FYX vs. BITI

Last updated Jul 14, 2026

FYX (First Trust Small Cap Core AlphaDEX Fund) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, FYX returned 19.94%/yr vs -30.65%/yr for BITI. At a correlation of -0.38, they often move in opposite directions. FYX charges 0.63%/yr vs 1.03%/yr for BITI.

Performance

FYX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap Core AlphaDEX Fund (FYX) 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, FYX achieves a 25.04% return, which is significantly lower than BITI's 28.75% return.

FYX

• 1D: -0.25%
• 1M: 1.59%
• 6M: 18.15%
• YTD: 25.04%
• 1Y: 42.73%
• 3Y*: 19.94%
• 5Y*: 10.64%
• 10Y*: 12.45%

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)

FYX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FYX First Trust Small Cap Core AlphaDEX Fund	25.04%	12.68%	12.22%	18.30%	5.05%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between FYX and BITI is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.38

Return for Risk

FYX vs. BITI — Risk / Return Rank

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

FYX

FYX Risk / Return Rank: 90
FYX Sharpe Ratio Rank: 89
FYX Sortino Ratio Rank: 90
FYX Omega Ratio Rank: 84
FYX Calmar Ratio Rank: 94
FYX Martin Ratio Rank: 93

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.

FYX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap Core AlphaDEX Fund (FYX) 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.

	FYX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.56	+0.80
Sortino ratio: Return per unit of downside risk	3.41	2.13	+1.28
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	5.68	2.72	+2.96
Martin ratio: Return relative to average drawdown	18.41	6.78	+11.63

FYX vs. BITI - Sharpe Ratio Comparison

The current FYX Sharpe Ratio is 2.36, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FYX 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

FYX vs. BITI - Drawdown Comparison

The maximum FYX drawdown since its inception was -61.80%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for FYX and BITI.

Drawdown Indicators

	FYX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-61.80%	-92.16%	+30.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.56%	-25.28%	+17.72%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-84.63%	+56.72%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.82%	—	—
Current Drawdown Current decline from peak	-2.43%	-85.94%	+83.51%
Average Drawdown Average peak-to-trough decline	-10.83%	-68.34%	+57.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	10.11%	-7.78%

Volatility

FYX vs. BITI - Volatility Comparison

The current volatility for First Trust Small Cap Core AlphaDEX Fund (FYX) is 4.31%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that FYX 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.

Volatility by Period

	FYX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	11.38%	-7.07%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	34.25%	-22.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	44.14%	-25.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.91%	52.28%	-30.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.15%	52.28%	-28.13%

FYX vs. BITI - Expense Ratio Comparison

FYX has a 0.63% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

FYX vs. BITI - Dividend Comparison

FYX's dividend yield for the trailing twelve months is around 0.91%, 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%
FYX First Trust Small Cap Core AlphaDEX Fund	0.91%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%

Frequently Asked Questions

Can I hold both FYX and BITI in my portfolio?

FYX and BITI have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FYX or BITI?

BITI has higher volatility (11.38%) compared to FYX (4.31%). In terms of maximum drawdown, FYX dropped -61.80% vs BITI's -92.16%.

Which ETF is better, FYX or BITI?

On 3-year performance, FYX leads with 19.94% vs -30.65% for BITI. On fees, FYX is cheaper at 0.63% per year. On volatility, FYX has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FYX or BITI?

Over the 3-year period, FYX has performed better with a 19.94% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FYX or BITI?

FYX is cheaper with a 0.63% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.91% for FYX.

What is the main difference between FYX and BITI?

FYX is categorized as Small Cap Blend Equities, while BITI is Cryptocurrency. FYX tracks Nasdaq AlphaDEX Small Cap Core Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.63% for FYX and 1.03% for BITI.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.36 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.