IPAY vs. BITI

Last updated Jul 17, 2026

IPAY (ETFMG Prime Mobile Payments ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - IPAY is a Technology Equities fund tracking the Prime Mobile Payments Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, IPAY returned 4.23%/yr vs -31.62%/yr for BITI. At a correlation of -0.43, they often move in opposite directions. IPAY charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

IPAY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETFMG Prime Mobile Payments ETF (IPAY) 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, IPAY achieves a -3.78% return, which is significantly lower than BITI's 24.48% return.

IPAY

• 1D: 0.60%
• 1M: 10.70%
• 6M: -1.75%
• YTD: -3.78%
• 1Y: -15.47%
• 3Y*: 4.23%
• 5Y*: -6.25%
• 10Y*: 7.56%

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

IPAY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IPAY ETFMG Prime Mobile Payments ETF	-3.78%	-9.55%	25.88%	18.21%	0.43%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between IPAY and BITI is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.43

Return for Risk

IPAY vs. BITI — Risk / Return Rank

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

IPAY

IPAY Risk / Return Rank: 5
IPAY Sharpe Ratio Rank: 4
IPAY Sortino Ratio Rank: 4
IPAY Omega Ratio Rank: 4
IPAY Calmar Ratio Rank: 5
IPAY Martin Ratio Rank: 5

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

IPAY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETFMG Prime Mobile Payments ETF (IPAY) 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.

	IPAY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.47	-2.11
Sortino ratio: Return per unit of downside risk	-0.73	2.04	-2.77
Omega ratio: Gain probability vs. loss probability	0.91	1.25	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.50	2.57	-3.06
Martin ratio: Return relative to average drawdown	-0.85	6.38	-7.22

IPAY vs. BITI - Sharpe Ratio Comparison

The current IPAY Sharpe Ratio is -0.63, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of IPAY 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

IPAY vs. BITI - Drawdown Comparison

The maximum IPAY drawdown since its inception was -51.75%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for IPAY and BITI.

Drawdown Indicators

	IPAY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-92.16%	+40.41%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-25.28%	-6.03%
Max Drawdown (3Y) Largest decline over 3 years	-32.74%	-84.63%	+51.89%
Max Drawdown (5Y) Largest decline over 5 years	-51.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.75%	—	—
Current Drawdown Current decline from peak	-30.34%	-86.41%	+56.07%
Average Drawdown Average peak-to-trough decline	-16.87%	-68.40%	+51.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.27%	10.16%	+8.11%

Volatility

IPAY vs. BITI - Volatility Comparison

The current volatility for ETFMG Prime Mobile Payments ETF (IPAY) is 7.71%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that IPAY 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

	IPAY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	10.76%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	19.76%	34.28%	-14.52%
Volatility (1Y) Calculated over the trailing 1-year period	24.50%	44.15%	-19.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.31%	52.24%	-25.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.38%	52.24%	-26.86%

IPAY vs. BITI - Expense Ratio Comparison

IPAY has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

IPAY vs. BITI - Dividend Comparison

IPAY's dividend yield for the trailing twelve months is around 0.82%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
IPAY ETFMG Prime Mobile Payments ETF	0.82%	0.79%	0.77%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPAY and BITI in my portfolio?

IPAY and BITI have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAY or BITI?

BITI has higher volatility (10.76%) compared to IPAY (7.71%). In terms of maximum drawdown, IPAY dropped -51.75% vs BITI's -92.16%.

Which ETF is better, IPAY or BITI?

On 3-year performance, IPAY leads with 4.23% vs -31.62% for BITI. On fees, IPAY is cheaper at 0.75% per year. On volatility, IPAY has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAY or BITI?

Over the 3-year period, IPAY has performed better with a 4.23% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAY or BITI?

IPAY is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.82% for IPAY.

What is the main difference between IPAY and BITI?

IPAY is categorized as Technology Equities, while BITI is Cryptocurrency. IPAY tracks Prime Mobile Payments Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: ETFMG and ProShares. Their fees differ too: 0.75% for IPAY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.63), 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.