IPOS vs. BITI

Last updated Jul 17, 2026

IPOS (Renaissance International IPO ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - IPOS is a Foreign Large Cap Equities fund tracking the Renaissance International IPO Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, IPOS returned 14.67%/yr vs -31.62%/yr for BITI. At a correlation of -0.28, they often move in opposite directions. IPOS charges 0.80%/yr vs 1.03%/yr for BITI.

Performance

IPOS vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance International IPO ETF (IPOS) 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, IPOS achieves a 37.73% return, which is significantly higher than BITI's 24.48% return.

IPOS

• 1D: -2.71%
• 1M: -5.15%
• 6M: 26.80%
• YTD: 37.73%
• 1Y: 53.35%
• 3Y*: 14.67%
• 5Y*: -7.57%
• 10Y*: 3.04%

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)

IPOS vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IPOS Renaissance International IPO ETF	37.73%	39.93%	-12.34%	-16.49%	-2.77%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between IPOS and BITI is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.28

Return for Risk

IPOS vs. BITI — Risk / Return Rank

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

IPOS

IPOS Risk / Return Rank: 63
IPOS Sharpe Ratio Rank: 60
IPOS Sortino Ratio Rank: 55
IPOS Omega Ratio Rank: 60
IPOS Calmar Ratio Rank: 76
IPOS Martin Ratio Rank: 64

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.

IPOS vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance International IPO ETF (IPOS) 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.

	IPOS	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.47	+0.12
Sortino ratio: Return per unit of downside risk	2.14	2.04	+0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	3.12	2.57	+0.55
Martin ratio: Return relative to average drawdown	8.97	6.38	+2.59

IPOS vs. BITI - Sharpe Ratio Comparison

The current IPOS Sharpe Ratio is 1.60, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of IPOS 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

IPOS vs. BITI - Drawdown Comparison

The maximum IPOS drawdown since its inception was -73.09%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for IPOS and BITI.

Drawdown Indicators

	IPOS	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-73.09%	-92.16%	+19.07%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-25.28%	+8.11%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	-84.63%	+50.55%
Max Drawdown (5Y) Largest decline over 5 years	-69.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.09%	—	—
Current Drawdown Current decline from peak	-41.47%	-86.41%	+44.94%
Average Drawdown Average peak-to-trough decline	-32.05%	-68.40%	+36.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	10.16%	-4.20%

Volatility

IPOS vs. BITI - Volatility Comparison

Renaissance International IPO ETF (IPOS) has a higher volatility of 11.71% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that IPOS'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

	IPOS	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.71%	10.76%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	30.93%	34.28%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	33.61%	44.15%	-10.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.15%	52.24%	-24.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.50%	52.24%	-27.74%

IPOS vs. BITI - Expense Ratio Comparison

IPOS has a 0.80% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

IPOS vs. BITI - Dividend Comparison

IPOS's dividend yield for the trailing twelve months is around 0.34%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IPOS Renaissance International IPO ETF	0.34%	1.04%	0.93%	0.33%	0.00%	0.00%	0.25%	0.89%	1.12%	0.87%	1.73%	1.08%

Frequently Asked Questions

Can I hold both IPOS and BITI in my portfolio?

IPOS and BITI have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOS or BITI?

IPOS has higher volatility (11.71%) compared to BITI (10.76%). In terms of maximum drawdown, IPOS dropped -73.09% vs BITI's -92.16%.

Which ETF is better, IPOS or BITI?

On 3-year performance, IPOS leads with 14.67% vs -31.62% for BITI. On fees, IPOS is cheaper at 0.80% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPOS or BITI?

Over the 3-year period, IPOS has performed better with a 14.67% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPOS or BITI?

IPOS is cheaper with a 0.80% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.34% for IPOS.

What is the main difference between IPOS and BITI?

IPOS is categorized as Foreign Large Cap Equities, while BITI is Cryptocurrency. IPOS tracks Renaissance International IPO Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Renaissance Capital and ProShares. Their fees differ too: 0.80% for IPOS and 1.03% for BITI.

Which has better risk-adjusted returns?

IPOS currently has the higher Sharpe Ratio (1.60 vs 1.47), 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.