MTUL vs. BITI

Last updated Jul 18, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, MTUL returned 53.01%/yr vs -31.71%/yr for BITI. At a correlation of -0.33, they often move in opposite directions. MTUL charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

MTUL vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) 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, MTUL achieves a 60.84% return, which is significantly higher than BITI's 24.73% return.

MTUL

• 1D: -9.96%
• 1M: -2.62%
• 6M: 55.60%
• YTD: 60.84%
• 1Y: 71.93%
• 3Y*: 53.01%
• 5Y*: 20.72%
• 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)

MTUL vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	60.84%	27.42%	58.70%	10.66%	27.15%
BITI ProShares Short Bitcoin ETF	24.73%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between MTUL and BITI is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.33

Return for Risk

MTUL vs. BITI — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 61
MTUL Sharpe Ratio Rank: 49
MTUL Sortino Ratio Rank: 50
MTUL Omega Ratio Rank: 53
MTUL Calmar Ratio Rank: 76
MTUL Martin Ratio Rank: 77

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.

MTUL vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) 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.

	MTUL	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.47	-0.11
Sortino ratio: Return per unit of downside risk	1.97	2.04	-0.07
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	3.03	2.57	+0.46
Martin ratio: Return relative to average drawdown	11.02	6.36	+4.66

MTUL vs. BITI - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 1.36, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MTUL 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

MTUL vs. BITI - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MTUL and BITI.

Drawdown Indicators

	MTUL	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-92.16%	+35.33%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	-25.28%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	-84.63%	+45.48%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-9.96%	-86.38%	+76.42%
Average Drawdown Average peak-to-trough decline	-22.31%	-68.42%	+46.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	10.18%	-3.63%

Volatility

MTUL vs. BITI - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 26.97% compared to ProShares Short Bitcoin ETF (BITI) at 10.69%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.97%	10.69%	+16.28%
Volatility (6M) Calculated over the trailing 6-month period	46.80%	34.09%	+12.71%
Volatility (1Y) Calculated over the trailing 1-year period	53.21%	44.07%	+9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.77%	52.21%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.13%	52.21%	-7.08%

MTUL vs. BITI - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MTUL vs. BITI - Dividend Comparison

MTUL has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.59%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.59%	1.60%	3.91%	3.33%	0.06%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTUL and BITI in my portfolio?

MTUL and BITI have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUL or BITI?

MTUL has higher volatility (26.97%) compared to BITI (10.69%). In terms of maximum drawdown, MTUL dropped -56.83% vs BITI's -92.16%.

Which ETF is better, MTUL or BITI?

On 3-year performance, MTUL leads with 53.01% vs -31.71% for BITI. On fees, MTUL is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUL or BITI?

Over the 3-year period, MTUL has performed better with a 53.01% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUL or BITI?

MTUL is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.59%, compared with 0.00% for MTUL.

What is the main difference between MTUL and BITI?

MTUL is categorized as Momentum, while BITI is Cryptocurrency. MTUL tracks MSCI USA Momentum Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for MTUL and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 1.36), 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.