QMAG vs. BITI

Last updated Jul 17, 2026

QMAG (FT Vest Nasdaq-100 Moderate Buffer ETF - August) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - QMAG is a Defined Outcome fund actively managed by First Trust, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. QMAG is actively managed, while BITI is passively managed. Over the past year, QMAG returned 13.15% vs 64.61% for BITI. At a correlation of -0.46, they often move in opposite directions. QMAG charges 0.90%/yr vs 1.03%/yr for BITI.

Performance

QMAG vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Nasdaq-100 Moderate Buffer ETF - August (QMAG) 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, QMAG achieves a 7.11% return, which is significantly lower than BITI's 24.48% return.

QMAG

• 1D: -0.31%
• 1M: 0.30%
• 6M: 6.56%
• YTD: 7.11%
• 1Y: 13.15%
• 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)

QMAG vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QMAG FT Vest Nasdaq-100 Moderate Buffer ETF - August	7.11%	13.16%	4.71%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-39.51%

Correlation

The correlation between QMAG and BITI is -0.49, 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	-0.49
Correlation (All Time) Calculated using the full available price history since Aug 19, 2024	-0.46

Return for Risk

QMAG vs. BITI — Risk / Return Rank

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

QMAG

QMAG Risk / Return Rank: 72
QMAG Sharpe Ratio Rank: 72
QMAG Sortino Ratio Rank: 73
QMAG Omega Ratio Rank: 74
QMAG Calmar Ratio Rank: 64
QMAG Martin Ratio Rank: 79

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.

QMAG vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Moderate Buffer ETF - August (QMAG) 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.

	QMAG	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.47	+0.37
Sortino ratio: Return per unit of downside risk	2.64	2.04	+0.60
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.53	2.57	-0.04
Martin ratio: Return relative to average drawdown	11.84	6.38	+5.47

QMAG vs. BITI - Sharpe Ratio Comparison

The current QMAG Sharpe Ratio is 1.84, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of QMAG 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

QMAG vs. BITI - Drawdown Comparison

The maximum QMAG drawdown since its inception was -12.44%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for QMAG and BITI.

Drawdown Indicators

	QMAG	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-12.44%	-92.16%	+79.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	-25.28%	+20.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.32%	-86.41%	+86.09%
Average Drawdown Average peak-to-trough decline	-1.11%	-68.40%	+67.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	10.16%	-9.05%

Volatility

QMAG vs. BITI - Volatility Comparison

The current volatility for FT Vest Nasdaq-100 Moderate Buffer ETF - August (QMAG) is 1.23%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that QMAG 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

	QMAG	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	10.76%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	5.63%	34.28%	-28.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.17%	44.15%	-36.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.64%	52.24%	-41.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.64%	52.24%	-41.60%

QMAG vs. BITI - Expense Ratio Comparison

QMAG has a 0.90% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

QMAG vs. BITI - Dividend Comparison

QMAG has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
QMAG FT Vest Nasdaq-100 Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QMAG and BITI in my portfolio?

QMAG and BITI have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMAG or BITI?

BITI has higher volatility (10.76%) compared to QMAG (1.23%). In terms of maximum drawdown, QMAG dropped -12.44% vs BITI's -92.16%.

Which ETF is better, QMAG or BITI?

On 1-year performance, BITI leads with 64.61% vs 13.15% for QMAG. On fees, QMAG is cheaper at 0.90% per year. On volatility, QMAG has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QMAG or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 13.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QMAG or BITI?

QMAG is cheaper with a 0.90% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for QMAG.

What is the main difference between QMAG and BITI?

QMAG is categorized as Defined Outcome, while BITI is Cryptocurrency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.90% for QMAG and 1.03% for BITI.

Which has better risk-adjusted returns?

QMAG currently has the higher Sharpe Ratio (1.84 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.