JSML vs. BITI
JSML (Janus Henderson Small Cap Growth Alpha ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, JSML returned 17.08%/yr vs -32.35%/yr for BITI. Their -0.39 correlation means they have often moved in opposite directions in the past. JSML charges 0.30%/yr vs 1.03%/yr for BITI.
Performance
JSML vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, JSML achieves a 21.51% return, which is significantly lower than BITI's 25.22% return.
JSML
- 1D
- 1.87%
- 1M
- -2.15%
- 6M
- 15.94%
- YTD
- 21.51%
- 1Y
- 33.26%
- 3Y*
- 17.08%
- 5Y*
- 6.35%
- 10Y*
- 12.46%
- ALL TIME*
- 13.47%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $2.12M | $2.84M | $2.20M |
JSML vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JSML Janus Henderson Small Cap Growth Alpha ETF | 21.51% | 13.41% | 12.45% | 30.09% | 1.17% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between JSML and BITI is -0.47, 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. | -0.47 |
Correlation (3Y) Balances recent behavior with more history. | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.39 |
The correlation between JSML and BITI shifts across timeframes, from -0.47 (1 year) to -0.36 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
JSML vs. BITI — Risk / Return Rank
JSML
BITI
JSML vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) 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.
| JSML | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.24 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.62 | 5.45 | +2.17 |
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Drawdowns
JSML vs. BITI - Drawdown Comparison
The maximum JSML drawdown since its inception was -39.65%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for JSML and BITI.
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Drawdown Indicators
| JSML | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.65% | -92.16% | +52.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.84% | -25.28% | +10.44% |
Max Drawdown (3Y)Largest decline over 3 years | -25.60% | -84.63% | +59.03% |
Max Drawdown (5Y)Largest decline over 5 years | -37.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.65% | — | — |
Current DrawdownCurrent decline from peak | -4.47% | -86.33% | +81.86% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -68.61% | +57.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 10.37% | -5.99% |
Volatility
JSML vs. BITI - Volatility Comparison
The current volatility for Janus Henderson Small Cap Growth Alpha ETF (JSML) is 6.24%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 8.93%. This indicates that JSML 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.
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Volatility by Period
| JSML | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.24% | 8.93% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 17.68% | 33.35% | -15.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.73% | 44.25% | -21.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.53% | 52.01% | -27.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.30% | 52.01% | -27.71% |
JSML vs. BITI - Expense Ratio Comparison
JSML has a 0.30% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
JSML vs. BITI - Dividend Comparison
JSML's dividend yield for the trailing twelve months is around 0.61%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JSML Janus Henderson Small Cap Growth Alpha ETF | 0.61% | 0.94% | 1.19% | 0.49% | 0.67% | 0.46% | 0.30% | 0.27% | 0.76% | 0.42% | 0.52% |
Frequently Asked Questions
JSML and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (8.93%) compared to JSML (6.24%). In terms of maximum drawdown, JSML dropped -39.65% vs BITI's -92.16%.
On 3-year performance, JSML leads with 17.08% vs -32.35% for BITI. On fees, JSML is cheaper at 0.30% per year. On volatility, JSML has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JSML has performed better with a 17.08% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JSML is cheaper with a 0.30% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 0.61% for JSML.
JSML is categorized as Small Cap Growth Equities, while BITI is Cryptocurrency. JSML tracks Janus Small Cap Growth Alpha Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Janus Henderson and ProShares. Their fees differ too: 0.30% for JSML and 1.03% for BITI.
JSML currently has the higher Sharpe Ratio (1.47 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.
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