GLNK vs. BITI

Last updated Jun 25, 2026

GLNK (Grayscale Chainlink Trust ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds - GLNK tracks the Chainlink (LINK) while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past 3 years, GLNK returned -13.05%/yr vs -28.95%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. GLNK charges 2.50%/yr vs 1.03%/yr for BITI.

Performance

GLNK vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, GLNK achieves a -41.16% return, which is significantly lower than BITI's 34.29% return.

GLNK

• 1D: -4.61%
• 1M: -23.60%
• YTD: -41.16%
• 6M: -40.59%
• 1Y: -64.29%
• 3Y*: -13.05%
• 5Y*: —
• 10Y*: —

BITI

• 1D: 4.01%
• 1M: 24.90%
• YTD: 34.29%
• 6M: 34.00%
• 1Y: 57.17%
• 3Y*: -28.95%
• 5Y*: —
• 10Y*: —

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

GLNK vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLNK Grayscale Chainlink Trust ETF	-41.16%	-87.10%	38.45%	840.06%	-45.69%
BITI ProShares Shrt Bitcoin ETF	34.29%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between GLNK and BITI is -0.68, 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	-0.68
Correlation (3Y) Calculated over the trailing 3-year period	-0.41
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.34

Over the past year, the inverse relationship between GLNK and BITI has strengthened: their correlation has moved from -0.34 to -0.68, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

GLNK vs. BITI — Risk / Return Rank

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

GLNK

GLNK Risk / Return Rank: 4
GLNK Sharpe Ratio Rank: 4
GLNK Sortino Ratio Rank: 5
GLNK Omega Ratio Rank: 5
GLNK Calmar Ratio Rank: 3
GLNK Martin Ratio Rank: 5

BITI

BITI Risk / Return Rank: 41
BITI Sharpe Ratio Rank: 40
BITI Sortino Ratio Rank: 40
BITI Omega Ratio Rank: 37
BITI Calmar Ratio Rank: 51
BITI Martin Ratio Rank: 37

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.

GLNK vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Chainlink Trust ETF (GLNK) 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.

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.

	GLNK	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	1.30	-1.90
Sortino ratio: Return per unit of downside risk	-0.62	1.87	-2.49
Omega ratio: Gain probability vs. loss probability	0.93	1.22	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.72	2.27	-2.99
Martin ratio: Return relative to average drawdown	-0.92	5.23	-6.16

GLNK vs. BITI - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.60, which is lower than the BITI Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of GLNK 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

GLNK vs. BITI - Drawdown Comparison

The maximum GLNK drawdown since its inception was -96.22%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GLNK and BITI.

Drawdown Indicators

	GLNK	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-96.22%	-92.16%	-4.06%
Max Drawdown (1Y) Largest decline over 1 year	-89.40%	-25.28%	-64.12%
Max Drawdown (3Y) Largest decline over 3 years	-96.22%	-84.63%	-11.59%
Current Drawdown Current decline from peak	-96.22%	-85.34%	-10.88%
Average Drawdown Average peak-to-trough decline	-56.20%	-68.14%	+11.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.80%	10.95%	+58.85%

Volatility

GLNK vs. BITI - Volatility Comparison

Grayscale Chainlink Trust ETF (GLNK) has a higher volatility of 19.39% compared to ProShares Shrt Bitcoin ETF (BITI) at 13.19%. This indicates that GLNK's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLNK	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.39%	13.19%	+6.20%
Volatility (6M) Calculated over the trailing 6-month period	47.13%	34.09%	+13.04%
Volatility (1Y) Calculated over the trailing 1-year period	107.93%	44.23%	+63.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	163.91%	52.47%	+111.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	163.91%	52.47%	+111.44%

GLNK vs. BITI - Expense Ratio Comparison

GLNK has a 2.50% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

GLNK vs. BITI - Dividend Comparison

GLNK has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 8.79%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	8.79%	1.60%	3.91%	3.33%	0.06%
GLNK Grayscale Chainlink Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLNK and BITI in my portfolio?

GLNK and BITI have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or BITI?

GLNK has higher volatility (19.39%) compared to BITI (13.19%). In terms of maximum drawdown, GLNK dropped -96.22% vs BITI's -92.16%.

Which ETF is better, GLNK or BITI?

On 3-year performance, GLNK leads with -13.05% vs -28.95% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 13.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or BITI?

Over the 3-year period, GLNK has performed better with a -13.05% return vs -28.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.50% for GLNK.

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

BITI has the higher dividend yield at 8.79%, compared with 0.00% for GLNK.

What is the main difference between GLNK and BITI?

GLNK tracks Chainlink (LINK), while BITI tracks Bloomberg Bitcoin Index (-100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for GLNK and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.30 vs -0.60), 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.