PJIO vs. BITI

Last updated Jul 17, 2026

PJIO (PGIM Jennison International Opportunities ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PJIO is a Foreign Large Cap Equities fund actively managed by PGIM, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PJIO is actively managed, while BITI is passively managed. Over the past year, PJIO returned -0.53% vs 64.61% for BITI. At a correlation of -0.39, they often move in opposite directions. PJIO charges 0.90%/yr vs 1.03%/yr for BITI.

Performance

PJIO vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison International Opportunities ETF (PJIO) 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, PJIO achieves a 0.13% return, which is significantly lower than BITI's 24.48% return.

PJIO

• 1D: -3.43%
• 1M: -9.11%
• 6M: -3.07%
• YTD: 0.13%
• 1Y: -0.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

PJIO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJIO PGIM Jennison International Opportunities ETF	0.13%	17.75%	4.59%	-0.27%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	0.37%

Correlation

The correlation between PJIO and BITI is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	-0.39

Return for Risk

PJIO vs. BITI — Risk / Return Rank

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

PJIO

PJIO Risk / Return Rank: 9
PJIO Sharpe Ratio Rank: 10
PJIO Sortino Ratio Rank: 9
PJIO Omega Ratio Rank: 10
PJIO Calmar Ratio Rank: 9
PJIO Martin Ratio Rank: 9

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
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.

PJIO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison International Opportunities ETF (PJIO) 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.

	PJIO	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.47	-1.49
Sortino ratio: Return per unit of downside risk	0.15	2.04	-1.89
Omega ratio: Gain probability vs. loss probability	1.02	1.25	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.03	2.57	-2.60
Martin ratio: Return relative to average drawdown	-0.08	6.38	-6.46

PJIO vs. BITI - Sharpe Ratio Comparison

The current PJIO Sharpe Ratio is -0.02, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PJIO 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

PJIO vs. BITI - Drawdown Comparison

The maximum PJIO drawdown since its inception was -19.26%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PJIO and BITI.

Drawdown Indicators

	PJIO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-92.16%	+72.90%
Max Drawdown (1Y) Largest decline over 1 year	-19.26%	-25.28%	+6.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-13.43%	-86.41%	+72.98%
Average Drawdown Average peak-to-trough decline	-4.31%	-68.40%	+64.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.29%	10.16%	-3.87%

Volatility

PJIO vs. BITI - Volatility Comparison

PGIM Jennison International Opportunities ETF (PJIO) has a higher volatility of 11.75% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that PJIO'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

	PJIO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	10.76%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	23.79%	34.28%	-10.49%
Volatility (1Y) Calculated over the trailing 1-year period	25.79%	44.15%	-18.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	52.24%	-29.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	52.24%	-29.91%

PJIO vs. BITI - Expense Ratio Comparison

PJIO has a 0.90% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PJIO vs. BITI - Dividend Comparison

PJIO's dividend yield for the trailing twelve months is around 0.19%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
PJIO PGIM Jennison International Opportunities ETF	0.19%	0.19%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJIO and BITI in my portfolio?

PJIO and BITI have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJIO or BITI?

PJIO has higher volatility (11.75%) compared to BITI (10.76%). In terms of maximum drawdown, PJIO dropped -19.26% vs BITI's -92.16%.

Which ETF is better, PJIO or BITI?

On 1-year performance, BITI leads with 64.61% vs -0.53% for PJIO. On fees, PJIO is cheaper at 0.90% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJIO or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -0.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJIO or BITI?

PJIO is cheaper with a 0.90% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.19% for PJIO.

What is the main difference between PJIO and BITI?

PJIO is categorized as Foreign Large Cap Equities, while BITI is Cryptocurrency. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.90% for PJIO and 1.03% for BITI.

Which has better risk-adjusted returns?

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.