PILL vs. BITI

Last updated Jul 14, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PILL returned 31.80%/yr vs -30.65%/yr for BITI. At a correlation of -0.28, they often move in opposite directions. PILL charges 0.98%/yr vs 1.03%/yr for BITI.

Performance

PILL vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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, PILL achieves a 48.76% return, which is significantly higher than BITI's 28.75% return.

PILL

• 1D: -5.44%
• 1M: 35.10%
• 6M: 53.37%
• YTD: 48.76%
• 1Y: 218.88%
• 3Y*: 31.80%
• 5Y*: -2.89%
• 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)

PILL vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	48.76%	75.14%	-7.26%	-12.06%	2.98%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between PILL and BITI is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.28

Return for Risk

PILL vs. BITI — Risk / Return Rank

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

PILL

PILL Risk / Return Rank: 93
PILL Sharpe Ratio Rank: 96
PILL Sortino Ratio Rank: 91
PILL Omega Ratio Rank: 87
PILL Calmar Ratio Rank: 96
PILL Martin Ratio Rank: 95

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.

PILL vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.

	PILL	BITI	Difference
Sharpe ratio: Return per unit of total volatility	3.41	1.56	+1.86
Sortino ratio: Return per unit of downside risk	3.41	2.13	+1.29
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	6.63	2.72	+3.92
Martin ratio: Return relative to average drawdown	21.81	6.78	+15.03

PILL vs. BITI - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 3.41, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PILL 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

PILL vs. BITI - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PILL and BITI.

Drawdown Indicators

	PILL	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-88.76%	-92.16%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-33.21%	-25.28%	-7.93%
Max Drawdown (3Y) Largest decline over 3 years	-60.43%	-84.63%	+24.20%
Max Drawdown (5Y) Largest decline over 5 years	-83.26%	—	—
Current Drawdown Current decline from peak	-49.03%	-85.94%	+36.91%
Average Drawdown Average peak-to-trough decline	-58.48%	-68.34%	+9.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.08%	10.11%	-0.03%

Volatility

PILL vs. BITI - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 21.37% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that PILL's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PILL	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	11.38%	+9.99%
Volatility (6M) Calculated over the trailing 6-month period	50.25%	34.25%	+16.00%
Volatility (1Y) Calculated over the trailing 1-year period	64.66%	44.14%	+20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.16%	52.28%	+8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.97%	52.28%	+11.69%

PILL vs. BITI - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PILL vs. BITI - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.37%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.37%	0.69%	1.28%	1.83%	0.67%	0.00%	0.00%	0.38%	0.91%	0.10%

Frequently Asked Questions

Can I hold both PILL and BITI in my portfolio?

PILL and BITI have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PILL or BITI?

PILL has higher volatility (21.37%) compared to BITI (11.38%). In terms of maximum drawdown, PILL dropped -88.76% vs BITI's -92.16%.

Which ETF is better, PILL or BITI?

On 3-year performance, PILL leads with 31.80% vs -30.65% for BITI. On fees, PILL is cheaper at 0.98% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PILL or BITI?

Over the 3-year period, PILL has performed better with a 31.80% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PILL or BITI?

PILL is cheaper with a 0.98% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.37% for PILL.

What is the main difference between PILL and BITI?

PILL is categorized as Leveraged Equities, while BITI is Cryptocurrency. PILL tracks Dynamic Pharmaceuticals Intellidex Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for PILL and 1.03% for BITI.

Which has better risk-adjusted returns?

PILL currently has the higher Sharpe Ratio (3.41 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.