GBTC vs. BITI
GBTC (Grayscale Bitcoin Trust ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past 3 years, GBTC returned 53.36%/yr vs -34.84%/yr for BITI. At a correlation of -0.95, they often move in opposite directions. GBTC charges 1.50%/yr vs 1.03%/yr for BITI.
Performance
GBTC vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than BITI's 27.41% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
BITI
- 1D
- 2.70%
- 1M
- 27.75%
- YTD
- 27.41%
- 6M
- 34.37%
- 1Y
- 47.79%
- 3Y*
- -34.84%
- 5Y*
- —
- 10Y*
- —
GBTC vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -38.64% |
BITI ProShares Shrt Bitcoin ETF | 27.41% | -1.76% | -62.60% | -66.17% | -0.06% |
Correlation
The correlation between GBTC and BITI is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | -0.95 |
The correlation between GBTC and BITI has been stable across timeframes, ranging from -1.00 to -0.95 - a consistent structural relationship.
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Return for Risk
GBTC vs. BITI — Risk / Return Rank
GBTC
BITI
GBTC vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.20 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.90 | -2.71 |
| Martin ratioReturn relative to average drawdown | -1.40 | 4.06 | -5.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | BITI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 1.10 | -2.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | -0.71 | +1.37 |
Drawdowns
GBTC vs. BITI - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GBTC and BITI.
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Drawdown Indicators
| GBTC | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -92.16% | +2.25% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -25.28% | -24.59% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -84.63% | +34.76% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -86.09% | +36.22% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -67.97% | +24.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 11.80% | +17.01% |
Volatility
GBTC vs. BITI - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and ProShares Shrt Bitcoin ETF (BITI) have volatilities of 9.07% and 8.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 8.92% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 33.40% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 43.55% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 52.50% | +9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 52.50% | +29.70% |
GBTC vs. BITI - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than BITI's 1.03% expense ratio.
Dividends
GBTC vs. BITI - Dividend Comparison
GBTC has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 9.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 9.27% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
GBTC and BITI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.07%) compared to BITI (8.92%). In terms of maximum drawdown, GBTC dropped -89.91% vs BITI's -92.16%.
On 3-year performance, GBTC leads with 53.36% vs -34.84% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GBTC has performed better with a 53.36% return vs -34.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITI is cheaper with a 1.03% expense ratio, compared with 1.50% for GBTC.
BITI has the higher dividend yield at 9.27%, compared with 0.00% for GBTC.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while BITI tracks Bloomberg Bitcoin Index (-100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.10 vs -0.93), 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.
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