PBP vs. BITI
PBP (Invesco S&P 500 BuyWrite ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PBP returned 11.79%/yr vs -30.65%/yr for BITI. At a correlation of -0.32, they often move in opposite directions. PBP charges 0.29%/yr vs 1.03%/yr for BITI.
Performance
PBP vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, PBP achieves a 6.88% return, which is significantly lower than BITI's 28.75% return.
PBP
- 1D
- -0.22%
- 1M
- 2.29%
- 6M
- 6.25%
- YTD
- 6.88%
- 1Y
- 17.28%
- 3Y*
- 11.79%
- 5Y*
- 8.13%
- 10Y*
- 7.21%
BITI
- 1D
- 2.65%
- 1M
- 1.46%
- 6M
- 34.68%
- YTD
- 28.75%
- 1Y
- 68.34%
- 3Y*
- -30.65%
- 5Y*
- —
- 10Y*
- —
PBP vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 6.88% | 8.49% | 19.83% | 11.59% | 0.25% |
BITI ProShares Short Bitcoin ETF | 28.75% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between PBP and BITI is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.32 |
The correlation between PBP and BITI shifts across timeframes, from -0.45 (1 year) to -0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBP vs. BITI — Risk / Return Rank
PBP
BITI
PBP vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) 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.
| PBP | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.26 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 2.72 | +0.60 |
| Martin ratioReturn relative to average drawdown | 17.12 | 6.78 | +10.34 |
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Drawdowns
PBP vs. BITI - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PBP and BITI.
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Drawdown Indicators
| PBP | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -92.16% | +48.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -25.28% | +20.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -84.63% | +69.21% |
Max Drawdown (5Y)Largest decline over 5 years | -18.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -85.94% | +85.72% |
Average DrawdownAverage peak-to-trough decline | -6.66% | -68.34% | +61.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 10.11% | -9.10% |
Volatility
PBP vs. BITI - Volatility Comparison
The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.07%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that PBP 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.
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Volatility by Period
| PBP | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 11.38% | -9.31% |
Volatility (6M)Calculated over the trailing 6-month period | 6.04% | 34.25% | -28.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 44.14% | -36.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 52.28% | -40.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.66% | 52.28% | -38.62% |
PBP vs. BITI - Expense Ratio Comparison
PBP has a 0.29% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
PBP vs. BITI - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.09%, less than BITI's 15.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.10% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBP Invesco S&P 500 BuyWrite ETF | 11.09% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
Frequently Asked Questions
PBP 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.
BITI has higher volatility (11.38%) compared to PBP (2.07%). In terms of maximum drawdown, PBP dropped -43.43% vs BITI's -92.16%.
On 3-year performance, PBP leads with 11.79% vs -30.65% for BITI. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PBP has performed better with a 11.79% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBP is cheaper with a 0.29% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.10%, compared with 11.09% for PBP.
PBP is categorized as Derivative Income, while BITI is Cryptocurrency. PBP tracks Cboe S&P 500 BuyWrite Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.29% for PBP and 1.03% for BITI.
PBP currently has the higher Sharpe Ratio (2.40 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.
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