PYPY vs. BITI

Last updated Jul 17, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - PYPY is a Derivative Income fund actively managed by YieldMax, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. PYPY is actively managed, while BITI is passively managed. Over the past year, PYPY returned -23.22% vs 64.61% for BITI. At a correlation of -0.32, they often move in opposite directions. PYPY charges 1.01%/yr vs 1.03%/yr for BITI.

Performance

PYPY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) 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, PYPY achieves a -3.83% return, which is significantly lower than BITI's 24.48% return.

PYPY

• 1D: 2.06%
• 1M: 24.39%
• 6M: -3.46%
• YTD: -3.83%
• 1Y: -23.22%
• 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)

PYPY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	-3.83%	-30.17%	43.88%	6.19%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-38.49%

Correlation

The correlation between PYPY and BITI is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Sep 26, 2023	-0.32

Return for Risk

PYPY vs. BITI — Risk / Return Rank

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

PYPY

PYPY Risk / Return Rank: 5
PYPY Sharpe Ratio Rank: 4
PYPY Sortino Ratio Rank: 5
PYPY Omega Ratio Rank: 4
PYPY Calmar Ratio Rank: 5
PYPY Martin Ratio Rank: 6

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.

PYPY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) 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.

	PYPY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.47	-2.10
Sortino ratio: Return per unit of downside risk	-0.68	2.04	-2.72
Omega ratio: Gain probability vs. loss probability	0.90	1.25	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.49	2.57	-3.06
Martin ratio: Return relative to average drawdown	-0.78	6.38	-7.15

PYPY vs. BITI - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -0.63, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PYPY 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

PYPY vs. BITI - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for PYPY and BITI.

Drawdown Indicators

	PYPY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-92.16%	+38.52%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	-25.28%	-21.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-36.29%	-86.41%	+50.12%
Average Drawdown Average peak-to-trough decline	-17.46%	-68.40%	+50.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	10.16%	+19.71%

Volatility

PYPY vs. BITI - Volatility Comparison

Yieldmax PYPL Option Income Strategy ETF (PYPY) has a higher volatility of 15.75% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that PYPY'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

	PYPY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.75%	10.76%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	32.80%	34.28%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	37.19%	44.15%	-6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.20%	52.24%	-20.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.20%	52.24%	-20.04%

PYPY vs. BITI - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

PYPY vs. BITI - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 56.82%, more 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%
PYPY Yieldmax PYPL Option Income Strategy ETF	56.82%	64.68%	48.65%	5.70%	0.00%

Frequently Asked Questions

Can I hold both PYPY and BITI in my portfolio?

PYPY and BITI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPY or BITI?

PYPY has higher volatility (15.75%) compared to BITI (10.76%). In terms of maximum drawdown, PYPY dropped -53.64% vs BITI's -92.16%.

Which ETF is better, PYPY or BITI?

On 1-year performance, BITI leads with 64.61% vs -23.22% for PYPY. On fees, PYPY is cheaper at 1.01% 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, PYPY or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -23.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or BITI?

PYPY is cheaper with a 1.01% expense ratio, compared with 1.03% for BITI.

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

PYPY has the higher dividend yield at 56.82%, compared with 15.62% for BITI.

What is the main difference between PYPY and BITI?

PYPY is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.01% for PYPY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs -0.63), 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.