SETH vs. BTCI

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Short Ether Strategy ETF (SETH) and NEOS Bitcoin High Income ETF (BTCI).

SETH and BTCI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SETH is a passively managed fund by ProShares that tracks the performance of the Bloomberg Galaxy Ethereum (--100%). It was launched on Nov 1, 2023. BTCI is an actively managed fund by Neos. It was launched on Oct 16, 2024.

Performance

SETH vs. BTCI - Performance Comparison

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

SETH vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SETH ProShares Short Ether Strategy ETF	20.65%	-29.41%	-28.97%
BTCI NEOS Bitcoin High Income ETF	-20.23%	-1.09%	28.24%

Returns By Period

In the year-to-date period, SETH achieves a 20.65% return, which is significantly higher than BTCI's -20.23% return.

SETH

• 1D: -2.21%
• 1M: -7.87%
• YTD: 20.65%
• 6M: 57.31%
• 1Y: -45.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCI

• 1D: 0.09%
• 1M: -0.24%
• YTD: -20.23%
• 6M: -37.90%
• 1Y: -15.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETH vs. BTCI - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is lower than BTCI's 0.98% expense ratio.

BTCI

NEOS Bitcoin High Income ETF

SETH

ProShares Short Ether Strategy ETF

Return for Risk

SETH vs. BTCI — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 4
SETH Sharpe Ratio Rank: 3
SETH Sortino Ratio Rank: 4
SETH Omega Ratio Rank: 4
SETH Calmar Ratio Rank: 2
SETH Martin Ratio Rank: 6

BTCI

BTCI Risk / Return Rank: 6
BTCI Sharpe Ratio Rank: 5
BTCI Sortino Ratio Rank: 6
BTCI Omega Ratio Rank: 6
BTCI Calmar Ratio Rank: 7
BTCI Martin Ratio Rank: 7

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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) and NEOS Bitcoin High Income ETF (BTCI). 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.

	SETH	BTCI	Difference
Sharpe ratio Return per unit of total volatility	-0.60	-0.39	-0.21
Sortino ratio Return per unit of downside risk	-0.56	-0.30	-0.25
Omega ratio Gain probability vs. loss probability	0.93	0.96	-0.03
Calmar ratio Return relative to maximum drawdown	-0.64	-0.30	-0.34
Martin ratio Return relative to average drawdown	-0.81	-0.66	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETH vs. BTCI - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.60, which is lower than the BTCI Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of SETH and BTCI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SETH	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.39	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.52	0.02	-0.54

Correlation

The correlation between SETH and BTCI is -0.82. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SETH vs. BTCI - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 11.38%, less than BTCI's 43.58% yield.

	TTM	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	11.38%	7.01%	3.44%	0.38%
BTCI NEOS Bitcoin High Income ETF	43.58%	36.46%	6.76%	0.00%

Drawdowns

SETH vs. BTCI - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, which is greater than BTCI's maximum drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for SETH and BTCI.

Drawdown Indicators

	SETH	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-44.98%	-35.76%
Max Drawdown (1Y) Largest decline over 1 year	-75.02%	-44.98%	-30.04%
Current Drawdown Current decline from peak	-66.86%	-41.01%	-25.85%
Average Drawdown Average peak-to-trough decline	-53.84%	-12.85%	-40.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.01%	20.50%	+38.51%

Volatility

SETH vs. BTCI - Volatility Comparison

ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 19.86% compared to NEOS Bitcoin High Income ETF (BTCI) at 10.21%. This indicates that SETH's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETH	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.86%	10.21%	+9.65%
Volatility (6M) Calculated over the trailing 6-month period	53.29%	33.66%	+19.63%
Volatility (1Y) Calculated over the trailing 1-year period	76.09%	40.04%	+36.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.15%	41.35%	+29.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.15%	41.35%	+29.80%