PQAP vs. BITI

Last updated Jul 17, 2026

PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PQAP is a Defined Outcome fund actively managed by PGIM, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PQAP is actively managed, while BITI is passively managed. Over the past year, PQAP returned 17.55% vs 64.61% for BITI. At a correlation of -0.46, they often move in opposite directions. PQAP charges 0.50%/yr vs 1.03%/yr for BITI.

Performance

PQAP vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) 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, PQAP achieves a 11.34% return, which is significantly lower than BITI's 24.48% return.

PQAP

• 1D: -0.42%
• 1M: -0.28%
• 6M: 10.98%
• YTD: 11.34%
• 1Y: 17.55%
• 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)

PQAP vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	11.34%	14.48%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%

Correlation

The correlation between PQAP 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 Jan 2, 2025	-0.46

Return for Risk

PQAP vs. BITI — Risk / Return Rank

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

PQAP

PQAP Risk / Return Rank: 97
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 97
PQAP Omega Ratio Rank: 97
PQAP Calmar Ratio Rank: 97
PQAP Martin Ratio Rank: 98

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.

PQAP vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) 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.

	PQAP	BITI	Difference
Sharpe ratio: Return per unit of total volatility	3.43	1.47	+1.95
Sortino ratio: Return per unit of downside risk	5.27	2.04	+3.23
Omega ratio: Gain probability vs. loss probability	1.77	1.25	+0.53
Calmar ratio: Return relative to maximum drawdown	8.21	2.57	+5.65
Martin ratio: Return relative to average drawdown	43.46	6.38	+37.09

PQAP vs. BITI - Sharpe Ratio Comparison

The current PQAP Sharpe Ratio is 3.43, which is higher than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PQAP 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

PQAP vs. BITI - Drawdown Comparison

The maximum PQAP drawdown since its inception was -10.79%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PQAP and BITI.

Drawdown Indicators

	PQAP	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-92.16%	+81.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-25.28%	+23.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.79%	-86.41%	+85.62%
Average Drawdown Average peak-to-trough decline	-0.62%	-68.40%	+67.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	10.16%	-9.76%

Volatility

PQAP vs. BITI - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is 2.13%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that PQAP 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

	PQAP	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	10.76%	-8.63%
Volatility (6M) Calculated over the trailing 6-month period	4.29%	34.28%	-29.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.15%	44.15%	-39.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	52.24%	-41.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	52.24%	-41.37%

PQAP vs. BITI - Expense Ratio Comparison

PQAP has a 0.50% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PQAP vs. BITI - Dividend Comparison

PQAP's dividend yield for the trailing twelve months is around 0.02%, 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%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQAP and BITI in my portfolio?

PQAP 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, PQAP or BITI?

BITI has higher volatility (10.76%) compared to PQAP (2.13%). In terms of maximum drawdown, PQAP dropped -10.79% vs BITI's -92.16%.

Which ETF is better, PQAP or BITI?

On 1-year performance, BITI leads with 64.61% vs 17.55% for PQAP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 2.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQAP or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 17.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQAP or BITI?

PQAP is cheaper with a 0.50% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.02% for PQAP.

What is the main difference between PQAP and BITI?

PQAP is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for PQAP and 1.03% for BITI.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (3.43 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.