KGRN vs. BITI
KGRN (KraneShares MSCI China Clean Technology Index ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, KGRN returned -5.13%/yr vs -30.65%/yr for BITI. At a correlation of -0.22, they often move in opposite directions. KGRN charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
KGRN vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -14.41% return, which is significantly lower than BITI's 28.75% return.
KGRN
- 1D
- -1.95%
- 1M
- -9.42%
- 6M
- -18.98%
- YTD
- -14.41%
- 1Y
- -13.47%
- 3Y*
- -5.13%
- 5Y*
- -12.00%
- 10Y*
- —
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
KGRN vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -14.41% | 21.45% | -1.11% | -14.75% | -27.25% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between KGRN and BITI is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.22 |
The correlation between KGRN and BITI shifts across timeframes, from -0.32 (1 year) to -0.19 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KGRN vs. BITI — Risk / Return Rank
KGRN
BITI
KGRN vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.
| KGRN | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.26 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.72 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.78 | -7.84 |
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Drawdowns
KGRN vs. BITI - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KGRN and BITI.
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Drawdown Indicators
| KGRN | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -92.16% | +25.92% |
Max Drawdown (1Y)Largest decline over 1 year | -28.36% | -25.28% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -84.63% | +42.44% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | — | — |
Current DrawdownCurrent decline from peak | -55.18% | -85.94% | +30.76% |
Average DrawdownAverage peak-to-trough decline | -34.15% | -68.34% | +34.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.76% | 10.11% | +2.65% |
Volatility
KGRN vs. BITI - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.59%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that KGRN 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
| KGRN | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 11.38% | -5.79% |
Volatility (6M)Calculated over the trailing 6-month period | 15.57% | 34.25% | -18.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.68% | 44.14% | -20.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.64% | 52.28% | -17.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.76% | 52.28% | -19.52% |
KGRN vs. BITI - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
KGRN vs. BITI - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 1.00%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 1.00% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
Frequently Asked Questions
KGRN and BITI have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.38%) compared to KGRN (5.59%). In terms of maximum drawdown, KGRN dropped -66.24% vs BITI's -92.16%.
On 3-year performance, KGRN leads with -5.13% vs -30.65% for BITI. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KGRN has performed better with a -5.13% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 1.00% for KGRN.
KGRN is categorized as China Equities, while BITI is Cryptocurrency. KGRN tracks MSCI China IMI Environment 10/40 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.79% for KGRN and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.56 vs -0.57), 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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