | 43.16% | 3.95% | 9.97% | -1.59% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between FPA and BITI is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.30 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FPA vs. BITI — Risk / Return Rank
FPA
BITI
FPA vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.
| FPA | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 2.72 | -0.94 |
| Martin ratioReturn relative to average drawdown | 6.60 | 6.78 | -0.18 |
Loading charts...
Drawdowns
FPA vs. BITI - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FPA and BITI.
Loading charts...
Drawdown Indicators
| FPA | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -92.16% | +39.25% |
Max Drawdown (1Y)Largest decline over 1 year | -20.03% | -25.28% | +5.25% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -84.63% | +63.97% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | — | — |
Current DrawdownCurrent decline from peak | -20.03% | -85.94% | +65.91% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -68.34% | +54.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 10.11% | -4.72% |
Volatility
FPA vs. BITI - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 13.83% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that FPA'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.
Loading charts...
Volatility by Period
| FPA | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.83% | 11.38% | +2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 27.20% | 34.25% | -7.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.33% | 44.14% | -14.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.01% | 52.28% | -27.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.83% | 52.28% | -29.45% |
FPA vs. BITI - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
FPA vs. BITI - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.84%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.84% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
Frequently Asked Questions
FPA and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (13.83%) compared to BITI (11.38%). In terms of maximum drawdown, FPA dropped -52.91% vs BITI's -92.16%.
On 3-year performance, FPA leads with 22.92% vs -30.65% for BITI. On fees, FPA is cheaper at 0.80% 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.
Over the 3-year period, FPA has performed better with a 22.92% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPA is cheaper with a 0.80% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 3.84% for FPA.
FPA is categorized as Asia Pacific Equities, while BITI is Cryptocurrency. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.80% for FPA and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.56 vs 1.22), 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.
Find the right allocation for FPA and BITI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer