OARK vs. BITI

Last updated Jul 14, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. OARK is actively managed, while BITI is passively managed. Over the past 3 years, OARK returned 10.76%/yr vs -30.65%/yr for BITI. At a correlation of -0.47, they often move in opposite directions. OARK charges 0.99%/yr vs 1.03%/yr for BITI.

Performance

OARK vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) 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, OARK achieves a 5.68% return, which is significantly lower than BITI's 28.75% return.

OARK

• 1D: -2.22%
• 1M: 2.53%
• 6M: 0.80%
• YTD: 5.68%
• 1Y: 12.21%
• 3Y*: 10.76%
• 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)

OARK vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OARK YieldMax Innovation Option Income Strategy ETF	5.68%	20.37%	7.32%	20.12%	-9.11%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	-7.71%

Correlation

The correlation between OARK and BITI is -0.63, 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	-0.63
Correlation (3Y) Calculated over the trailing 3-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	-0.47

The correlation between OARK and BITI shifts across timeframes, from -0.63 (1 year) to -0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OARK vs. BITI — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 17
OARK Sharpe Ratio Rank: 17
OARK Sortino Ratio Rank: 17
OARK Omega Ratio Rank: 17
OARK Calmar Ratio Rank: 17
OARK Martin Ratio Rank: 16

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.

OARK vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) 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.

	OARK	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.43	1.56	-1.13
Sortino ratio: Return per unit of downside risk	0.76	2.13	-1.36
Omega ratio: Gain probability vs. loss probability	1.09	1.26	-0.16
Calmar ratio: Return relative to maximum drawdown	0.53	2.72	-2.19
Martin ratio: Return relative to average drawdown	1.22	6.78	-5.56

OARK vs. BITI - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 0.43, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of OARK 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

OARK vs. BITI - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for OARK and BITI.

Drawdown Indicators

	OARK	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-92.16%	+56.68%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-25.28%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	-84.63%	+49.15%
Current Drawdown Current decline from peak	-7.12%	-85.94%	+78.82%
Average Drawdown Average peak-to-trough decline	-10.47%	-68.34%	+57.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.05%	10.11%	-0.06%

Volatility

OARK vs. BITI - Volatility Comparison

The current volatility for YieldMax Innovation Option Income Strategy ETF (OARK) is 7.47%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that OARK 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

	OARK	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	11.38%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	34.25%	-13.03%
Volatility (1Y) Calculated over the trailing 1-year period	28.65%	44.14%	-15.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	52.28%	-21.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	52.28%	-21.44%

OARK vs. BITI - Expense Ratio Comparison

OARK has a 0.99% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

OARK vs. BITI - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 60.65%, more 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%
OARK YieldMax Innovation Option Income Strategy ETF	60.65%	61.86%	47.86%	45.03%	0.00%

Frequently Asked Questions

Can I hold both OARK and BITI in my portfolio?

OARK and BITI have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OARK or BITI?

BITI has higher volatility (11.38%) compared to OARK (7.47%). In terms of maximum drawdown, OARK dropped -35.48% vs BITI's -92.16%.

Which ETF is better, OARK or BITI?

On 3-year performance, OARK leads with 10.76% vs -30.65% for BITI. On fees, OARK is cheaper at 0.99% per year. On volatility, OARK has been the lower-risk option at 7.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OARK or BITI?

Over the 3-year period, OARK has performed better with a 10.76% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or BITI?

OARK is cheaper with a 0.99% expense ratio, compared with 1.03% for BITI.

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

OARK has the higher dividend yield at 60.65%, compared with 15.10% for BITI.

What is the main difference between OARK and BITI?

OARK is categorized as Options Trading, while BITI is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for OARK and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.43), 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.