RFLR vs. BITI

Last updated Jul 17, 2026

RFLR (Innovator U.S. Small Cap Managed Floor ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - RFLR is a Equity Hedged fund actively managed by Innovator, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. RFLR is actively managed, while BITI is passively managed. Over the past year, RFLR returned 27.35% vs 64.61% for BITI. At a correlation of -0.42, they often move in opposite directions. RFLR charges 0.89%/yr vs 1.03%/yr for BITI.

Performance

RFLR vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Managed Floor ETF (RFLR) 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, RFLR achieves a 15.20% return, which is significantly lower than BITI's 24.48% return.

RFLR

• 1D: 0.14%
• 1M: 4.02%
• 6M: 11.29%
• YTD: 15.20%
• 1Y: 27.35%
• 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)

RFLR vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFLR Innovator U.S. Small Cap Managed Floor ETF	15.20%	11.81%	1.78%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-41.04%

Correlation

The correlation between RFLR and BITI is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	-0.42

Return for Risk

RFLR vs. BITI — Risk / Return Rank

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

RFLR

RFLR Risk / Return Rank: 87
RFLR Sharpe Ratio Rank: 84
RFLR Sortino Ratio Rank: 86
RFLR Omega Ratio Rank: 82
RFLR Calmar Ratio Rank: 92
RFLR Martin Ratio Rank: 91

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.

RFLR vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed Floor ETF (RFLR) 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.

	RFLR	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.47	+0.70
Sortino ratio: Return per unit of downside risk	3.15	2.04	+1.11
Omega ratio: Gain probability vs. loss probability	1.39	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	4.75	2.57	+2.18
Martin ratio: Return relative to average drawdown	16.69	6.38	+10.31

RFLR vs. BITI - Sharpe Ratio Comparison

The current RFLR Sharpe Ratio is 2.18, which is higher than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of RFLR 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

RFLR vs. BITI - Drawdown Comparison

The maximum RFLR drawdown since its inception was -15.48%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for RFLR and BITI.

Drawdown Indicators

	RFLR	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-15.48%	-92.16%	+76.68%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	-25.28%	+19.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.24%	-86.41%	+86.17%
Average Drawdown Average peak-to-trough decline	-3.62%	-68.40%	+64.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	10.16%	-8.52%

Volatility

RFLR vs. BITI - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Managed Floor ETF (RFLR) is 3.19%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that RFLR 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

	RFLR	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	10.76%	-7.57%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	34.28%	-25.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	44.15%	-31.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	52.24%	-40.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.23%	52.24%	-40.01%

RFLR vs. BITI - Expense Ratio Comparison

RFLR has a 0.89% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

RFLR vs. BITI - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.59%, less 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%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.59%	0.67%	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFLR and BITI in my portfolio?

RFLR and BITI have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFLR or BITI?

BITI has higher volatility (10.76%) compared to RFLR (3.19%). In terms of maximum drawdown, RFLR dropped -15.48% vs BITI's -92.16%.

Which ETF is better, RFLR or BITI?

On 1-year performance, BITI leads with 64.61% vs 27.35% for RFLR. On fees, RFLR is cheaper at 0.89% per year. On volatility, RFLR has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFLR or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 27.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFLR or BITI?

RFLR is cheaper with a 0.89% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.59% for RFLR.

What is the main difference between RFLR and BITI?

RFLR is categorized as Equity Hedged, while BITI is Cryptocurrency. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.89% for RFLR and 1.03% for BITI.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.18 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.