FPEI vs. BITI
FPEI (First Trust Institutional Preferred Securities & Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FPEI is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. FPEI is actively managed, while BITI is passively managed. Over the past 3 years, FPEI returned 10.40%/yr vs -31.71%/yr for BITI. At a correlation of -0.21, they often move in opposite directions. FPEI charges 0.85%/yr vs 1.03%/yr for BITI.
Performance
FPEI vs. BITI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FPEI achieves a 2.30% return, which is significantly lower than BITI's 24.73% return.
FPEI
- 1D
- 0.10%
- 1M
- 0.52%
- 6M
- 1.64%
- YTD
- 2.30%
- 1Y
- 7.46%
- 3Y*
- 10.40%
- 5Y*
- 4.09%
- 10Y*
- —
BITI
- 1D
- 0.20%
- 1M
- -0.52%
- 6M
- 36.51%
- YTD
- 24.73%
- 1Y
- 64.56%
- 3Y*
- -31.71%
- 5Y*
- —
- 10Y*
- —
FPEI vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FPEI First Trust Institutional Preferred Securities & Income ETF | 2.30% | 9.82% | 10.94% | 6.29% | 2.92% |
BITI ProShares Short Bitcoin ETF | 24.73% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between FPEI and BITI is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.21 |
The correlation between FPEI and BITI shifts across timeframes, from -0.32 (1 year) to -0.20 (3 years), reflecting how their relationship changes across market environments.
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
FPEI vs. BITI — Risk / Return Rank
FPEI
BITI
FPEI vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Institutional Preferred Securities & Income ETF (FPEI) 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.
| FPEI | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.25 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.57 | -0.50 |
| Martin ratioReturn relative to average drawdown | 10.24 | 6.36 | +3.88 |
Loading charts...
Drawdowns
FPEI vs. BITI - Drawdown Comparison
The maximum FPEI drawdown since its inception was -27.51%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FPEI and BITI.
Loading charts...
Drawdown Indicators
| FPEI | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.51% | -92.16% | +64.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -25.28% | +21.65% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -84.63% | +80.37% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -86.38% | +86.20% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -68.42% | +65.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 10.18% | -9.45% |
Volatility
FPEI vs. BITI - Volatility Comparison
The current volatility for First Trust Institutional Preferred Securities & Income ETF (FPEI) is 0.64%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that FPEI 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.
Loading charts...
Volatility by Period
| FPEI | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 10.69% | -10.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 34.09% | -31.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 44.07% | -40.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 52.21% | -46.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.80% | 52.21% | -43.41% |
FPEI vs. BITI - Expense Ratio Comparison
FPEI has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
FPEI vs. BITI - Dividend Comparison
FPEI's dividend yield for the trailing twelve months is around 5.73%, less than BITI's 15.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.59% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FPEI First Trust Institutional Preferred Securities & Income ETF | 5.73% | 5.62% | 5.55% | 5.76% | 5.20% | 4.46% | 4.90% | 5.02% | 5.81% | 1.50% |
Frequently Asked Questions
FPEI and BITI have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.69%) compared to FPEI (0.64%). In terms of maximum drawdown, FPEI dropped -27.51% vs BITI's -92.16%.
On 3-year performance, FPEI leads with 10.40% vs -31.71% for BITI. On fees, FPEI is cheaper at 0.85% per year. On volatility, FPEI has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FPEI has performed better with a 10.40% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPEI is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.59%, compared with 5.73% for FPEI.
FPEI is categorized as Preferred Stock/Convertible Bonds, while BITI is Cryptocurrency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.85% for FPEI and 1.03% for BITI.
FPEI currently has the higher Sharpe Ratio (2.01 vs 1.47), 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 FPEI 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