KDEF vs. BITI

Last updated Aug 4, 2026

KDEF (PLUS Korea Defense Industry Index ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KDEF is a Aerospace & Defense fund tracking the The Korea Defence Industry Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, KDEF returned -3.32% vs 56.28% for BITI. Their -0.27 correlation means they have often moved in opposite directions in the past. KDEF charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

KDEF vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PLUS Korea Defense Industry Index ETF (KDEF) 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, KDEF achieves a -13.02% return, which is significantly lower than BITI's 25.22% return.

KDEF

• 1D: 6.04%
• 1M: -11.91%
• 6M: -31.60%
• YTD: -13.02%
• 1Y: -3.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 52.85%

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%

*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	$24.18M	$25.87M	$38.72M
KDEF PLUS Korea Defense Industry Index ETF	$2.88M	$2.61M	$5.49M

KDEF vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
KDEF PLUS Korea Defense Industry Index ETF	-13.02%	116.28%
BITI ProShares Short Bitcoin ETF	25.22%	4.44%

Correlation

The correlation between KDEF and BITI is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	-0.27

Return for Risk

KDEF vs. BITI — Risk / Return Rank

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

KDEF

KDEF Risk / Return Rank: 11
KDEF Sharpe Ratio Rank: 10
KDEF Sortino Ratio Rank: 13
KDEF Omega Ratio Rank: 13
KDEF Calmar Ratio Rank: 10
KDEF Martin Ratio Rank: 10

BITI

BITI Risk / Return Rank: 51
BITI Sharpe Ratio Rank: 51
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 62
BITI Martin Ratio Rank: 47

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.

KDEF vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PLUS Korea Defense Industry Index ETF (KDEF) 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.

	KDEF	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.28	-1.35
Sortino ratio: Return per unit of downside risk	0.27	1.86	-1.58
Omega ratio: Gain probability vs. loss probability	1.03	1.22	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.07	2.24	-2.31
Martin ratio: Return relative to average drawdown	-0.19	5.45	-5.64

KDEF vs. BITI - Sharpe Ratio Comparison

The current KDEF Sharpe Ratio is -0.06, which is lower than the BITI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of KDEF 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

KDEF vs. BITI - Drawdown Comparison

The maximum KDEF drawdown since its inception was -48.41%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KDEF and BITI.

Drawdown Indicators

	KDEF	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-48.41%	-92.16%	+43.75%
Max Drawdown (1Y) Largest decline over 1 year	-48.41%	-25.28%	-23.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-42.14%	-86.33%	+44.19%
Average Drawdown Average peak-to-trough decline	-9.74%	-68.61%	+58.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.77%	10.37%	+7.40%

Volatility

KDEF vs. BITI - Volatility Comparison

PLUS Korea Defense Industry Index ETF (KDEF) has a higher volatility of 21.66% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that KDEF'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

	KDEF	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.66%	8.93%	+12.73%
Volatility (6M) Calculated over the trailing 6-month period	44.03%	33.35%	+10.68%
Volatility (1Y) Calculated over the trailing 1-year period	51.82%	44.25%	+7.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.36%	52.01%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.36%	52.01%	-1.65%

KDEF vs. BITI - Expense Ratio Comparison

KDEF has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

KDEF vs. BITI - Dividend Comparison

KDEF's dividend yield for the trailing twelve months is around 7.90%, less than BITI's 21.80% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.80%	1.60%	3.91%	3.33%	0.06%
KDEF PLUS Korea Defense Industry Index ETF	7.90%	5.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KDEF and BITI in my portfolio?

KDEF and BITI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEF or BITI?

KDEF has higher volatility (21.66%) compared to BITI (8.93%). In terms of maximum drawdown, KDEF dropped -48.41% vs BITI's -92.16%.

Which ETF is better, KDEF or BITI?

On 1-year performance, BITI leads with 56.28% vs -3.32% for KDEF. On fees, KDEF is cheaper at 0.65% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEF or BITI?

Over the 1-year period, BITI has performed better with a 56.28% return vs -3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEF or BITI?

KDEF is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 21.80%, compared with 7.90% for KDEF.

What is the main difference between KDEF and BITI?

KDEF is categorized as Aerospace & Defense, while BITI is Cryptocurrency. KDEF tracks The Korea Defence Industry Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: PLUS and ProShares. Their fees differ too: 0.65% for KDEF and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.28 vs -0.06), 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.