GAVA vs. BITI

Last updated Apr 14, 2026

GAVA (Grayscale Avalanche Staking ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. GAVA is actively managed, while BITI is passively managed. At -0.89, they often move in opposite directions. GAVA charges 0.35%/yr vs 1.03%/yr for BITI.

Performance

GAVA vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAVA

• 1D: -1.16%
• 1M: -3.51%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -1.12%
• 1M: -4.71%
• YTD: 9.98%
• 6M: 37.61%
• 1Y: 3.46%
• 3Y*: -34.69%
• 5Y*: —
• 10Y*: —

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

GAVA vs. BITI - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-1.87%
BITI ProShares Shrt Bitcoin ETF	-5.59%

Correlation

The correlation between GAVA and BITI is -0.89, 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 (All Time) Calculated using the full available price history since Mar 13, 2026	-0.89

Return for Risk

GAVA vs. BITI — Risk / Return Rank

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

BITI

BITI Risk / Return Rank: 7
BITI Sharpe Ratio Rank: 7
BITI Sortino Ratio Rank: 9
BITI Omega Ratio Rank: 8
BITI Calmar Ratio Rank: 6
BITI Martin Ratio Rank: 6

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.

GAVA vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) and ProShares Shrt 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GAVA	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.77	+0.42

Drawdowns

GAVA vs. BITI - Drawdown Comparison

The maximum GAVA drawdown since its inception was -15.35%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GAVA and BITI.

Drawdown Indicators

	GAVA	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-15.35%	-92.16%	+76.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-33.24%	—
Current Drawdown Current decline from peak	-8.35%	-87.99%	+79.64%
Average Drawdown Average peak-to-trough decline	-8.86%	-67.20%	+58.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	19.27%	—

Volatility

Volatility by Period

	GAVA	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.01%	43.37%	+16.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.01%	53.04%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.01%	53.04%	+6.97%

GAVA vs. BITI - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

GAVA vs. BITI - Dividend Comparison

GAVA has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 8.98%.

	TTM	2025	2024	2023	2022
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%
BITI ProShares Shrt Bitcoin ETF	8.98%	1.60%	3.91%	3.33%	0.06%