PQJA vs. BITI

Last updated Jul 14, 2026

PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PQJA is a Defined Outcome fund actively managed by PGIM, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PQJA is actively managed, while BITI is passively managed. Over the past year, PQJA returned 18.12% vs 68.34% for BITI. At a correlation of -0.46, they often move in opposite directions. PQJA charges 0.50%/yr vs 1.03%/yr for BITI.

Performance

PQJA vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) 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, PQJA achieves a 8.11% return, which is significantly lower than BITI's 28.75% return.

PQJA

• 1D: -0.54%
• 1M: 0.40%
• 6M: 6.83%
• YTD: 8.11%
• 1Y: 18.12%
• 3Y*: —
• 5Y*: —
• 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)

PQJA vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	8.11%	16.06%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%

Correlation

The correlation between PQJA and BITI is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025	-0.46

Return for Risk

PQJA vs. BITI — Risk / Return Rank

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

PQJA

PQJA Risk / Return Rank: 80
PQJA Sharpe Ratio Rank: 84
PQJA Sortino Ratio Rank: 84
PQJA Omega Ratio Rank: 86
PQJA Calmar Ratio Rank: 67
PQJA Martin Ratio Rank: 82

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.

PQJA vs. BITI - Risk-Adjusted Trends Comparison

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

	PQJA	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.56	+0.55
Sortino ratio: Return per unit of downside risk	2.99	2.13	+0.86
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	2.69	2.72	-0.03
Martin ratio: Return relative to average drawdown	12.72	6.78	+5.94

PQJA vs. BITI - Sharpe Ratio Comparison

The current PQJA Sharpe Ratio is 2.11, which is higher than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of PQJA 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

PQJA vs. BITI - Drawdown Comparison

The maximum PQJA drawdown since its inception was -14.72%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PQJA and BITI.

Drawdown Indicators

	PQJA	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-92.16%	+77.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-25.28%	+18.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.66%	-85.94%	+85.28%
Average Drawdown Average peak-to-trough decline	-1.60%	-68.34%	+66.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	10.11%	-8.68%

Volatility

PQJA vs. BITI - Volatility Comparison

The current volatility for PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) is 2.80%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that PQJA 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

	PQJA	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	11.38%	-8.58%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	34.25%	-26.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.63%	44.14%	-35.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	52.28%	-39.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	52.28%	-39.03%

PQJA vs. BITI - Expense Ratio Comparison

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

Dividends

PQJA vs. BITI - Dividend Comparison

PQJA 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%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	0.00%	0.01%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQJA and BITI in my portfolio?

PQJA and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQJA or BITI?

BITI has higher volatility (11.38%) compared to PQJA (2.80%). In terms of maximum drawdown, PQJA dropped -14.72% vs BITI's -92.16%.

Which ETF is better, PQJA or BITI?

On 1-year performance, BITI leads with 68.34% vs 18.12% for PQJA. On fees, PQJA is cheaper at 0.50% per year. On volatility, PQJA has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQJA or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 18.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQJA or BITI?

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

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

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

What is the main difference between PQJA and BITI?

PQJA 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 PQJA and 1.03% for BITI.

Which has better risk-adjusted returns?

PQJA currently has the higher Sharpe Ratio (2.11 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.