OVLH vs. BITI

Last updated Jul 15, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. OVLH is actively managed, while BITI is passively managed. Over the past 3 years, OVLH returned 14.90%/yr vs -31.54%/yr for BITI. At a correlation of -0.36, they often move in opposite directions. OVLH charges 0.80%/yr vs 1.03%/yr for BITI.

Performance

OVLH vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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, OVLH achieves a 6.53% return, which is significantly lower than BITI's 23.84% return.

OVLH

• 1D: 0.31%
• 1M: 0.75%
• 6M: 5.19%
• YTD: 6.53%
• 1Y: 13.38%
• 3Y*: 14.90%
• 5Y*: 8.97%
• 10Y*: —

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

OVLH vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVLH Overlay Shares Hedged Large Cap Equity ETF	6.53%	15.77%	18.44%	16.93%	1.35%
BITI ProShares Short Bitcoin ETF	23.84%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between OVLH and BITI is -0.50, 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	-0.50
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.36

The correlation between OVLH and BITI shifts across timeframes, from -0.50 (1 year) to -0.36 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

OVLH vs. BITI — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 55
OVLH Sharpe Ratio Rank: 55
OVLH Sortino Ratio Rank: 56
OVLH Omega Ratio Rank: 53
OVLH Calmar Ratio Rank: 52
OVLH Martin Ratio Rank: 58

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
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.

OVLH vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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.

	OVLH	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.46	+0.04
Sortino ratio: Return per unit of downside risk	2.16	2.03	+0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.11	2.56	-0.44
Martin ratio: Return relative to average drawdown	7.99	6.37	+1.62

OVLH vs. BITI - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.51, which is comparable to the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of OVLH 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

OVLH vs. BITI - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for OVLH and BITI.

Drawdown Indicators

	OVLH	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-92.16%	+71.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-25.28%	+18.92%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	-84.63%	+75.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	—	—
Current Drawdown Current decline from peak	-1.24%	-86.48%	+85.24%
Average Drawdown Average peak-to-trough decline	-4.96%	-68.36%	+63.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	10.13%	-8.45%

Volatility

OVLH vs. BITI - Volatility Comparison

The current volatility for Overlay Shares Hedged Large Cap Equity ETF (OVLH) is 2.76%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that OVLH 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

	OVLH	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	11.73%	-8.97%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	34.49%	-27.56%
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	44.24%	-35.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.77%	52.29%	-40.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	52.29%	-40.50%

OVLH vs. BITI - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

OVLH vs. BITI - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.28%, less than BITI's 15.70% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and BITI in my portfolio?

OVLH and BITI have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVLH or BITI?

BITI has higher volatility (11.73%) compared to OVLH (2.76%). In terms of maximum drawdown, OVLH dropped -20.69% vs BITI's -92.16%.

Which ETF is better, OVLH or BITI?

On 3-year performance, OVLH leads with 14.90% vs -31.54% for BITI. On fees, OVLH is cheaper at 0.80% per year. On volatility, OVLH has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or BITI?

Over the 3-year period, OVLH has performed better with a 14.90% return vs -31.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or BITI?

OVLH is cheaper with a 0.80% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.70%, compared with 0.28% for OVLH.

What is the main difference between OVLH and BITI?

OVLH is categorized as Equity Hedged, while BITI is Cryptocurrency. They also come from different issuers: Liquid Strategies and ProShares. Their fees differ too: 0.80% for OVLH and 1.03% for BITI.

Which has better risk-adjusted returns?

OVLH currently has the higher Sharpe Ratio (1.51 vs 1.46), 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.