HEEM vs. BITI
HEEM (iShares Currency Hedged MSCI Emerging Markets ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - HEEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets 100% USD Hedged Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, HEEM returned 22.40%/yr vs -30.65%/yr for BITI. At a correlation of -0.33, they often move in opposite directions. HEEM charges 0.72%/yr vs 1.03%/yr for BITI.
Performance
HEEM vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, HEEM achieves a 20.28% return, which is significantly lower than BITI's 28.75% return.
HEEM
- 1D
- -3.79%
- 1M
- -4.46%
- 6M
- 13.12%
- YTD
- 20.28%
- 1Y
- 43.38%
- 3Y*
- 22.40%
- 5Y*
- 9.06%
- 10Y*
- 10.05%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
HEEM vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 20.28% | 34.02% | 12.59% | 10.14% | -2.38% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between HEEM and BITI is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.33 |
The correlation between HEEM and BITI shifts across timeframes, from -0.45 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HEEM vs. BITI — Risk / Return Rank
HEEM
BITI
HEEM vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) 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.
| HEEM | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.26 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.03 | 2.72 | +1.31 |
| Martin ratioReturn relative to average drawdown | 13.50 | 6.78 | +6.72 |
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Drawdowns
HEEM vs. BITI - Drawdown Comparison
The maximum HEEM drawdown since its inception was -33.53%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for HEEM and BITI.
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Drawdown Indicators
| HEEM | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.53% | -92.16% | +58.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -25.28% | +14.45% |
Max Drawdown (3Y)Largest decline over 3 years | -14.82% | -84.63% | +69.81% |
Max Drawdown (5Y)Largest decline over 5 years | -29.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | — | — |
Current DrawdownCurrent decline from peak | -9.74% | -85.94% | +76.20% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -68.34% | +57.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 10.11% | -6.89% |
Volatility
HEEM vs. BITI - Volatility Comparison
iShares Currency Hedged MSCI Emerging Markets ETF (HEEM) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.44% and 11.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEEM | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.44% | 11.38% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.69% | 34.25% | -14.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 44.14% | -22.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 52.28% | -34.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 52.28% | -33.99% |
HEEM vs. BITI - Expense Ratio Comparison
HEEM has a 0.72% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
HEEM vs. BITI - Dividend Comparison
HEEM's dividend yield for the trailing twelve months is around 3.19%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HEEM iShares Currency Hedged MSCI Emerging Markets ETF | 3.19% | 3.98% | 2.38% | 2.75% | 7.49% | 1.93% | 1.49% | 3.04% | 2.37% | 2.05% | 1.84% | 6.28% |
Frequently Asked Questions
HEEM and BITI have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEEM has higher volatility (11.44%) compared to BITI (11.38%). In terms of maximum drawdown, HEEM dropped -33.53% vs BITI's -92.16%.
On 3-year performance, HEEM leads with 22.40% vs -30.65% for BITI. On fees, HEEM is cheaper at 0.72% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HEEM has performed better with a 22.40% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEEM is cheaper with a 0.72% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 3.19% for HEEM.
HEEM is categorized as Emerging Markets Diversified, while BITI is Cryptocurrency. HEEM tracks MSCI Emerging Markets 100% USD Hedged Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.72% for HEEM and 1.03% for BITI.
HEEM currently has the higher Sharpe Ratio (2.02 vs 1.56), 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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