NGHT vs. BITI
NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds. NGHT is actively managed, while BITI is passively managed. Their -0.79 correlation means they have often moved in opposite directions in the past. NGHT charges 0.97%/yr vs 1.03%/yr for BITI.
Performance
NGHT vs. BITI - Performance Comparison
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Returns By Period
NGHT
- 1D
- 1.08%
- 1M
- -6.11%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
BITI
- 1D
- -1.11%
- 1M
- -8.29%
- 6M
- 23.99%
- YTD
- 23.29%
- 1Y
- 59.43%
- 3Y*
- -32.37%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -36.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.05M | $28.64M | $39.23M | |
| $192.25K | $331.23K | $485.78K |
NGHT vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF | -18.89% |
BITI ProShares Short Bitcoin ETF | 4.13% |
Correlation
The correlation between NGHT and BITI is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | -0.79 |
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Return for Risk
NGHT vs. BITI — Risk / Return Rank
NGHT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BITI
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 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.
| NGHT | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.36 | — |
| Martin ratioReturn relative to average drawdown | — | 5.79 | — |
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Drawdowns
NGHT vs. BITI - Drawdown Comparison
The maximum NGHT drawdown since its inception was -23.66%, 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.
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Drawdown Indicators
| NGHT | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.66% | -92.16% | +68.50% |
Max Drawdown (1Y)Largest decline over 1 year | — | -25.28% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.63% | — |
Current DrawdownCurrent decline from peak | -22.84% | -86.54% | +63.70% |
Average DrawdownAverage peak-to-trough decline | -11.60% | -68.52% | +56.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 10.30% | — |
Volatility
NGHT vs. BITI - Volatility Comparison
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Volatility by Period
| NGHT | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.82% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 33.65% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 30.40% | 44.17% | -13.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.40% | 52.09% | -21.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.40% | 52.09% | -21.69% |
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 15.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.77% | 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
NGHT and BITI have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
NGHT is cheaper with a 0.97% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.77%, compared with 0.00% for NGHT.
They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for NGHT and 1.03% for BITI.
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