SETH vs. BITI

Last updated Jun 24, 2026

SETH (ProShares Short Ether Strategy ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds from ProShares - SETH tracks the Bloomberg Galaxy Ethereum (--100%) while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past year, SETH returned -6.86% vs 47.64% for BITI. Their correlation of 0.81 suggests significant overlap in exposure. SETH charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SETH vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SETH achieves a 48.48% return, which is significantly higher than BITI's 29.11% return.

SETH

• 1D: 4.24%
• 1M: 19.90%
• YTD: 48.48%
• 6M: 48.59%
• 1Y: -6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 3.32%
• 1M: 20.07%
• YTD: 29.11%
• 6M: 29.34%
• 1Y: 47.64%
• 3Y*: -29.87%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SETH vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	48.48%	-29.41%	-49.59%	-22.19%
BITI ProShares Shrt Bitcoin ETF	29.11%	-1.76%	-62.60%	-18.06%

Correlation

The correlation between SETH and BITI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.81

The correlation between SETH and BITI has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

SETH vs. BITI — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 9
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 8
SETH Martin Ratio Rank: 8

BITI

BITI Risk / Return Rank: 33
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 31

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.

SETH vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) and ProShares Shrt 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.

	SETH	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	1.09	-1.19
Sortino ratio: Return per unit of downside risk	0.34	1.65	-1.31
Omega ratio: Gain probability vs. loss probability	1.04	1.20	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.13	1.89	-2.02
Martin ratio: Return relative to average drawdown	-0.21	4.36	-4.57

SETH vs. BITI - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.10, which is lower than the BITI Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SETH 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

SETH vs. BITI - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SETH and BITI.

Drawdown Indicators

	SETH	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-92.16%	+11.42%
Max Drawdown (1Y) Largest decline over 1 year	-54.14%	-25.28%	-28.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-59.21%	-85.90%	+26.69%
Average Drawdown Average peak-to-trough decline	-54.80%	-68.12%	+13.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.80%	11.39%	+24.41%

Volatility

SETH vs. BITI - Volatility Comparison

ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 19.43% compared to ProShares Shrt Bitcoin ETF (BITI) at 12.93%. This indicates that SETH'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

	SETH	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	12.93%	+6.50%
Volatility (6M) Calculated over the trailing 6-month period	46.71%	34.15%	+12.56%
Volatility (1Y) Calculated over the trailing 1-year period	69.21%	44.06%	+25.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.66%	52.46%	+17.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.66%	52.46%	+17.20%

SETH vs. BITI - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SETH vs. BITI - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.36%, more than BITI's 9.15% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.15%	1.60%	3.91%	3.33%	0.06%
SETH ProShares Short Ether Strategy ETF	10.36%	7.01%	3.44%	0.38%	0.00%

Frequently Asked Questions

Can I hold both SETH and BITI in my portfolio?

SETH and BITI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or BITI?

SETH has higher volatility (19.43%) compared to BITI (12.93%). In terms of maximum drawdown, SETH dropped -80.74% vs BITI's -92.16%.

Which ETF is better, SETH or BITI?

On 1-year performance, BITI leads with 47.64% vs -6.86% for SETH. On fees, SETH is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 12.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or BITI?

Over the 1-year period, BITI has performed better with a 47.64% return vs -6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or BITI?

SETH is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

SETH has the higher dividend yield at 10.36%, compared with 9.15% for BITI.

What is the main difference between SETH and BITI?

SETH tracks Bloomberg Galaxy Ethereum (--100%), while BITI tracks Bloomberg Bitcoin Index (-100%). Their fees differ too: 0.95% for SETH and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.09 vs -0.10), 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.