MEMS vs. BITI

Last updated Jul 18, 2026

MEMS (Matthews Emerging Markets Discovery Active ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MEMS is a Emerging Markets Diversified fund actively managed by Matthews, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. MEMS is actively managed, while BITI is passively managed. Over the past year, MEMS returned 14.30% vs 64.56% for BITI. At a correlation of -0.34, they often move in opposite directions. MEMS charges 0.89%/yr vs 1.03%/yr for BITI.

Performance

MEMS vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Discovery Active ETF (MEMS) 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, MEMS achieves a 16.10% return, which is significantly lower than BITI's 24.73% return.

MEMS

• 1D: -1.78%
• 1M: -6.85%
• 6M: 12.09%
• YTD: 16.10%
• 1Y: 14.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 0.20%
• 1M: -0.52%
• 6M: 36.51%
• YTD: 24.73%
• 1Y: 64.56%
• 3Y*: -31.71%
• 5Y*: —
• 10Y*: —

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

MEMS vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MEMS Matthews Emerging Markets Discovery Active ETF	16.10%	11.12%	-5.32%
BITI ProShares Short Bitcoin ETF	24.73%	-1.76%	-58.70%

Correlation

The correlation between MEMS and BITI is -0.44, 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	-0.44
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.34

Return for Risk

MEMS vs. BITI — Risk / Return Rank

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

MEMS

MEMS Risk / Return Rank: 26
MEMS Sharpe Ratio Rank: 24
MEMS Sortino Ratio Rank: 24
MEMS Omega Ratio Rank: 23
MEMS Calmar Ratio Rank: 28
MEMS Martin Ratio Rank: 31

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 54
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 65
BITI Martin Ratio Rank: 48

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.

MEMS vs. BITI - Risk-Adjusted Trends Comparison

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

	MEMS	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.47	-0.83
Sortino ratio: Return per unit of downside risk	1.03	2.04	-1.01
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	1.10	2.57	-1.47
Martin ratio: Return relative to average drawdown	3.35	6.36	-3.02

MEMS vs. BITI - Sharpe Ratio Comparison

The current MEMS Sharpe Ratio is 0.64, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MEMS 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

MEMS vs. BITI - Drawdown Comparison

The maximum MEMS drawdown since its inception was -22.24%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MEMS and BITI.

Drawdown Indicators

	MEMS	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-22.24%	-92.16%	+69.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-25.28%	+12.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-8.89%	-86.38%	+77.49%
Average Drawdown Average peak-to-trough decline	-5.15%	-68.42%	+63.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	10.18%	-5.89%

Volatility

MEMS vs. BITI - Volatility Comparison

The current volatility for Matthews Emerging Markets Discovery Active ETF (MEMS) is 7.37%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that MEMS 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

	MEMS	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	10.69%	-3.32%
Volatility (6M) Calculated over the trailing 6-month period	20.01%	34.09%	-14.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.32%	44.07%	-21.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	52.21%	-32.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	52.21%	-32.20%

MEMS vs. BITI - Expense Ratio Comparison

MEMS has a 0.89% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MEMS vs. BITI - Dividend Comparison

MEMS's dividend yield for the trailing twelve months is around 2.42%, less than BITI's 15.59% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%
MEMS Matthews Emerging Markets Discovery Active ETF	2.42%	2.81%	1.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMS and BITI in my portfolio?

MEMS and BITI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMS or BITI?

BITI has higher volatility (10.69%) compared to MEMS (7.37%). In terms of maximum drawdown, MEMS dropped -22.24% vs BITI's -92.16%.

Which ETF is better, MEMS or BITI?

On 1-year performance, BITI leads with 64.56% vs 14.30% for MEMS. On fees, MEMS is cheaper at 0.89% per year. On volatility, MEMS has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMS or BITI?

Over the 1-year period, BITI has performed better with a 64.56% return vs 14.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMS or BITI?

MEMS is cheaper with a 0.89% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.59%, compared with 2.42% for MEMS.

What is the main difference between MEMS and BITI?

MEMS is categorized as Emerging Markets Diversified, while BITI is Cryptocurrency. They also come from different issuers: Matthews and ProShares. Their fees differ too: 0.89% for MEMS and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.64), 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.