NIKL vs. BITI

Last updated Jul 17, 2026

NIKL (Sprott Nickel Miners ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - NIKL is a Energy Equities fund tracking the Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, NIKL returned -9.25%/yr vs -31.62%/yr for BITI. At a correlation of -0.26, they often move in opposite directions. NIKL charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

NIKL vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Nickel Miners ETF (NIKL) 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, NIKL achieves a -16.85% return, which is significantly lower than BITI's 24.48% return.

NIKL

• 1D: -1.30%
• 1M: -12.04%
• 6M: -31.91%
• YTD: -16.85%
• 1Y: 10.22%
• 3Y*: -9.25%
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

NIKL vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NIKL Sprott Nickel Miners ETF	-16.85%	52.05%	-22.48%	-19.00%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-36.26%

Correlation

The correlation between NIKL and BITI is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	-0.26

Return for Risk

NIKL vs. BITI — Risk / Return Rank

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

NIKL

NIKL Risk / Return Rank: 14
NIKL Sharpe Ratio Rank: 13
NIKL Sortino Ratio Rank: 15
NIKL Omega Ratio Rank: 15
NIKL Calmar Ratio Rank: 13
NIKL Martin Ratio Rank: 13

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
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.

NIKL vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Nickel Miners ETF (NIKL) 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.

	NIKL	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.47	-1.23
Sortino ratio: Return per unit of downside risk	0.64	2.04	-1.40
Omega ratio: Gain probability vs. loss probability	1.08	1.25	-0.17
Calmar ratio: Return relative to maximum drawdown	0.26	2.57	-2.30
Martin ratio: Return relative to average drawdown	0.60	6.38	-5.77

NIKL vs. BITI - Sharpe Ratio Comparison

The current NIKL Sharpe Ratio is 0.24, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of NIKL 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

NIKL vs. BITI - Drawdown Comparison

The maximum NIKL drawdown since its inception was -60.23%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for NIKL and BITI.

Drawdown Indicators

	NIKL	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-92.16%	+31.93%
Max Drawdown (1Y) Largest decline over 1 year	-38.85%	-25.28%	-13.57%
Max Drawdown (3Y) Largest decline over 3 years	-58.50%	-84.63%	+26.13%
Current Drawdown Current decline from peak	-36.47%	-86.41%	+49.94%
Average Drawdown Average peak-to-trough decline	-26.84%	-68.40%	+41.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.04%	10.16%	+6.88%

Volatility

NIKL vs. BITI - Volatility Comparison

The current volatility for Sprott Nickel Miners ETF (NIKL) is 9.72%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that NIKL 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

	NIKL	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	10.76%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	35.44%	34.28%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	42.89%	44.15%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.98%	52.24%	-19.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.98%	52.24%	-19.26%

NIKL vs. BITI - Expense Ratio Comparison

NIKL has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

NIKL vs. BITI - Dividend Comparison

NIKL's dividend yield for the trailing twelve months is around 3.04%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
NIKL Sprott Nickel Miners ETF	3.04%	2.53%	3.49%	19.52%	0.00%

Frequently Asked Questions

Can I hold both NIKL and BITI in my portfolio?

NIKL and BITI have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIKL or BITI?

BITI has higher volatility (10.76%) compared to NIKL (9.72%). In terms of maximum drawdown, NIKL dropped -60.23% vs BITI's -92.16%.

Which ETF is better, NIKL or BITI?

On 3-year performance, NIKL leads with -9.25% vs -31.62% for BITI. On fees, NIKL is cheaper at 0.75% per year. On volatility, NIKL has been the lower-risk option at 9.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NIKL or BITI?

Over the 3-year period, NIKL has performed better with a -9.25% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NIKL or BITI?

NIKL is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 3.04% for NIKL.

What is the main difference between NIKL and BITI?

NIKL is categorized as Energy Equities, while BITI is Cryptocurrency. NIKL tracks Nasdaq Sprott Nickel Miners Index - Benchmark TR Gross, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.75% for NIKL and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.24), 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.