HWAY vs. BITI

Last updated Aug 4, 2026

HWAY (Themes US Infrastructure ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - HWAY is a Infrastructure Equities fund tracking the Solactive United States Infrastructure Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, HWAY returned 32.92% vs 56.28% for BITI. Their -0.32 correlation means they have often moved in opposite directions in the past. HWAY charges 0.29%/yr vs 1.03%/yr for BITI.

Performance

HWAY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Infrastructure ETF (HWAY) 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, HWAY achieves a 22.94% return, which is significantly lower than BITI's 25.22% return.

HWAY

• 1D: 0.00%
• 1M: -0.03%
• 6M: 12.94%
• YTD: 22.94%
• 1Y: 32.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.86%

BITI

• 1D: -1.48%
• 1M: -4.03%
• 6M: 13.09%
• YTD: 25.22%
• 1Y: 56.28%
• 3Y*: -32.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.18M	$25.87M	$38.72M
HWAY Themes US Infrastructure ETF	$22.82K	$23.54K	$29.88K

HWAY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HWAY Themes US Infrastructure ETF	22.94%	19.99%	4.42%
BITI ProShares Short Bitcoin ETF	25.22%	-1.76%	-41.25%

Correlation

The correlation between HWAY and BITI is -0.28, 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.	-0.28
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.32

Return for Risk

HWAY vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HWAY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITI

BITI Risk / Return Rank: 51
BITI Sharpe Ratio Rank: 51
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 62
BITI Martin Ratio Rank: 47

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HWAY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Infrastructure ETF (HWAY) 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.

	HWAY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.28	+0.17
Sortino ratio: Return per unit of downside risk	2.11	1.86	+0.25
Omega ratio: Gain probability vs. loss probability	1.25	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.36	2.24	+0.12
Martin ratio: Return relative to average drawdown	7.98	5.45	+2.53

HWAY vs. BITI - Sharpe Ratio Comparison

The current HWAY Sharpe Ratio is 1.45, which is comparable to the BITI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of HWAY 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

HWAY vs. BITI - Drawdown Comparison

The maximum HWAY drawdown since its inception was -25.96%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for HWAY and BITI.

Drawdown Indicators

	HWAY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-92.16%	+66.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-25.28%	+12.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-4.57%	-86.33%	+81.76%
Average Drawdown Average peak-to-trough decline	-5.20%	-68.61%	+63.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	10.37%	-6.64%

Volatility

HWAY vs. BITI - Volatility Comparison

The current volatility for Themes US Infrastructure ETF (HWAY) is 4.71%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 8.93%. This indicates that HWAY 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

	HWAY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	8.93%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	16.68%	33.35%	-16.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	44.25%	-23.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.22%	52.01%	-29.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	52.01%	-29.79%

HWAY vs. BITI - Expense Ratio Comparison

HWAY has a 0.29% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

HWAY vs. BITI - Dividend Comparison

HWAY has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 21.80%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.80%	1.60%	3.91%	3.33%	0.06%
HWAY Themes US Infrastructure ETF	1.05%	1.29%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HWAY and BITI in my portfolio?

HWAY and BITI have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWAY or BITI?

BITI has higher volatility (8.93%) compared to HWAY (4.71%). In terms of maximum drawdown, HWAY dropped -25.96% vs BITI's -92.16%.

Which ETF is better, HWAY or BITI?

On 1-year performance, BITI leads with 56.28% vs 32.92% for HWAY. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWAY or BITI?

Over the 1-year period, BITI has performed better with a 56.28% return vs 32.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWAY or BITI?

HWAY is cheaper with a 0.29% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 21.80%, compared with 1.05% for HWAY.

What is the main difference between HWAY and BITI?

HWAY is categorized as Infrastructure Equities, while BITI is Cryptocurrency. HWAY tracks Solactive United States Infrastructure Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Themes and ProShares. Their fees differ too: 0.29% for HWAY and 1.03% for BITI.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (1.45 vs 1.28), 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.