IMST vs. BITI

Last updated Jul 14, 2026

IMST (Bitwise Funds Trust) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. IMST is actively managed, while BITI is passively managed. Over the past year, IMST returned -72.39% vs 68.34% for BITI. At a correlation of -0.80, they often move in opposite directions. IMST charges 0.99%/yr vs 1.03%/yr for BITI.

Performance

IMST vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) 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, IMST achieves a -31.57% return, which is significantly lower than BITI's 28.75% return.

IMST

• 1D: -1.79%
• 1M: -18.69%
• 6M: -35.66%
• YTD: -31.57%
• 1Y: -72.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

IMST vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-31.57%	-46.36%
BITI ProShares Short Bitcoin ETF	28.75%	-5.55%

Correlation

The correlation between IMST and BITI is -0.82, 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	-0.82
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.80

The correlation between IMST and BITI has been stable across timeframes, ranging from -0.82 to -0.80 - a consistent structural relationship.

Return for Risk

IMST vs. BITI — Risk / Return Rank

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

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 0
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 0
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

IMST vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) 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.

	IMST	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.56	-2.76
Sortino ratio: Return per unit of downside risk	-2.46	2.13	-4.58
Omega ratio: Gain probability vs. loss probability	0.74	1.26	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.96	2.72	-3.68
Martin ratio: Return relative to average drawdown	-1.41	6.78	-8.18

IMST vs. BITI - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.21, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of IMST 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

IMST vs. BITI - Drawdown Comparison

The maximum IMST drawdown since its inception was -75.63%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for IMST and BITI.

Drawdown Indicators

	IMST	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-75.63%	-92.16%	+16.53%
Max Drawdown (1Y) Largest decline over 1 year	-75.63%	-25.28%	-50.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-73.23%	-85.94%	+12.71%
Average Drawdown Average peak-to-trough decline	-38.06%	-68.34%	+30.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.48%	10.11%	+41.37%

Volatility

IMST vs. BITI - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 21.80% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that IMST'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

	IMST	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.80%	11.38%	+10.42%
Volatility (6M) Calculated over the trailing 6-month period	47.22%	34.25%	+12.97%
Volatility (1Y) Calculated over the trailing 1-year period	60.28%	44.14%	+16.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.84%	52.28%	+8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.84%	52.28%	+8.56%

IMST vs. BITI - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

IMST vs. BITI - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 253.23%, more than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
IMST Bitwise Funds Trust	253.23%	195.93%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMST and BITI in my portfolio?

IMST and BITI have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMST or BITI?

IMST has higher volatility (21.80%) compared to BITI (11.38%). In terms of maximum drawdown, IMST dropped -75.63% vs BITI's -92.16%.

Which ETF is better, IMST or BITI?

On 1-year performance, BITI leads with 68.34% vs -72.39% for IMST. On fees, IMST is cheaper at 0.99% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs -72.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or BITI?

IMST is cheaper with a 0.99% expense ratio, compared with 1.03% for BITI.

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

IMST has the higher dividend yield at 253.23%, compared with 15.10% for BITI.

What is the main difference between IMST and BITI?

IMST is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.99% for IMST and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs -1.21), 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.