PMAR vs. BITI

Last updated Jul 14, 2026

PMAR (Innovator U.S. Equity Power Buffer ETF - March) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PMAR is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect March Series Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, PMAR returned 12.20%/yr vs -30.65%/yr for BITI. At a correlation of -0.37, they often move in opposite directions. PMAR charges 0.79%/yr vs 1.03%/yr for BITI.

Performance

PMAR vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - March (PMAR) 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, PMAR achieves a 6.71% return, which is significantly lower than BITI's 28.75% return.

PMAR

• 1D: -0.23%
• 1M: 0.99%
• 6M: 6.14%
• YTD: 6.71%
• 1Y: 13.06%
• 3Y*: 12.20%
• 5Y*: 9.37%
• 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)

PMAR vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PMAR Innovator U.S. Equity Power Buffer ETF - March	6.71%	11.82%	12.83%	15.95%	5.64%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between PMAR 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	-0.36
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.37

Return for Risk

PMAR vs. BITI — Risk / Return Rank

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

PMAR

PMAR Risk / Return Rank: 90
PMAR Sharpe Ratio Rank: 91
PMAR Sortino Ratio Rank: 93
PMAR Omega Ratio Rank: 94
PMAR Calmar Ratio Rank: 77
PMAR Martin Ratio Rank: 92

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.

PMAR vs. BITI - Risk-Adjusted Trends Comparison

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

	PMAR	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.56	+0.90
Sortino ratio: Return per unit of downside risk	3.65	2.13	+1.53
Omega ratio: Gain probability vs. loss probability	1.54	1.26	+0.28
Calmar ratio: Return relative to maximum drawdown	3.19	2.72	+0.47
Martin ratio: Return relative to average drawdown	18.36	6.78	+11.58

PMAR vs. BITI - Sharpe Ratio Comparison

The current PMAR Sharpe Ratio is 2.46, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PMAR 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

PMAR vs. BITI - Drawdown Comparison

The maximum PMAR drawdown since its inception was -17.18%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PMAR and BITI.

Drawdown Indicators

	PMAR	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-17.18%	-92.16%	+74.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-25.28%	+21.17%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-84.63%	+75.31%
Max Drawdown (5Y) Largest decline over 5 years	-10.84%	—	—
Current Drawdown Current decline from peak	-0.23%	-85.94%	+85.71%
Average Drawdown Average peak-to-trough decline	-1.54%	-68.34%	+66.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	10.11%	-9.40%

Volatility

PMAR vs. BITI - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - March (PMAR) is 1.50%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that PMAR 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

	PMAR	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	11.38%	-9.88%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	34.25%	-29.77%
Volatility (1Y) Calculated over the trailing 1-year period	5.34%	44.14%	-38.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.20%	52.28%	-44.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.67%	52.28%	-41.61%

PMAR vs. BITI - Expense Ratio Comparison

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

Dividends

PMAR vs. BITI - Dividend Comparison

PMAR has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.10%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
PMAR Innovator U.S. Equity Power Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMAR and BITI in my portfolio?

PMAR 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.

Which is riskier, PMAR or BITI?

BITI has higher volatility (11.38%) compared to PMAR (1.50%). In terms of maximum drawdown, PMAR dropped -17.18% vs BITI's -92.16%.

Which ETF is better, PMAR or BITI?

On 3-year performance, PMAR leads with 12.20% vs -30.65% for BITI. On fees, PMAR is cheaper at 0.79% per year. On volatility, PMAR has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAR or BITI?

Over the 3-year period, PMAR has performed better with a 12.20% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAR or BITI?

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

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

BITI has the higher dividend yield at 15.10%, compared with 0.00% for PMAR.

What is the main difference between PMAR and BITI?

PMAR is categorized as Defined Outcome, while BITI is Cryptocurrency. PMAR tracks Cboe S&P 500 15% Buffer Protect March Series Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for PMAR and 1.03% for BITI.

Which has better risk-adjusted returns?

PMAR currently has the higher Sharpe Ratio (2.46 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.