SLVO vs. BITI

Last updated Jul 14, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, SLVO returned 25.17% vs 68.34% for BITI. At a correlation of -0.23, they often move in opposite directions. SLVO charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

SLVO vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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, SLVO achieves a -5.97% return, which is significantly lower than BITI's 28.75% return.

SLVO

• 1D: -3.21%
• 1M: -11.77%
• 6M: -9.54%
• YTD: -5.97%
• 1Y: 25.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

SLVO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	-5.97%	71.20%	0.94%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-35.28%

Correlation

The correlation between SLVO and BITI is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	-0.23

Return for Risk

SLVO vs. BITI — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 29
SLVO Sharpe Ratio Rank: 27
SLVO Sortino Ratio Rank: 23
SLVO Omega Ratio Rank: 32
SLVO Calmar Ratio Rank: 29
SLVO Martin Ratio Rank: 34

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

SLVO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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.

	SLVO	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.56	-0.79
Sortino ratio: Return per unit of downside risk	1.09	2.13	-1.03
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.18	2.72	-1.54
Martin ratio: Return relative to average drawdown	4.01	6.78	-2.77

SLVO vs. BITI - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 0.77, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SLVO 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

SLVO vs. BITI - Drawdown Comparison

The maximum SLVO drawdown since its inception was -21.39%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SLVO and BITI.

Drawdown Indicators

	SLVO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-21.39%	-92.16%	+70.77%
Max Drawdown (1Y) Largest decline over 1 year	-21.39%	-25.28%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-19.81%	-85.94%	+66.13%
Average Drawdown Average peak-to-trough decline	-3.65%	-68.34%	+64.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	10.11%	-3.81%

Volatility

SLVO vs. BITI - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 12.96% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that SLVO'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

	SLVO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	11.38%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	31.04%	34.25%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	32.81%	44.14%	-11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	52.28%	-25.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.62%	52.28%	-25.66%

SLVO vs. BITI - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SLVO vs. BITI - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 70.55%, more than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
SLVO UBS ETRACS Silver Shares Covered Call ETN	70.55%	19.35%	14.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLVO and BITI in my portfolio?

SLVO and BITI have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVO or BITI?

SLVO has higher volatility (12.96%) compared to BITI (11.38%). In terms of maximum drawdown, SLVO dropped -21.39% vs BITI's -92.16%.

Which ETF is better, SLVO or BITI?

On 1-year performance, BITI leads with 68.34% vs 25.17% for SLVO. On fees, SLVO is cheaper at 0.65% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 25.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or BITI?

SLVO is cheaper with a 0.65% expense ratio, compared with 1.03% for BITI.

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

SLVO has the higher dividend yield at 70.55%, compared with 15.10% for BITI.

What is the main difference between SLVO and BITI?

SLVO is categorized as Silver, while BITI is Cryptocurrency. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.65% for SLVO and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.77), 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.