IFED vs. BITI

Last updated Aug 1, 2026

IFED (ETRACS IFED Invest with the Fed TR Index ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, IFED returned 18.74%/yr vs -31.77%/yr for BITI. Their -0.36 correlation means they have often moved in opposite directions in the past. IFED charges 0.45%/yr vs 1.03%/yr for BITI.

Performance

IFED vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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, IFED achieves a 10.03% return, which is significantly lower than BITI's 27.11% return.

IFED

• 1D: 0.00%
• 1M: 13.92%
• 6M: 14.63%
• YTD: 10.03%
• 1Y: 14.76%
• 3Y*: 18.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.40%

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%

*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	$24.10M	$26.49M	$38.71M
IFED ETRACS IFED Invest with the Fed TR Index ETN	$159.79K	$83.84K	$44.71K

IFED vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IFED ETRACS IFED Invest with the Fed TR Index ETN	10.03%	15.02%	23.04%	20.78%	10.88%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between IFED and BITI is -0.38, 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.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.33
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.36

Return for Risk

IFED vs. BITI — Risk / Return Rank

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

IFED

IFED Risk / Return Rank: 24
IFED Sharpe Ratio Rank: 21
IFED Sortino Ratio Rank: 23
IFED Omega Ratio Rank: 30
IFED Calmar Ratio Rank: 22
IFED Martin Ratio Rank: 25

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

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.

IFED vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.

	IFED	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.44	1.45	-1.01
Sortino ratio: Return per unit of downside risk	0.84	2.02	-1.18
Omega ratio: Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	0.64	2.53	-1.89
Martin ratio: Return relative to average drawdown	2.01	6.17	-4.17

IFED vs. BITI - Sharpe Ratio Comparison

The current IFED Sharpe Ratio is 0.44, which is lower than the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IFED 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

IFED vs. BITI - Drawdown Comparison

The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for IFED and BITI.

Drawdown Indicators

	IFED	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-22.36%	-92.16%	+69.80%
Max Drawdown (1Y) Largest decline over 1 year	-20.18%	-25.28%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.36%	-84.63%	+62.27%
Current Drawdown Current decline from peak	-7.61%	-86.12%	+78.51%
Average Drawdown Average peak-to-trough decline	-5.85%	-68.59%	+62.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	10.35%	-3.92%

Volatility

IFED vs. BITI - Volatility Comparison

ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 24.07% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that IFED'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

	IFED	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.07%	9.13%	+14.94%
Volatility (6M) Calculated over the trailing 6-month period	27.96%	33.31%	-5.35%
Volatility (1Y) Calculated over the trailing 1-year period	29.34%	44.23%	-14.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.56%	52.03%	-29.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	52.03%	-29.47%

IFED vs. BITI - Expense Ratio Comparison

IFED has a 0.45% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

IFED vs. BITI - Dividend Comparison

IFED has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.30%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFED and BITI in my portfolio?

IFED and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFED or BITI?

IFED has higher volatility (24.07%) compared to BITI (9.13%). In terms of maximum drawdown, IFED dropped -22.36% vs BITI's -92.16%.

Which ETF is better, IFED or BITI?

On 3-year performance, IFED leads with 18.74% vs -31.77% for BITI. On fees, IFED 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.

Which ETF has performed better, IFED or BITI?

Over the 3-year period, IFED has performed better with a 18.74% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFED or BITI?

IFED is cheaper with a 0.45% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.17%, compared with 0.00% for IFED.

What is the main difference between IFED and BITI?

IFED is categorized as Leveraged Equities, while BITI is Cryptocurrency. IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.45% for IFED and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.45 vs 0.44), 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.