QLDY vs. BITI

Last updated Jul 17, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. QLDY is actively managed, while BITI is passively managed. At a correlation of -0.50, they often move in opposite directions. QLDY charges 1.04%/yr vs 1.03%/yr for BITI.

Performance

QLDY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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, QLDY achieves a 9.82% return, which is significantly lower than BITI's 24.48% return.

QLDY

• 1D: -2.11%
• 1M: -4.71%
• 6M: 8.93%
• YTD: 9.82%
• 1Y: —
• 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)

QLDY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	9.82%	1.54%
BITI ProShares Short Bitcoin ETF	24.48%	27.83%

Correlation

The correlation between QLDY and BITI is -0.50, 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 (All Time) Calculated using the full available price history since Sep 18, 2025	-0.50

Return for Risk

QLDY vs. BITI — Risk / Return Rank

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

QLDY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QLDY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

	QLDY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.57	—
Martin ratio: Return relative to average drawdown	—	6.38	—

Drawdowns

QLDY vs. BITI - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for QLDY and BITI.

Drawdown Indicators

	QLDY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-92.16%	+74.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-7.90%	-86.41%	+78.51%
Average Drawdown Average peak-to-trough decline	-4.35%	-68.40%	+64.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.16%	—

Volatility

Volatility by Period

	QLDY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	44.15%	-22.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.84%	52.24%	-30.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	52.24%	-30.40%

QLDY vs. BITI - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

QLDY vs. BITI - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 28.28%, 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%
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	28.28%	9.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLDY and BITI in my portfolio?

QLDY and BITI have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QLDY or BITI?

On fees, BITI is cheaper at 1.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLDY or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.04% for QLDY.

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

QLDY has the higher dividend yield at 28.28%, compared with 15.62% for BITI.

What is the main difference between QLDY and BITI?

QLDY is categorized as Nasdaq-100, while BITI is Cryptocurrency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.04% for QLDY and 1.03% for BITI.