OPTZ vs. BITI

Last updated Aug 2, 2026

OPTZ (Optimize Strategy Index ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - OPTZ is a Mid Cap Blend Equities fund tracking the Optimize Strategy Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, OPTZ returned 43.75% vs 58.64% for BITI. Their -0.43 correlation means they have often moved in opposite directions in the past. OPTZ charges 0.25%/yr vs 1.03%/yr for BITI.

Performance

OPTZ vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Optimize Strategy Index ETF (OPTZ) 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, OPTZ achieves a 24.46% return, which is significantly lower than BITI's 27.11% return.

OPTZ

• 1D: -0.11%
• 1M: -3.89%
• 6M: 20.35%
• YTD: 24.46%
• 1Y: 43.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.91%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
OPTZ Optimize Strategy Index ETF	$154.33K	$341.82K	$247.38K

OPTZ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OPTZ Optimize Strategy Index ETF	24.46%	22.83%	16.41%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-37.05%

Correlation

The correlation between OPTZ and BITI is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.45
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	-0.43

Return for Risk

OPTZ vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OPTZ

OPTZ Risk / Return Rank: 81
OPTZ Sharpe Ratio Rank: 82
OPTZ Sortino Ratio Rank: 79
OPTZ Omega Ratio Rank: 77
OPTZ Calmar Ratio Rank: 83
OPTZ Martin Ratio Rank: 85

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OPTZ vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Optimize Strategy Index ETF (OPTZ) 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.

	OPTZ	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.45	+0.43
Sortino ratio: Return per unit of downside risk	2.56	2.02	+0.55
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.09	2.53	+0.55
Martin ratio: Return relative to average drawdown	12.07	6.17	+5.90

OPTZ vs. BITI - Sharpe Ratio Comparison

The current OPTZ Sharpe Ratio is 1.88, which is comparable to the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of OPTZ 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

OPTZ vs. BITI - Drawdown Comparison

The maximum OPTZ drawdown since its inception was -25.75%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for OPTZ and BITI.

Drawdown Indicators

	OPTZ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-25.75%	-92.16%	+66.41%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-25.28%	+11.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-9.85%	-86.12%	+76.27%
Average Drawdown Average peak-to-trough decline	-3.51%	-68.59%	+65.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	10.35%	-6.93%

Volatility

OPTZ vs. BITI - Volatility Comparison

Optimize Strategy Index ETF (OPTZ) and ProShares Short Bitcoin ETF (BITI) have volatilities of 8.76% and 9.13%, 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

	OPTZ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.76%	9.13%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	33.31%	-14.54%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	44.23%	-22.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	52.03%	-30.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	52.03%	-30.15%

OPTZ vs. BITI - Expense Ratio Comparison

OPTZ has a 0.25% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

OPTZ vs. BITI - Dividend Comparison

OPTZ's dividend yield for the trailing twelve months is around 0.47%, less than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
OPTZ Optimize Strategy Index ETF	0.47%	0.58%	0.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OPTZ and BITI in my portfolio?

OPTZ and BITI have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPTZ or BITI?

BITI has higher volatility (9.13%) compared to OPTZ (8.76%). In terms of maximum drawdown, OPTZ dropped -25.75% vs BITI's -92.16%.

Which ETF is better, OPTZ or BITI?

On 1-year performance, BITI leads with 58.64% vs 43.75% for OPTZ. On fees, OPTZ is cheaper at 0.25% per year. On volatility, OPTZ has been the lower-risk option at 8.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPTZ or BITI?

Over the 1-year period, BITI has performed better with a 58.64% return vs 43.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPTZ or BITI?

OPTZ is cheaper with a 0.25% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.17%, compared with 0.47% for OPTZ.

What is the main difference between OPTZ and BITI?

OPTZ is categorized as Mid Cap Blend Equities, while BITI is Cryptocurrency. OPTZ tracks Optimize Strategy Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Optimize and ProShares. Their fees differ too: 0.25% for OPTZ and 1.03% for BITI.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (1.88 vs 1.45), 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.