MCHI vs. BITI
MCHI (iShares MSCI China ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MCHI is a China Equities fund tracking the MSCI China Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, MCHI returned 7.95%/yr vs -31.71%/yr for BITI. At a correlation of -0.25, they often move in opposite directions. MCHI charges 0.59%/yr vs 1.03%/yr for BITI.
Performance
MCHI vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, MCHI achieves a -11.27% return, which is significantly lower than BITI's 24.73% return.
MCHI
- 1D
- -2.20%
- 1M
- -0.09%
- 6M
- -14.75%
- YTD
- -11.27%
- 1Y
- -5.21%
- 3Y*
- 7.95%
- 5Y*
- -5.54%
- 10Y*
- 3.74%
BITI
- 1D
- 0.20%
- 1M
- -0.52%
- 6M
- 36.51%
- YTD
- 24.73%
- 1Y
- 64.56%
- 3Y*
- -31.71%
- 5Y*
- —
- 10Y*
- —
MCHI vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MCHI iShares MSCI China ETF | -11.27% | 31.04% | 17.73% | -11.94% | -8.66% |
BITI ProShares Short Bitcoin ETF | 24.73% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between MCHI and BITI is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.25 |
The correlation between MCHI and BITI shifts across timeframes, from -0.37 (1 year) to -0.21 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MCHI vs. BITI — Risk / Return Rank
MCHI
BITI
MCHI vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China ETF (MCHI) 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.
| MCHI | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 2.57 | -2.79 |
| Martin ratioReturn relative to average drawdown | -0.49 | 6.36 | -6.85 |
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Drawdowns
MCHI vs. BITI - Drawdown Comparison
The maximum MCHI drawdown since its inception was -62.95%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MCHI and BITI.
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Drawdown Indicators
| MCHI | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.95% | -92.16% | +29.21% |
Max Drawdown (1Y)Largest decline over 1 year | -23.22% | -25.28% | +2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -25.85% | -84.63% | +58.78% |
Max Drawdown (5Y)Largest decline over 5 years | -53.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.95% | — | — |
Current DrawdownCurrent decline from peak | -39.49% | -86.38% | +46.89% |
Average DrawdownAverage peak-to-trough decline | -24.63% | -68.42% | +43.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.73% | 10.18% | +0.55% |
Volatility
MCHI vs. BITI - Volatility Comparison
The current volatility for iShares MSCI China ETF (MCHI) is 6.01%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that MCHI 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
| MCHI | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.01% | 10.69% | -4.68% |
Volatility (6M)Calculated over the trailing 6-month period | 14.64% | 34.09% | -19.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.52% | 44.07% | -23.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.70% | 52.21% | -21.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.34% | 52.21% | -24.87% |
MCHI vs. BITI - Expense Ratio Comparison
MCHI has a 0.59% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
MCHI vs. BITI - Dividend Comparison
MCHI's dividend yield for the trailing twelve months is around 2.07%, less than BITI's 15.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.59% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MCHI iShares MSCI China ETF | 2.07% | 2.12% | 2.31% | 2.66% | 1.78% | 1.04% | 1.04% | 1.45% | 1.60% | 1.56% | 1.66% | 2.76% |
Frequently Asked Questions
MCHI and BITI have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.69%) compared to MCHI (6.01%). In terms of maximum drawdown, MCHI dropped -62.95% vs BITI's -92.16%.
On 3-year performance, MCHI leads with 7.95% vs -31.71% for BITI. On fees, MCHI is cheaper at 0.59% per year. On volatility, MCHI has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MCHI has performed better with a 7.95% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCHI is cheaper with a 0.59% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.59%, compared with 2.07% for MCHI.
MCHI is categorized as China Equities, while BITI is Cryptocurrency. MCHI tracks MSCI China Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for MCHI and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 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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