MDEV vs. BITI

Last updated Jul 14, 2026

MDEV (First Trust Indxx Medical Devices ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, MDEV returned -2.01%/yr vs -30.65%/yr for BITI. At a correlation of -0.26, they often move in opposite directions. MDEV charges 0.70%/yr vs 1.03%/yr for BITI.

Performance

MDEV vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) 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, MDEV achieves a -5.52% return, which is significantly lower than BITI's 28.75% return.

MDEV

• 1D: 0.14%
• 1M: 5.33%
• 6M: -8.57%
• YTD: -5.52%
• 1Y: -3.17%
• 3Y*: -2.01%
• 5Y*: -4.94%
• 10Y*: —

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)

MDEV vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MDEV First Trust Indxx Medical Devices ETF	-5.52%	2.00%	1.79%	7.55%	9.09%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between MDEV 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.26

Return for Risk

MDEV vs. BITI — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 7
MDEV Sharpe Ratio Rank: 7
MDEV Sortino Ratio Rank: 7
MDEV Omega Ratio Rank: 7
MDEV Calmar Ratio Rank: 8
MDEV 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.

MDEV vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.

	MDEV	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	1.56	-1.75
Sortino ratio: Return per unit of downside risk	-0.16	2.13	-2.29
Omega ratio: Gain probability vs. loss probability	0.98	1.26	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.18	2.72	-2.89
Martin ratio: Return relative to average drawdown	-0.39	6.78	-7.17

MDEV vs. BITI - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is -0.19, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MDEV 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

MDEV vs. BITI - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MDEV and BITI.

Drawdown Indicators

	MDEV	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-92.16%	+49.82%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-25.28%	+7.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	-84.63%	+62.13%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	—	—
Current Drawdown Current decline from peak	-29.29%	-85.94%	+56.65%
Average Drawdown Average peak-to-trough decline	-25.76%	-68.34%	+42.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	10.11%	-1.89%

Volatility

MDEV vs. BITI - Volatility Comparison

The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 5.06%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that MDEV 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

	MDEV	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	11.38%	-6.32%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	34.25%	-21.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	44.14%	-27.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	52.28%	-33.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	52.28%	-33.31%

MDEV vs. BITI - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MDEV vs. BITI - Dividend Comparison

MDEV's dividend yield for the trailing twelve months is around 0.11%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
MDEV First Trust Indxx Medical Devices ETF	0.11%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDEV and BITI in my portfolio?

MDEV 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, MDEV or BITI?

BITI has higher volatility (11.38%) compared to MDEV (5.06%). In terms of maximum drawdown, MDEV dropped -42.34% vs BITI's -92.16%.

Which ETF is better, MDEV or BITI?

On 3-year performance, MDEV leads with -2.01% vs -30.65% for BITI. On fees, MDEV is cheaper at 0.70% per year. On volatility, MDEV has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDEV or BITI?

Over the 3-year period, MDEV has performed better with a -2.01% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDEV or BITI?

MDEV is cheaper with a 0.70% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.11% for MDEV.

What is the main difference between MDEV and BITI?

MDEV is categorized as Health & Biotech Equities, while BITI is Cryptocurrency. MDEV tracks Indxx Global Medical Equipment Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.70% for MDEV and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs -0.19), 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.