KLIP vs. BITI
KLIP (KraneShares China Internet and Covered Call Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KLIP is a China Equities fund actively managed by KraneShares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. KLIP is actively managed, while BITI is passively managed. Over the past 3 years, KLIP returned 6.19%/yr vs -31.77%/yr for BITI. Their -0.23 correlation means they have often moved in opposite directions in the past. KLIP charges 0.95%/yr vs 1.03%/yr for BITI.
Performance
KLIP vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, KLIP achieves a -7.10% return, which is significantly lower than BITI's 27.11% return.
KLIP
- 1D
- 0.31%
- 1M
- 6.50%
- 6M
- -11.47%
- YTD
- -7.10%
- 1Y
- -3.45%
- 3Y*
- 6.19%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.43%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $623.83K | $609.30K | $993.79K |
KLIP vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | -7.10% | 16.92% | 3.37% | 11.11% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -63.94% |
Correlation
The correlation between KLIP 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 (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | -0.23 |
The correlation between KLIP and BITI shifts across timeframes, from -0.34 (1 year) to -0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KLIP vs. BITI — Risk / Return Rank
KLIP
BITI
KLIP vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) 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.
| KLIP | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.24 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.53 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.46 | 6.17 | -6.64 |
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Drawdowns
KLIP vs. BITI - Drawdown Comparison
The maximum KLIP drawdown since its inception was -21.48%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KLIP and BITI.
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Drawdown Indicators
| KLIP | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.48% | -92.16% | +70.68% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -25.28% | +3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -21.48% | -84.63% | +63.15% |
Current DrawdownCurrent decline from peak | -12.44% | -86.12% | +73.68% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -68.59% | +64.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.19% | 10.35% | -1.16% |
Volatility
KLIP vs. BITI - Volatility Comparison
The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 2.40%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that KLIP 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
| KLIP | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 9.13% | -6.73% |
Volatility (6M)Calculated over the trailing 6-month period | 13.02% | 33.31% | -20.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 44.23% | -27.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 52.03% | -34.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 52.03% | -34.04% |
KLIP vs. BITI - Expense Ratio Comparison
KLIP has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
KLIP vs. BITI - Dividend Comparison
KLIP's dividend yield for the trailing twelve months is around 27.63%, more than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% |
KLIP KraneShares China Internet and Covered Call Strategy ETF | 27.63% | 25.14% | 54.26% | 61.22% | 0.00% |
Frequently Asked Questions
KLIP 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.
BITI has higher volatility (9.13%) compared to KLIP (2.40%). In terms of maximum drawdown, KLIP dropped -21.48% vs BITI's -92.16%.
On 3-year performance, KLIP leads with 6.19% vs -31.77% for BITI. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KLIP has performed better with a 6.19% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KLIP is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.
KLIP has the higher dividend yield at 27.63%, compared with 15.17% for BITI.
KLIP is categorized as China Equities, while BITI is Cryptocurrency. They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.95% for KLIP and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 vs -0.26), 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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