GOLY vs. BITI

Last updated Jul 17, 2026

GOLY (Strategy Shares Gold-Hedged Bond ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, GOLY returned 13.18%/yr vs -31.62%/yr for BITI. At a correlation of -0.15, they often move in opposite directions. GOLY charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

GOLY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GOLY) 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, GOLY achieves a -27.55% return, which is significantly lower than BITI's 24.48% return.

GOLY

• 1D: -1.29%
• 1M: -9.01%
• 6M: -32.08%
• YTD: -27.55%
• 1Y: -9.55%
• 3Y*: 13.18%
• 5Y*: 4.03%
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

GOLY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GOLY Strategy Shares Gold-Hedged Bond ETF	-27.55%	57.98%	19.82%	12.74%	-4.91%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between GOLY and BITI is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.15

The correlation between GOLY and BITI shifts across timeframes, from -0.29 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GOLY vs. BITI — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 7
GOLY Sharpe Ratio Rank: 7
GOLY Sortino Ratio Rank: 7
GOLY Omega Ratio Rank: 7
GOLY Calmar Ratio Rank: 7
GOLY Martin Ratio Rank: 7

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

GOLY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.

	GOLY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	1.47	-1.76
Sortino ratio: Return per unit of downside risk	-0.16	2.04	-2.20
Omega ratio: Gain probability vs. loss probability	0.98	1.25	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.26	2.57	-2.82
Martin ratio: Return relative to average drawdown	-0.55	6.38	-6.92

GOLY vs. BITI - Sharpe Ratio Comparison

The current GOLY Sharpe Ratio is -0.28, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of GOLY 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

GOLY vs. BITI - Drawdown Comparison

The maximum GOLY drawdown since its inception was -37.48%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GOLY and BITI.

Drawdown Indicators

	GOLY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-37.48%	-92.16%	+54.68%
Max Drawdown (1Y) Largest decline over 1 year	-37.48%	-25.28%	-12.20%
Max Drawdown (3Y) Largest decline over 3 years	-37.48%	-84.63%	+47.15%
Max Drawdown (5Y) Largest decline over 5 years	-37.48%	—	—
Current Drawdown Current decline from peak	-37.48%	-86.41%	+48.93%
Average Drawdown Average peak-to-trough decline	-12.36%	-68.40%	+56.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.52%	10.16%	+7.36%

Volatility

GOLY vs. BITI - Volatility Comparison

The current volatility for Strategy Shares Gold-Hedged Bond ETF (GOLY) is 6.83%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that GOLY 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

	GOLY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	10.76%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	30.35%	34.28%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	33.93%	44.15%	-10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.70%	52.24%	-29.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	52.24%	-29.80%

GOLY vs. BITI - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

GOLY vs. BITI - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.54%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%	0.00%
GOLY Strategy Shares Gold-Hedged Bond ETF	9.54%	7.22%	3.85%	2.94%	2.57%	1.11%

Frequently Asked Questions

Can I hold both GOLY and BITI in my portfolio?

GOLY and BITI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLY or BITI?

BITI has higher volatility (10.76%) compared to GOLY (6.83%). In terms of maximum drawdown, GOLY dropped -37.48% vs BITI's -92.16%.

Which ETF is better, GOLY or BITI?

On 3-year performance, GOLY leads with 13.18% vs -31.62% for BITI. On fees, GOLY is cheaper at 0.79% per year. On volatility, GOLY has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLY or BITI?

Over the 3-year period, GOLY has performed better with a 13.18% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLY or BITI?

GOLY is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 9.54% for GOLY.

What is the main difference between GOLY and BITI?

GOLY is categorized as Nontraditional Bonds, while BITI is Cryptocurrency. GOLY tracks Solactive Gold-Backed Bond Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Strategy Shares and ProShares. Their fees differ too: 0.79% for GOLY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.28), 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.