PJUN vs. BITI

Last updated Jul 17, 2026

PJUN (Innovator U.S. Equity Power Buffer ETF - June) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PJUN is a Defined Outcome fund tracking the S&P 500 Price Return Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PJUN returned 10.73%/yr vs -31.62%/yr for BITI. At a correlation of -0.35, they often move in opposite directions. PJUN charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

PJUN vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - June (PJUN) 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, PJUN achieves a 3.58% return, which is significantly lower than BITI's 24.48% return.

PJUN

• 1D: -0.37%
• 1M: 0.18%
• 6M: 2.98%
• YTD: 3.58%
• 1Y: 8.59%
• 3Y*: 10.73%
• 5Y*: 6.89%
• 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)

PJUN vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PJUN Innovator U.S. Equity Power Buffer ETF - June	3.58%	11.62%	12.40%	12.28%	4.05%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between PJUN and BITI is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.35

Return for Risk

PJUN vs. BITI — Risk / Return Rank

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

PJUN

PJUN Risk / Return Rank: 76
PJUN Sharpe Ratio Rank: 67
PJUN Sortino Ratio Rank: 70
PJUN Omega Ratio Rank: 79
PJUN Calmar Ratio Rank: 76
PJUN Martin Ratio Rank: 88

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.

PJUN vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - June (PJUN) 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.

	PJUN	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.47	+0.26
Sortino ratio: Return per unit of downside risk	2.53	2.04	+0.49
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	3.09	2.57	+0.52
Martin ratio: Return relative to average drawdown	14.97	6.38	+8.60

PJUN vs. BITI - Sharpe Ratio Comparison

The current PJUN Sharpe Ratio is 1.74, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PJUN 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

PJUN vs. BITI - Drawdown Comparison

The maximum PJUN drawdown since its inception was -16.31%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PJUN and BITI.

Drawdown Indicators

	PJUN	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-16.31%	-92.16%	+75.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-25.28%	+22.49%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-84.63%	+74.54%
Max Drawdown (5Y) Largest decline over 5 years	-12.51%	—	—
Current Drawdown Current decline from peak	-0.37%	-86.41%	+86.04%
Average Drawdown Average peak-to-trough decline	-1.85%	-68.40%	+66.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	10.16%	-9.59%

Volatility

PJUN vs. BITI - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - June (PJUN) is 1.78%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that PJUN 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

	PJUN	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	10.76%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	34.28%	-30.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	44.15%	-39.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	52.24%	-43.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	52.24%	-42.55%

PJUN vs. BITI - Expense Ratio Comparison

PJUN has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PJUN vs. BITI - Dividend Comparison

PJUN has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
PJUN Innovator U.S. Equity Power Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJUN and BITI in my portfolio?

PJUN and BITI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJUN or BITI?

BITI has higher volatility (10.76%) compared to PJUN (1.78%). In terms of maximum drawdown, PJUN dropped -16.31% vs BITI's -92.16%.

Which ETF is better, PJUN or BITI?

On 3-year performance, PJUN leads with 10.73% vs -31.62% for BITI. On fees, PJUN is cheaper at 0.79% per year. On volatility, PJUN has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJUN or BITI?

Over the 3-year period, PJUN has performed better with a 10.73% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJUN or BITI?

PJUN is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for PJUN.

What is the main difference between PJUN and BITI?

PJUN is categorized as Defined Outcome, while BITI is Cryptocurrency. PJUN tracks S&P 500 Price Return Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for PJUN and 1.03% for BITI.

Which has better risk-adjusted returns?

PJUN currently has the higher Sharpe Ratio (1.74 vs 1.47), 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.