SHNY vs. BITI

Last updated Jul 17, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Over the past 3 years, SHNY returned 41.47%/yr vs -31.62%/yr for BITI. At a correlation of -0.13, they often move in opposite directions. SHNY charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SHNY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -41.77% return, which is significantly lower than BITI's 24.48% return.

SHNY

• 1D: -6.17%
• 1M: -24.80%
• 6M: -51.80%
• YTD: -41.77%
• 1Y: 5.67%
• 3Y*: 41.47%
• 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)

SHNY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-41.77%	214.54%	50.30%	10.98%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-48.42%

Correlation

The correlation between SHNY and BITI is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.13

The correlation between SHNY and BITI shifts across timeframes, from -0.26 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. BITI — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 10
SHNY Martin Ratio Rank: 10

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.

SHNY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.47	-1.40
Sortino ratio: Return per unit of downside risk	0.66	2.04	-1.38
Omega ratio: Gain probability vs. loss probability	1.09	1.25	-0.15
Calmar ratio: Return relative to maximum drawdown	0.08	2.57	-2.49
Martin ratio: Return relative to average drawdown	0.17	6.38	-6.21

SHNY vs. BITI - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.07, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SHNY 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

SHNY vs. BITI - Drawdown Comparison

The maximum SHNY drawdown since its inception was -69.36%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SHNY and BITI.

Drawdown Indicators

	SHNY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-69.36%	-92.16%	+22.80%
Max Drawdown (1Y) Largest decline over 1 year	-69.36%	-25.28%	-44.08%
Max Drawdown (3Y) Largest decline over 3 years	-69.36%	-84.63%	+15.27%
Current Drawdown Current decline from peak	-69.36%	-86.41%	+17.05%
Average Drawdown Average peak-to-trough decline	-16.61%	-68.40%	+51.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.52%	10.16%	+23.36%

Volatility

SHNY vs. BITI - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 19.70% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that SHNY'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

	SHNY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.70%	10.76%	+8.94%
Volatility (6M) Calculated over the trailing 6-month period	73.85%	34.28%	+39.57%
Volatility (1Y) Calculated over the trailing 1-year period	82.87%	44.15%	+38.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.46%	52.24%	+7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.46%	52.24%	+7.22%

SHNY vs. BITI - Expense Ratio Comparison

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

Dividends

SHNY vs. BITI - Dividend Comparison

SHNY 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%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and BITI in my portfolio?

SHNY and BITI have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or BITI?

SHNY has higher volatility (19.70%) compared to BITI (10.76%). In terms of maximum drawdown, SHNY dropped -69.36% vs BITI's -92.16%.

Which ETF is better, SHNY or BITI?

On 3-year performance, SHNY leads with 41.47% vs -31.62% for BITI. On fees, SHNY is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or BITI?

Over the 3-year period, SHNY has performed better with a 41.47% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or BITI?

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

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

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

What is the main difference between SHNY and BITI?

SHNY is categorized as Leveraged Commodities, while BITI is Cryptocurrency. They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for SHNY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.07), 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.