OBTC vs. BITI

Last updated Jun 6, 2026

OBTC (Osprey Bitcoin Trust) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past 3 years, OBTC returned 55.06%/yr vs -32.32%/yr for BITI. At a correlation of -0.79, they often move in opposite directions. OBTC charges 0.49%/yr vs 1.03%/yr for BITI.

Performance

OBTC vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, OBTC achieves a -31.16% return, which is significantly lower than BITI's 33.96% return.

OBTC

• 1D: -5.16%
• 1M: -26.03%
• YTD: -31.16%
• 6M: -29.55%
• 1Y: -32.02%
• 3Y*: 55.06%
• 5Y*: 6.73%
• 10Y*: —

BITI

• 1D: 5.14%
• 1M: 33.94%
• YTD: 33.96%
• 6M: 36.50%
• 1Y: 50.83%
• 3Y*: -32.32%
• 5Y*: —
• 10Y*: —

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

OBTC vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OBTC Osprey Bitcoin Trust	-31.16%	-1.87%	130.89%	277.81%	-44.98%
BITI ProShares Shrt Bitcoin ETF	33.96%	-1.76%	-62.60%	-66.17%	-0.06%

Correlation

The correlation between OBTC and BITI is -0.92, 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	-0.92
Correlation (3Y) Calculated over the trailing 3-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	-0.79

The correlation between OBTC and BITI shifts across timeframes, from -0.92 (1 year) to -0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OBTC vs. BITI — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 4
OBTC Omega Ratio Rank: 4
OBTC Calmar Ratio Rank: 4
OBTC Martin Ratio Rank: 3

BITI

BITI Risk / Return Rank: 35
BITI Sharpe Ratio Rank: 33
BITI Sortino Ratio Rank: 34
BITI Omega Ratio Rank: 32
BITI Calmar Ratio Rank: 42
BITI Martin Ratio Rank: 31

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.

OBTC vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	1.17	-1.89
Sortino ratio: Return per unit of downside risk	-0.89	1.74	-2.63
Omega ratio: Gain probability vs. loss probability	0.90	1.21	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.67	2.02	-2.69
Martin ratio: Return relative to average drawdown	-1.26	4.50	-5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBTC vs. BITI - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.72, which is lower than the BITI Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of OBTC 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.

Sharpe Ratios by Period

	OBTC	BITI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	1.17	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.70	+0.47

Drawdowns

OBTC vs. BITI - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for OBTC and BITI.

Drawdown Indicators

	OBTC	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-92.16%	-2.34%
Max Drawdown (1Y) Largest decline over 1 year	-48.14%	-25.28%	-22.86%
Max Drawdown (3Y) Largest decline over 3 years	-48.14%	-84.63%	+36.49%
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-65.62%	-85.37%	+19.75%
Average Drawdown Average peak-to-trough decline	-69.62%	-67.99%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.40%	11.80%	+13.60%

Volatility

OBTC vs. BITI - Volatility Comparison

Osprey Bitcoin Trust (OBTC) and ProShares Shrt Bitcoin ETF (BITI) have volatilities of 9.93% and 9.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	9.65%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	33.65%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	44.58%	43.82%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.14%	52.54%	+5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.55%	52.54%	+19.01%

OBTC vs. BITI - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

OBTC vs. BITI - Dividend Comparison

OBTC has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 8.81%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	8.81%	1.60%	3.91%	3.33%	0.06%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and BITI in my portfolio?

OBTC and BITI have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBTC or BITI?

OBTC has higher volatility (9.93%) compared to BITI (9.65%). In terms of maximum drawdown, OBTC dropped -94.50% vs BITI's -92.16%.

Which ETF is better, OBTC or BITI?

On 3-year performance, OBTC leads with 55.06% vs -32.32% for BITI. On fees, OBTC is cheaper at 0.49% per year. On volatility, BITI has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or BITI?

Over the 3-year period, OBTC has performed better with a 55.06% return vs -32.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or BITI?

OBTC is cheaper with a 0.49% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 8.81%, compared with 0.00% for OBTC.

What is the main difference between OBTC and BITI?

OBTC tracks Bitcoin (BTC), while BITI tracks Bloomberg Bitcoin Index (-100%). They also come from different issuers: Osprey Funds and ProShares. Their fees differ too: 0.49% for OBTC and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.17 vs -0.72), 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.