QDEF vs. BITI

Last updated Jul 14, 2026

QDEF (FlexShares Quality Dividend Defensive Index Fund) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - QDEF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Defensive Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, QDEF returned 18.10%/yr vs -30.65%/yr for BITI. At a correlation of -0.33, they often move in opposite directions. QDEF charges 0.37%/yr vs 1.03%/yr for BITI.

Performance

QDEF vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Quality Dividend Defensive Index Fund (QDEF) 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, QDEF achieves a 9.23% return, which is significantly lower than BITI's 28.75% return.

QDEF

• 1D: -0.29%
• 1M: 0.97%
• 6M: 7.64%
• YTD: 9.23%
• 1Y: 19.43%
• 3Y*: 18.10%
• 5Y*: 12.22%
• 10Y*: 11.91%

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)

QDEF vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QDEF FlexShares Quality Dividend Defensive Index Fund	9.23%	17.43%	21.19%	17.48%	8.60%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between QDEF and BITI is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.32
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.33

Return for Risk

QDEF vs. BITI — Risk / Return Rank

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

QDEF

QDEF Risk / Return Rank: 78
QDEF Sharpe Ratio Rank: 79
QDEF Sortino Ratio Rank: 81
QDEF Omega Ratio Rank: 80
QDEF Calmar Ratio Rank: 70
QDEF Martin Ratio Rank: 78

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.

QDEF vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Defensive Index Fund (QDEF) 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.

	QDEF	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.56	+0.45
Sortino ratio: Return per unit of downside risk	2.86	2.13	+0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	2.81	2.72	+0.09
Martin ratio: Return relative to average drawdown	11.67	6.78	+4.89

QDEF vs. BITI - Sharpe Ratio Comparison

The current QDEF Sharpe Ratio is 2.01, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of QDEF 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

QDEF vs. BITI - Drawdown Comparison

The maximum QDEF drawdown since its inception was -35.74%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for QDEF and BITI.

Drawdown Indicators

	QDEF	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-92.16%	+56.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-25.28%	+18.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-84.63%	+70.20%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.74%	—	—
Current Drawdown Current decline from peak	-0.29%	-85.94%	+85.65%
Average Drawdown Average peak-to-trough decline	-3.28%	-68.34%	+65.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	10.11%	-8.44%

Volatility

QDEF vs. BITI - Volatility Comparison

The current volatility for FlexShares Quality Dividend Defensive Index Fund (QDEF) is 2.70%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that QDEF 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

	QDEF	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	11.38%	-8.68%
Volatility (6M) Calculated over the trailing 6-month period	7.57%	34.25%	-26.68%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	44.14%	-34.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	52.28%	-38.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	52.28%	-36.15%

QDEF vs. BITI - Expense Ratio Comparison

QDEF has a 0.37% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

QDEF vs. BITI - Dividend Comparison

QDEF's dividend yield for the trailing twelve months is around 1.60%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QDEF FlexShares Quality Dividend Defensive Index Fund	1.60%	1.74%	1.85%	2.21%	2.42%	1.84%	2.50%	3.17%	7.10%	2.70%	2.90%	3.00%

Frequently Asked Questions

Can I hold both QDEF and BITI in my portfolio?

QDEF and BITI have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDEF or BITI?

BITI has higher volatility (11.38%) compared to QDEF (2.70%). In terms of maximum drawdown, QDEF dropped -35.74% vs BITI's -92.16%.

Which ETF is better, QDEF or BITI?

On 3-year performance, QDEF leads with 18.10% vs -30.65% for BITI. On fees, QDEF is cheaper at 0.37% per year. On volatility, QDEF has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDEF or BITI?

Over the 3-year period, QDEF has performed better with a 18.10% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDEF or BITI?

QDEF is cheaper with a 0.37% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 1.60% for QDEF.

What is the main difference between QDEF and BITI?

QDEF is categorized as Large Cap Value Equities, while BITI is Cryptocurrency. QDEF tracks Northern Trust Quality Dividend Defensive Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: FlexShares and ProShares. Their fees differ too: 0.37% for QDEF and 1.03% for BITI.

Which has better risk-adjusted returns?

QDEF currently has the higher Sharpe Ratio (2.01 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.