FWD vs. BITI

Last updated Jul 14, 2026

FWD (AB Disruptors ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FWD is a Global Equities fund actively managed by AllianceBernstein, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. FWD is actively managed, while BITI is passively managed. Over the past 3 years, FWD returned 32.83%/yr vs -30.65%/yr for BITI. At a correlation of -0.36, they often move in opposite directions. FWD charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

FWD vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Disruptors ETF (FWD) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FWD having a 27.74% return and BITI slightly higher at 28.75%.

FWD

• 1D: -3.47%
• 1M: -4.98%
• 6M: 18.54%
• YTD: 27.74%
• 1Y: 49.93%
• 3Y*: 32.83%
• 5Y*: —
• 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)

FWD vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWD AB Disruptors ETF	27.74%	32.00%	29.23%	23.48%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-36.26%

Correlation

The correlation between FWD 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	-0.37
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	-0.36

The correlation between FWD and BITI shifts across timeframes, from -0.47 (1 year) to -0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FWD vs. BITI — Risk / Return Rank

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

FWD

FWD Risk / Return Rank: 72
FWD Sharpe Ratio Rank: 69
FWD Sortino Ratio Rank: 61
FWD Omega Ratio Rank: 62
FWD Calmar Ratio Rank: 86
FWD Martin Ratio Rank: 80

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.

FWD vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Disruptors ETF (FWD) 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.

	FWD	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.56	+0.22
Sortino ratio: Return per unit of downside risk	2.28	2.13	+0.15
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	3.85	2.72	+1.13
Martin ratio: Return relative to average drawdown	12.20	6.78	+5.42

FWD vs. BITI - Sharpe Ratio Comparison

The current FWD Sharpe Ratio is 1.78, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FWD 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

FWD vs. BITI - Drawdown Comparison

The maximum FWD drawdown since its inception was -29.02%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FWD and BITI.

Drawdown Indicators

	FWD	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-29.02%	-92.16%	+63.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-25.28%	+12.25%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-84.63%	+55.61%
Current Drawdown Current decline from peak	-10.39%	-85.94%	+75.55%
Average Drawdown Average peak-to-trough decline	-4.09%	-68.34%	+64.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	10.11%	-6.01%

Volatility

FWD vs. BITI - Volatility Comparison

AB Disruptors ETF (FWD) has a higher volatility of 13.28% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that FWD'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

	FWD	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.28%	11.38%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	23.51%	34.25%	-10.74%
Volatility (1Y) Calculated over the trailing 1-year period	28.18%	44.14%	-15.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.73%	52.28%	-26.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	52.28%	-26.55%

FWD vs. BITI - Expense Ratio Comparison

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

Dividends

FWD vs. BITI - Dividend Comparison

FWD's dividend yield for the trailing twelve months is around 0.09%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
FWD AB Disruptors ETF	0.09%	0.11%	1.89%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FWD and BITI in my portfolio?

FWD 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, FWD or BITI?

FWD has higher volatility (13.28%) compared to BITI (11.38%). In terms of maximum drawdown, FWD dropped -29.02% vs BITI's -92.16%.

Which ETF is better, FWD or BITI?

On 3-year performance, FWD leads with 32.83% vs -30.65% for BITI. On fees, FWD is cheaper at 0.65% 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, FWD or BITI?

Over the 3-year period, FWD has performed better with a 32.83% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FWD or BITI?

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

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

BITI has the higher dividend yield at 15.10%, compared with 0.09% for FWD.

What is the main difference between FWD and BITI?

FWD is categorized as Global Equities, while BITI is Cryptocurrency. They also come from different issuers: AllianceBernstein and ProShares. Their fees differ too: 0.65% for FWD and 1.03% for BITI.

Which has better risk-adjusted returns?

FWD currently has the higher Sharpe Ratio (1.78 vs 1.56), 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.