GVIP vs. BITI
GVIP (Goldman Sachs Hedge Industry VIP ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, GVIP returned 24.01%/yr vs -31.77%/yr for BITI. Their -0.40 correlation means they have often moved in opposite directions in the past. GVIP charges 0.45%/yr vs 1.03%/yr for BITI.
Performance
GVIP vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, GVIP achieves a 8.45% return, which is significantly lower than BITI's 27.11% return.
GVIP
- 1D
- -0.64%
- 1M
- -6.63%
- 6M
- 5.72%
- YTD
- 8.45%
- 1Y
- 21.61%
- 3Y*
- 24.01%
- 5Y*
- 10.95%
- 10Y*
- —
- ALL TIME*
- 16.41%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $2.23M | $1.88M | $2.26M |
GVIP vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 8.45% | 25.27% | 29.82% | 39.15% | 1.08% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between GVIP and BITI is -0.49, 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. | -0.49 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.40 |
The correlation between GVIP and BITI shifts across timeframes, from -0.49 (1 year) to -0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GVIP vs. BITI — Risk / Return Rank
GVIP
BITI
GVIP vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.
| GVIP | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.53 | -1.33 |
| Martin ratioReturn relative to average drawdown | 4.60 | 6.17 | -1.57 |
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Drawdowns
GVIP vs. BITI - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GVIP and BITI.
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Drawdown Indicators
| GVIP | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -92.16% | +55.07% |
Max Drawdown (1Y)Largest decline over 1 year | -16.36% | -25.28% | +8.92% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -84.63% | +61.34% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | — | — |
Current DrawdownCurrent decline from peak | -12.39% | -86.12% | +73.73% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -68.59% | +61.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 10.35% | -6.09% |
Volatility
GVIP vs. BITI - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.71% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that GVIP'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.
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Volatility by Period
| GVIP | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.71% | 9.13% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 20.33% | 33.31% | -12.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.29% | 44.23% | -20.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.24% | 52.03% | -29.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.02% | 52.03% | -30.01% |
GVIP vs. BITI - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
GVIP vs. BITI - Dividend Comparison
GVIP's dividend yield for the trailing twelve months is around 0.31%, less than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.31% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% |
Frequently Asked Questions
GVIP and BITI have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVIP has higher volatility (9.71%) compared to BITI (9.13%). In terms of maximum drawdown, GVIP dropped -37.09% vs BITI's -92.16%.
On 3-year performance, GVIP leads with 24.01% vs -31.77% for BITI. On fees, GVIP is cheaper at 0.45% per year. On volatility, BITI has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GVIP has performed better with a 24.01% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVIP is cheaper with a 0.45% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 0.31% for GVIP.
GVIP is categorized as Large Cap Growth Equities, while BITI is Cryptocurrency. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Goldman Sachs and ProShares. Their fees differ too: 0.45% for GVIP and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 vs 0.84), 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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