GIAX vs. BITI

Last updated Jul 14, 2026

GIAX (Nicholas Global Equity and Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. GIAX is actively managed, while BITI is passively managed. Over the past year, GIAX returned 16.87% vs 68.34% for BITI. At a correlation of -0.51, they often move in opposite directions. GIAX charges 0.97%/yr vs 1.03%/yr for BITI.

Performance

GIAX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 11.86% return, which is significantly lower than BITI's 28.75% return.

GIAX

• 1D: -2.03%
• 1M: -4.40%
• 6M: 6.86%
• YTD: 11.86%
• 1Y: 16.87%
• 3Y*: —
• 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)

GIAX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	11.86%	11.73%	2.94%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-34.36%

Correlation

The correlation between GIAX and BITI is -0.55, 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	-0.55
Correlation (All Time) Calculated using the full available price history since Jul 30, 2024	-0.51

The correlation between GIAX and BITI has been stable across timeframes, ranging from -0.55 to -0.51 - a consistent structural relationship.

Return for Risk

GIAX vs. BITI — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 26
GIAX Sharpe Ratio Rank: 25
GIAX Sortino Ratio Rank: 24
GIAX Omega Ratio Rank: 24
GIAX Calmar Ratio Rank: 25
GIAX Martin Ratio Rank: 31

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.

GIAX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.56	-0.85
Sortino ratio: Return per unit of downside risk	1.10	2.13	-1.03
Omega ratio: Gain probability vs. loss probability	1.14	1.26	-0.12
Calmar ratio: Return relative to maximum drawdown	0.96	2.72	-1.76
Martin ratio: Return relative to average drawdown	3.56	6.78	-3.22

GIAX vs. BITI - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 0.71, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of GIAX 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

GIAX vs. BITI - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GIAX and BITI.

Drawdown Indicators

	GIAX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-92.16%	+71.78%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-25.28%	+7.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-11.04%	-85.94%	+74.90%
Average Drawdown Average peak-to-trough decline	-3.21%	-68.34%	+65.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	10.11%	-5.37%

Volatility

GIAX vs. BITI - Volatility Comparison

The current volatility for Nicholas Global Equity and Income ETF (GIAX) is 8.37%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that GIAX 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

	GIAX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	11.38%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	21.56%	34.25%	-12.69%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	44.14%	-20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.16%	52.28%	-30.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	52.28%	-30.12%

GIAX vs. BITI - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

GIAX vs. BITI - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 25.81%, more 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%
GIAX Nicholas Global Equity and Income ETF	25.81%	25.62%	10.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIAX and BITI in my portfolio?

GIAX and BITI have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or BITI?

BITI has higher volatility (11.38%) compared to GIAX (8.37%). In terms of maximum drawdown, GIAX dropped -20.38% vs BITI's -92.16%.

Which ETF is better, GIAX or BITI?

On 1-year performance, BITI leads with 68.34% vs 16.87% for GIAX. On fees, GIAX is cheaper at 0.97% per year. On volatility, GIAX has been the lower-risk option at 8.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or BITI?

GIAX is cheaper with a 0.97% expense ratio, compared with 1.03% for BITI.

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

GIAX has the higher dividend yield at 25.81%, compared with 15.10% for BITI.

What is the main difference between GIAX and BITI?

GIAX is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for GIAX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.71), 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.