NGHT vs. BITI

Last updated Jul 8, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. NGHT is actively managed, while BITI is passively managed. At a correlation of -0.77, they often move in opposite directions. NGHT charges 0.97%/yr vs 1.03%/yr for BITI.

Performance

NGHT vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NGHT

• 1D: -1.38%
• 1M: 1.96%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -0.12%
• 1M: -6.19%
• 6M: 33.02%
• YTD: 25.67%
• 1Y: 50.21%
• 3Y*: -31.23%
• 5Y*: —
• 10Y*: —

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

NGHT vs. BITI - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-15.90%
BITI ProShares Shrt Bitcoin ETF	6.14%

Correlation

The correlation between NGHT and BITI is -0.77, 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 (All Time) Calculated using the full available price history since Apr 8, 2026	-0.77

Return for Risk

NGHT vs. BITI — Risk / Return Rank

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

NGHT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITI

BITI Risk / Return Rank: 38
BITI Sharpe Ratio Rank: 36
BITI Sortino Ratio Rank: 37
BITI Omega Ratio Rank: 34
BITI Calmar Ratio Rank: 46
BITI Martin Ratio Rank: 37

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.

NGHT vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and ProShares Shrt 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.

	NGHT	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.14	—
Sortino ratio: Return per unit of downside risk	—	1.71	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	4.86	—

Drawdowns

NGHT vs. BITI - Drawdown Comparison

The maximum NGHT drawdown since its inception was -21.53%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for NGHT and BITI.

Drawdown Indicators

	NGHT	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-21.53%	-92.16%	+70.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-19.99%	-86.28%	+66.29%
Average Drawdown Average peak-to-trough decline	-9.22%	-68.27%	+59.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.44%	—

Volatility

Volatility by Period

	NGHT	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.93%	44.24%	-14.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.93%	52.34%	-22.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.93%	52.34%	-22.41%

NGHT vs. BITI - Expense Ratio Comparison

NGHT has a 0.97% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

NGHT vs. BITI - Dividend Comparison

NGHT has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.47%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	15.47%	1.60%	3.91%	3.33%	0.06%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGHT and BITI in my portfolio?

NGHT and BITI have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NGHT or BITI?

On fees, NGHT is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NGHT or BITI?

NGHT is cheaper with a 0.97% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.47%, compared with 0.00% for NGHT.

What is the main difference between NGHT and BITI?

They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for NGHT and 1.03% for BITI.