KRBN vs. BITI

Last updated Jul 18, 2026

KRBN (KraneShares Global Carbon ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, KRBN returned -1.04%/yr vs -31.71%/yr for BITI. At a correlation of -0.10, they often move in opposite directions. KRBN charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

KRBN vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Global Carbon ETF (KRBN) 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, KRBN achieves a -6.36% return, which is significantly lower than BITI's 24.73% return.

KRBN

• 1D: 0.33%
• 1M: -0.42%
• 6M: -7.99%
• YTD: -6.36%
• 1Y: 12.29%
• 3Y*: -1.04%
• 5Y*: 6.16%
• 10Y*: —

BITI

• 1D: 0.20%
• 1M: -0.52%
• 6M: 36.51%
• YTD: 24.73%
• 1Y: 64.56%
• 3Y*: -31.71%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

KRBN vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KRBN KraneShares Global Carbon ETF	-6.36%	23.11%	-13.56%	8.01%	-4.66%
BITI ProShares Short Bitcoin ETF	24.73%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between KRBN and BITI is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.10

The correlation between KRBN and BITI shifts across timeframes, from -0.23 (1 year) to -0.09 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

KRBN vs. BITI — Risk / Return Rank

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

KRBN

KRBN Risk / Return Rank: 20
KRBN Sharpe Ratio Rank: 23
KRBN Sortino Ratio Rank: 21
KRBN Omega Ratio Rank: 22
KRBN Calmar Ratio Rank: 17
KRBN Martin Ratio Rank: 17

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 54
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 65
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.

KRBN vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) 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.

	KRBN	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.47	-0.83
Sortino ratio: Return per unit of downside risk	0.96	2.04	-1.08
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.49	2.57	-2.07
Martin ratio: Return relative to average drawdown	1.23	6.36	-5.13

KRBN vs. BITI - Sharpe Ratio Comparison

The current KRBN Sharpe Ratio is 0.65, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of KRBN 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

KRBN vs. BITI - Drawdown Comparison

The maximum KRBN drawdown since its inception was -36.42%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KRBN and BITI.

Drawdown Indicators

	KRBN	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-92.16%	+55.74%
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	-25.28%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-84.63%	+57.29%
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	—	—
Current Drawdown Current decline from peak	-14.64%	-86.38%	+71.74%
Average Drawdown Average peak-to-trough decline	-16.10%	-68.42%	+52.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.00%	10.18%	-0.18%

Volatility

KRBN vs. BITI - Volatility Comparison

The current volatility for KraneShares Global Carbon ETF (KRBN) is 4.43%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that KRBN 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.

Volatility by Period

	KRBN	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	10.69%	-6.26%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	34.09%	-17.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	44.07%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	52.21%	-24.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.44%	52.21%	-23.77%

KRBN vs. BITI - Expense Ratio Comparison

KRBN has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

KRBN vs. BITI - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.03%, less than BITI's 15.59% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%	0.00%
KRBN KraneShares Global Carbon ETF	2.03%	1.90%	7.10%	7.60%	22.91%	0.49%

Frequently Asked Questions

Can I hold both KRBN and BITI in my portfolio?

KRBN and BITI have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KRBN or BITI?

BITI has higher volatility (10.69%) compared to KRBN (4.43%). In terms of maximum drawdown, KRBN dropped -36.42% vs BITI's -92.16%.

Which ETF is better, KRBN or BITI?

On 3-year performance, KRBN leads with -1.04% vs -31.71% for BITI. On fees, KRBN is cheaper at 0.79% per year. On volatility, KRBN has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KRBN or BITI?

Over the 3-year period, KRBN has performed better with a -1.04% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KRBN or BITI?

KRBN is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.59%, compared with 2.03% for KRBN.

What is the main difference between KRBN and BITI?

KRBN is categorized as Commodities, while BITI is Cryptocurrency. KRBN tracks IHS Markit Global Carbon Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.79% for KRBN and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.65), 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.