KSA vs. BITI

Last updated Jul 14, 2026

KSA (iShares MSCI Saudi Arabia ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, KSA returned -1.39%/yr vs -30.65%/yr for BITI. At a correlation of -0.23, they often move in opposite directions. KSA charges 0.74%/yr vs 1.03%/yr for BITI.

Performance

KSA vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Saudi Arabia ETF (KSA) 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, KSA achieves a 3.48% return, which is significantly lower than BITI's 28.75% return.

KSA

• 1D: -0.38%
• 1M: -4.32%
• 6M: -0.38%
• YTD: 3.48%
• 1Y: -1.95%
• 3Y*: -1.39%
• 5Y*: 1.62%
• 10Y*: 7.27%

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

KSA vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KSA iShares MSCI Saudi Arabia ETF	3.48%	-8.20%	-0.19%	15.05%	-9.96%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between KSA and BITI is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.23

Return for Risk

KSA vs. BITI — Risk / Return Rank

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

KSA

KSA Risk / Return Rank: 8
KSA Sharpe Ratio Rank: 8
KSA Sortino Ratio Rank: 7
KSA Omega Ratio Rank: 7
KSA Calmar Ratio Rank: 8
KSA Martin Ratio Rank: 7

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

KSA vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) 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.

	KSA	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	1.56	-1.68
Sortino ratio: Return per unit of downside risk	-0.06	2.13	-2.19
Omega ratio: Gain probability vs. loss probability	0.99	1.26	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.17	2.72	-2.89
Martin ratio: Return relative to average drawdown	-0.37	6.78	-7.14

KSA vs. BITI - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is -0.12, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of KSA 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

KSA vs. BITI - Drawdown Comparison

The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for KSA and BITI.

Drawdown Indicators

	KSA	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-92.16%	+51.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-25.28%	+13.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-84.63%	+69.07%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-17.87%	-85.94%	+68.07%
Average Drawdown Average peak-to-trough decline	-11.48%	-68.34%	+56.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.40%	10.11%	-4.71%

Volatility

KSA vs. BITI - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 3.20%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that KSA 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

	KSA	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	11.38%	-8.18%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	34.25%	-22.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	44.14%	-27.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	52.28%	-36.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.99%	52.28%	-32.29%

KSA vs. BITI - Expense Ratio Comparison

KSA has a 0.74% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

KSA vs. BITI - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.78%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KSA iShares MSCI Saudi Arabia ETF	2.78%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%

Frequently Asked Questions

Can I hold both KSA and BITI in my portfolio?

KSA and BITI have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSA or BITI?

BITI has higher volatility (11.38%) compared to KSA (3.20%). In terms of maximum drawdown, KSA dropped -40.56% vs BITI's -92.16%.

Which ETF is better, KSA or BITI?

On 3-year performance, KSA leads with -1.39% vs -30.65% for BITI. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSA or BITI?

Over the 3-year period, KSA has performed better with a -1.39% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or BITI?

KSA is cheaper with a 0.74% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 2.78% for KSA.

What is the main difference between KSA and BITI?

KSA is categorized as Emerging Markets Equities, while BITI is Cryptocurrency. KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.74% for KSA and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs -0.12), 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.