GCAD vs. BITI

Last updated Aug 2, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. GCAD is actively managed, while BITI is passively managed. Over the past 3 years, GCAD returned 31.69%/yr vs -31.77%/yr for BITI. Their -0.29 correlation means they have often moved in opposite directions in the past. GCAD charges 0.00%/yr vs 1.03%/yr for BITI.

Performance

GCAD vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Commercial Aerospace & Defense ETF (GCAD) 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, GCAD achieves a 18.44% return, which is significantly lower than BITI's 27.11% return.

GCAD

• 1D: 0.02%
• 1M: -3.10%
• 6M: 5.89%
• YTD: 18.44%
• 1Y: 32.06%
• 3Y*: 31.69%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.55%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
GCAD Gabelli Commercial Aerospace & Defense ETF	$562.37K	$467.75K	$488.04K

GCAD vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	18.44%	39.28%	26.61%	17.37%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-66.01%

Correlation

The correlation between GCAD and BITI is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (All Time) Calculated using the full available price history since Jan 4, 2023	-0.29

Return for Risk

GCAD vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GCAD

GCAD Risk / Return Rank: 63
GCAD Sharpe Ratio Rank: 65
GCAD Sortino Ratio Rank: 69
GCAD Omega Ratio Rank: 63
GCAD Calmar Ratio Rank: 60
GCAD Martin Ratio Rank: 59

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GCAD vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) 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.

	GCAD	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.45	+0.06
Sortino ratio: Return per unit of downside risk	2.25	2.02	+0.23
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.13	2.53	-0.41
Martin ratio: Return relative to average drawdown	6.97	6.17	+0.80

GCAD vs. BITI - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.51, which is comparable to the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GCAD 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

GCAD vs. BITI - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GCAD and BITI.

Drawdown Indicators

	GCAD	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-92.16%	+76.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-25.28%	+10.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-84.63%	+68.49%
Current Drawdown Current decline from peak	-4.35%	-86.12%	+81.77%
Average Drawdown Average peak-to-trough decline	-3.03%	-68.59%	+65.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	10.35%	-5.80%

Volatility

GCAD vs. BITI - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 7.11%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that GCAD 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

	GCAD	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	9.13%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	17.61%	33.31%	-15.70%
Volatility (1Y) Calculated over the trailing 1-year period	21.14%	44.23%	-23.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	52.03%	-33.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	52.03%	-33.18%

GCAD vs. BITI - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

GCAD vs. BITI - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.74%, less than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
GCAD Gabelli Commercial Aerospace & Defense ETF	1.74%	2.06%	4.94%	3.62%	0.00%

Frequently Asked Questions

Can I hold both GCAD and BITI in my portfolio?

GCAD and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAD or BITI?

BITI has higher volatility (9.13%) compared to GCAD (7.11%). In terms of maximum drawdown, GCAD dropped -16.14% vs BITI's -92.16%.

Which ETF is better, GCAD or BITI?

On 3-year performance, GCAD leads with 31.69% vs -31.77% for BITI. On fees, GCAD is cheaper at 0.00% per year. On volatility, GCAD has been the lower-risk option at 7.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAD or BITI?

Over the 3-year period, GCAD has performed better with a 31.69% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or BITI?

GCAD is cheaper with a 0.00% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.17%, compared with 1.74% for GCAD.

What is the main difference between GCAD and BITI?

GCAD is categorized as Aerospace & Defense, while BITI is Cryptocurrency. They also come from different issuers: Gabelli and ProShares. Their fees differ too: 0.00% for GCAD and 1.03% for BITI.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.51 vs 1.45), 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.