LTCN vs. BITI

Last updated Jun 5, 2026

LTCN (Grayscale Litecoin Trust) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds - LTCN tracks the CoinDesk Litecoin Price Index while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past 3 years, LTCN returned -6.83%/yr vs -34.84%/yr for BITI. At a correlation of -0.63, they often move in opposite directions. LTCN charges 2.50%/yr vs 1.03%/yr for BITI.

Performance

LTCN vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Litecoin Trust (LTCN) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTCN achieves a -42.76% return, which is significantly lower than BITI's 27.41% return.

LTCN

• 1D: -0.64%
• 1M: -19.52%
• YTD: -42.76%
• 6M: -51.38%
• 1Y: -52.40%
• 3Y*: -6.83%
• 5Y*: -59.10%
• 10Y*: —

BITI

• 1D: 2.70%
• 1M: 27.75%
• YTD: 27.41%
• 6M: 34.37%
• 1Y: 47.79%
• 3Y*: -34.84%
• 5Y*: —
• 10Y*: —

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

LTCN vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LTCN Grayscale Litecoin Trust	-42.76%	-54.37%	-18.79%	650.00%	-32.26%
BITI ProShares Shrt Bitcoin ETF	27.41%	-1.76%	-62.60%	-66.17%	-0.06%

Correlation

The correlation between LTCN and BITI is -0.71, 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	-0.71
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	-0.63

The correlation between LTCN and BITI has been stable across timeframes, ranging from -0.71 to -0.62 - a consistent structural relationship.

Return for Risk

LTCN vs. BITI — Risk / Return Rank

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

LTCN

LTCN Risk / Return Rank: 3
LTCN Sharpe Ratio Rank: 3
LTCN Sortino Ratio Rank: 3
LTCN Omega Ratio Rank: 3
LTCN Calmar Ratio Rank: 3
LTCN Martin Ratio Rank: 3

BITI

BITI Risk / Return Rank: 32
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 29

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.

LTCN vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Litecoin Trust (LTCN) and ProShares Shrt 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.

	LTCN	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.10	-1.86
Sortino ratio: Return per unit of downside risk	-1.03	1.67	-2.70
Omega ratio: Gain probability vs. loss probability	0.88	1.20	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.75	1.90	-2.65
Martin ratio: Return relative to average drawdown	-1.21	4.06	-5.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTCN vs. BITI - Sharpe Ratio Comparison

The current LTCN Sharpe Ratio is -0.75, which is lower than the BITI Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of LTCN 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.

Sharpe Ratios by Period

	LTCN	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	1.10	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	-0.71	+0.51

Drawdowns

LTCN vs. BITI - Drawdown Comparison

The maximum LTCN drawdown since its inception was -99.58%, which is greater than BITI's maximum drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for LTCN and BITI.

Drawdown Indicators

	LTCN	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-99.58%	-92.16%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-25.28%	-44.34%
Max Drawdown (3Y) Largest decline over 3 years	-92.89%	-84.63%	-8.26%
Max Drawdown (5Y) Largest decline over 5 years	-99.28%	—	—
Current Drawdown Current decline from peak	-99.33%	-86.09%	-13.24%
Average Drawdown Average peak-to-trough decline	-89.62%	-67.97%	-21.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.18%	11.80%	+31.38%

Volatility

LTCN vs. BITI - Volatility Comparison

Grayscale Litecoin Trust (LTCN) has a higher volatility of 12.32% compared to ProShares Shrt Bitcoin ETF (BITI) at 8.92%. This indicates that LTCN'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

	LTCN	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	8.92%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	41.08%	33.40%	+7.68%
Volatility (1Y) Calculated over the trailing 1-year period	69.66%	43.55%	+26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.66%	52.50%	+54.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.37%	52.50%	+88.87%

LTCN vs. BITI - Expense Ratio Comparison

LTCN has a 2.50% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

LTCN vs. BITI - Dividend Comparison

LTCN has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 9.27%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.27%	1.60%	3.91%	3.33%	0.06%
LTCN Grayscale Litecoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LTCN and BITI in my portfolio?

LTCN and BITI have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTCN or BITI?

LTCN has higher volatility (12.32%) compared to BITI (8.92%). In terms of maximum drawdown, LTCN dropped -99.58% vs BITI's -92.16%.

Which ETF is better, LTCN or BITI?

On 3-year performance, LTCN leads with -6.83% vs -34.84% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTCN or BITI?

Over the 3-year period, LTCN has performed better with a -6.83% return vs -34.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTCN or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.50% for LTCN.

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

BITI has the higher dividend yield at 9.27%, compared with 0.00% for LTCN.

What is the main difference between LTCN and BITI?

LTCN tracks CoinDesk Litecoin Price Index, while BITI tracks Bloomberg Bitcoin Index (-100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for LTCN and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.10 vs -0.75), 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.