PFFL vs. BITI
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PFFL returned 3.48%/yr vs -31.62%/yr for BITI. At a correlation of -0.24, they often move in opposite directions. PFFL charges 0.85%/yr vs 1.03%/yr for BITI.
Performance
PFFL vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.27% return, which is significantly lower than BITI's 24.48% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
BITI
- 1D
- 1.13%
- 1M
- 1.49%
- 6M
- 35.86%
- YTD
- 24.48%
- 1Y
- 64.61%
- 3Y*
- -31.62%
- 5Y*
- —
- 10Y*
- —
PFFL vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 2.18% | 4.77% | 8.65% | -8.93% |
BITI ProShares Short Bitcoin ETF | 24.48% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between PFFL and BITI is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.24 |
The correlation between PFFL and BITI shifts across timeframes, from -0.40 (1 year) to -0.21 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. BITI — Risk / Return Rank
PFFL
BITI
PFFL vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.57 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.06 | 6.38 | -6.44 |
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Drawdowns
PFFL vs. BITI - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PFFL and BITI.
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Drawdown Indicators
| PFFL | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -92.16% | +11.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -25.28% | +13.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -84.63% | +60.88% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | — | — |
Current DrawdownCurrent decline from peak | -40.41% | -86.41% | +46.00% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -68.40% | +39.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 10.16% | -4.53% |
Volatility
PFFL vs. BITI - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that PFFL 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
| PFFL | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 10.76% | -6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 34.28% | -23.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 44.15% | -27.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 52.24% | -28.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 52.24% | +2.71% |
PFFL vs. BITI - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
PFFL vs. BITI - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.72%, less than BITI's 15.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.62% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.72% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and BITI have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.76%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs BITI's -92.16%.
On 3-year performance, PFFL leads with 3.48% vs -31.62% for BITI. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFFL has performed better with a 3.48% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.62%, compared with 12.72% for PFFL.
PFFL is categorized as Preferred Stock/Convertible Bonds, while BITI is Cryptocurrency. PFFL tracks Solactive Preferred Stock ETF Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for PFFL and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 vs -0.02), 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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