MEM vs. BITI

Last updated Jul 14, 2026

MEM (Matthews Emerging Markets Equity Active ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MEM is a Emerging Markets Diversified fund actively managed by Matthews, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. MEM is actively managed, while BITI is passively managed. Over the past 3 years, MEM returned 18.78%/yr vs -30.65%/yr for BITI. At a correlation of -0.36, they often move in opposite directions. MEM charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

MEM vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Equity Active ETF (MEM) 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, MEM achieves a 19.48% return, which is significantly lower than BITI's 28.75% return.

MEM

• 1D: -2.66%
• 1M: -4.37%
• 6M: 12.46%
• YTD: 19.48%
• 1Y: 36.71%
• 3Y*: 18.78%
• 5Y*: —
• 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)

MEM vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MEM Matthews Emerging Markets Equity Active ETF	19.48%	28.31%	10.11%	6.92%	7.13%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	-3.45%

Correlation

The correlation between MEM and BITI is -0.48, 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	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	-0.36

The correlation between MEM and BITI shifts across timeframes, from -0.48 (1 year) to -0.33 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MEM vs. BITI — Risk / Return Rank

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

MEM

MEM Risk / Return Rank: 58
MEM Sharpe Ratio Rank: 56
MEM Sortino Ratio Rank: 53
MEM Omega Ratio Rank: 58
MEM Calmar Ratio Rank: 64
MEM Martin Ratio Rank: 59

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.

MEM vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Active ETF (MEM) 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.

	MEM	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.56	-0.04
Sortino ratio: Return per unit of downside risk	2.07	2.13	-0.05
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.52	2.72	-0.19
Martin ratio: Return relative to average drawdown	8.27	6.78	+1.49

MEM vs. BITI - Sharpe Ratio Comparison

The current MEM Sharpe Ratio is 1.52, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MEM 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

MEM vs. BITI - Drawdown Comparison

The maximum MEM drawdown since its inception was -19.10%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MEM and BITI.

Drawdown Indicators

	MEM	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-92.16%	+73.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.62%	-25.28%	+10.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-84.63%	+65.53%
Current Drawdown Current decline from peak	-9.72%	-85.94%	+76.22%
Average Drawdown Average peak-to-trough decline	-4.75%	-68.34%	+63.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	10.11%	-5.66%

Volatility

MEM vs. BITI - Volatility Comparison

Matthews Emerging Markets Equity Active ETF (MEM) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.60% and 11.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEM	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.60%	11.38%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	34.25%	-12.32%
Volatility (1Y) Calculated over the trailing 1-year period	24.28%	44.14%	-19.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	52.28%	-33.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	52.28%	-33.04%

MEM vs. BITI - Expense Ratio Comparison

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

Dividends

MEM vs. BITI - Dividend Comparison

MEM's dividend yield for the trailing twelve months is around 2.98%, 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%
MEM Matthews Emerging Markets Equity Active ETF	2.98%	3.56%	7.81%	0.01%	0.53%

Frequently Asked Questions

Can I hold both MEM and BITI in my portfolio?

MEM and BITI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEM or BITI?

MEM has higher volatility (11.60%) compared to BITI (11.38%). In terms of maximum drawdown, MEM dropped -19.10% vs BITI's -92.16%.

Which ETF is better, MEM or BITI?

On 3-year performance, MEM leads with 18.78% vs -30.65% for BITI. On fees, MEM is cheaper at 0.79% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEM or BITI?

Over the 3-year period, MEM has performed better with a 18.78% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEM or BITI?

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

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

BITI has the higher dividend yield at 15.10%, compared with 2.98% for MEM.

What is the main difference between MEM and BITI?

MEM is categorized as Emerging Markets Diversified, while BITI is Cryptocurrency. They also come from different issuers: Matthews and ProShares. Their fees differ too: 0.79% for MEM and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 1.52), 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.