MSTQ vs. BITI

Last updated Jul 14, 2026

MSTQ (LHA Market State Tactical Q ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MSTQ is a Options Trading fund actively managed by Little Harbor Advisors, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. MSTQ is actively managed, while BITI is passively managed. Over the past 3 years, MSTQ returned 19.43%/yr vs -30.65%/yr for BITI. At a correlation of -0.36, they often move in opposite directions. MSTQ charges 1.59%/yr vs 1.03%/yr for BITI.

Performance

MSTQ vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LHA Market State Tactical Q ETF (MSTQ) 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, MSTQ achieves a 11.55% return, which is significantly lower than BITI's 28.75% return.

MSTQ

• 1D: -1.93%
• 1M: -2.20%
• 6M: 9.16%
• YTD: 11.55%
• 1Y: 20.85%
• 3Y*: 19.43%
• 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)

MSTQ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSTQ LHA Market State Tactical Q ETF	11.55%	20.57%	19.58%	43.10%	-5.95%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between MSTQ and BITI is -0.45, 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	-0.45
Correlation (3Y) Calculated over the trailing 3-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.36

The correlation between MSTQ and BITI shifts across timeframes, from -0.45 (1 year) to -0.33 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MSTQ vs. BITI — Risk / Return Rank

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

MSTQ

MSTQ Risk / Return Rank: 42
MSTQ Sharpe Ratio Rank: 45
MSTQ Sortino Ratio Rank: 41
MSTQ Omega Ratio Rank: 43
MSTQ Calmar Ratio Rank: 41
MSTQ Martin Ratio Rank: 40

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.

MSTQ vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LHA Market State Tactical Q ETF (MSTQ) 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.

	MSTQ	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.56	-0.30
Sortino ratio: Return per unit of downside risk	1.74	2.13	-0.39
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	1.69	2.72	-1.03
Martin ratio: Return relative to average drawdown	5.03	6.78	-1.75

MSTQ vs. BITI - Sharpe Ratio Comparison

The current MSTQ Sharpe Ratio is 1.26, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MSTQ 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

MSTQ vs. BITI - Drawdown Comparison

The maximum MSTQ drawdown since its inception was -31.05%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MSTQ and BITI.

Drawdown Indicators

	MSTQ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-31.05%	-92.16%	+61.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-25.28%	+12.89%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-84.63%	+69.41%
Current Drawdown Current decline from peak	-5.18%	-85.94%	+80.76%
Average Drawdown Average peak-to-trough decline	-8.49%	-68.34%	+59.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	10.11%	-5.96%

Volatility

MSTQ vs. BITI - Volatility Comparison

The current volatility for LHA Market State Tactical Q ETF (MSTQ) is 7.75%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that MSTQ 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

	MSTQ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	11.38%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	13.31%	34.25%	-20.94%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	44.14%	-27.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	52.28%	-33.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	52.28%	-33.16%

MSTQ vs. BITI - Expense Ratio Comparison

MSTQ has a 1.59% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

MSTQ vs. BITI - Dividend Comparison

MSTQ's dividend yield for the trailing twelve months is around 12.52%, 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%
MSTQ LHA Market State Tactical Q ETF	12.52%	13.97%	3.72%	0.77%	0.00%

Frequently Asked Questions

Can I hold both MSTQ and BITI in my portfolio?

MSTQ and BITI have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTQ or BITI?

BITI has higher volatility (11.38%) compared to MSTQ (7.75%). In terms of maximum drawdown, MSTQ dropped -31.05% vs BITI's -92.16%.

Which ETF is better, MSTQ or BITI?

On 3-year performance, MSTQ leads with 19.43% vs -30.65% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, MSTQ has been the lower-risk option at 7.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTQ or BITI?

Over the 3-year period, MSTQ has performed better with a 19.43% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTQ or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.59% for MSTQ.

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

BITI has the higher dividend yield at 15.10%, compared with 12.52% for MSTQ.

What is the main difference between MSTQ and BITI?

MSTQ is categorized as Options Trading, while BITI is Cryptocurrency. They also come from different issuers: Little Harbor Advisors and ProShares. Their fees differ too: 1.59% for MSTQ and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 1.26), 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.