OPTZ vs. BITI

Last updated Jul 14, 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 49.80% vs 68.34% for BITI. At a correlation of -0.43, they often move in opposite directions. 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

The year-to-date returns for both stocks are quite close, with OPTZ having a 29.14% return and BITI slightly lower at 28.75%.

OPTZ

• 1D: -1.92%
• 1M: -1.80%
• 6M: 24.29%
• YTD: 29.14%
• 1Y: 49.80%
• 3Y*: —
• 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)

OPTZ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OPTZ Optimize Strategy Index ETF	29.14%	22.83%	16.41%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-37.05%

Correlation

The correlation between OPTZ and BITI is -0.44, 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	-0.44
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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OPTZ

OPTZ Risk / Return Rank: 89
OPTZ Sharpe Ratio Rank: 90
OPTZ Sortino Ratio Rank: 86
OPTZ Omega Ratio Rank: 85
OPTZ Calmar Ratio Rank: 92
OPTZ Martin Ratio Rank: 93

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.

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	2.39	1.56	+0.83
Sortino ratio: Return per unit of downside risk	3.10	2.13	+0.97
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	4.71	2.72	+1.99
Martin ratio: Return relative to average drawdown	18.97	6.78	+12.19

OPTZ vs. BITI - Sharpe Ratio Comparison

The current OPTZ Sharpe Ratio is 2.39, which is higher than the BITI Sharpe Ratio of 1.56. 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	-10.63%	-25.28%	+14.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-6.46%	-85.94%	+79.48%
Average Drawdown Average peak-to-trough decline	-3.37%	-68.34%	+64.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	10.11%	-7.48%

Volatility

OPTZ vs. BITI - Volatility Comparison

The current volatility for Optimize Strategy Index ETF (OPTZ) is 10.38%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that OPTZ 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

	OPTZ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.38%	11.38%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	34.25%	-16.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.97%	44.14%	-23.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.64%	52.28%	-30.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	52.28%	-30.64%

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 0.45%, less 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%
OPTZ Optimize Strategy Index ETF	0.45%	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 -0.44, 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 (11.38%) compared to OPTZ (10.38%). 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 68.34% vs 49.80% for OPTZ. On fees, OPTZ is cheaper at 0.25% per year. On volatility, OPTZ has been the lower-risk option at 10.38%. 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 68.34% return vs 49.80%. 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 15.10%, compared with 0.45% 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 (2.39 vs 1.56), 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.