SLVR vs. BITI

Last updated Jul 14, 2026

SLVR (Sprott Silver Miners & Physical Silver ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, SLVR returned 50.58% vs 68.34% for BITI. At a correlation of -0.26, they often move in opposite directions. SLVR charges 0.65%/yr vs 1.03%/yr for BITI.

Performance

SLVR vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Silver Miners & Physical Silver ETF (SLVR) 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, SLVR achieves a -13.01% return, which is significantly lower than BITI's 28.75% return.

SLVR

• 1D: -3.52%
• 1M: -10.72%
• 6M: -24.93%
• YTD: -13.01%
• 1Y: 50.58%
• 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)

SLVR vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	-13.01%	171.53%
BITI ProShares Short Bitcoin ETF	28.75%	2.02%

Correlation

The correlation between SLVR and BITI is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.26

Return for Risk

SLVR vs. BITI — Risk / Return Rank

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

SLVR

SLVR Risk / Return Rank: 28
SLVR Sharpe Ratio Rank: 27
SLVR Sortino Ratio Rank: 29
SLVR Omega Ratio Rank: 32
SLVR Calmar Ratio Rank: 29
SLVR Martin Ratio Rank: 25

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.

SLVR vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) 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.

	SLVR	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.56	-0.77
Sortino ratio: Return per unit of downside risk	1.34	2.13	-0.79
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.19	2.72	-1.53
Martin ratio: Return relative to average drawdown	2.58	6.78	-4.20

SLVR vs. BITI - Sharpe Ratio Comparison

The current SLVR Sharpe Ratio is 0.79, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SLVR 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

SLVR vs. BITI - Drawdown Comparison

The maximum SLVR drawdown since its inception was -42.84%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SLVR and BITI.

Drawdown Indicators

	SLVR	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-42.84%	-92.16%	+49.32%
Max Drawdown (1Y) Largest decline over 1 year	-42.84%	-25.28%	-17.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-41.77%	-85.94%	+44.17%
Average Drawdown Average peak-to-trough decline	-11.20%	-68.34%	+57.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.66%	10.11%	+9.55%

Volatility

SLVR vs. BITI - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) has a higher volatility of 18.28% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that SLVR'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

	SLVR	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.28%	11.38%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	53.44%	34.25%	+19.19%
Volatility (1Y) Calculated over the trailing 1-year period	64.48%	44.14%	+20.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.70%	52.28%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.70%	52.28%	+6.42%

SLVR vs. BITI - Expense Ratio Comparison

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

Dividends

SLVR vs. BITI - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 4.23%, less 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%
SLVR Sprott Silver Miners & Physical Silver ETF	4.23%	3.68%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLVR and BITI in my portfolio?

SLVR and BITI have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVR or BITI?

SLVR has higher volatility (18.28%) compared to BITI (11.38%). In terms of maximum drawdown, SLVR dropped -42.84% vs BITI's -92.16%.

Which ETF is better, SLVR or BITI?

On 1-year performance, BITI leads with 68.34% vs 50.58% for SLVR. On fees, SLVR 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, SLVR or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 50.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVR or BITI?

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

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

BITI has the higher dividend yield at 15.10%, compared with 4.23% for SLVR.

What is the main difference between SLVR and BITI?

SLVR is categorized as Silver, while BITI is Cryptocurrency. SLVR tracks Nasdaq Sprott Silver Miners™ Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.65% for SLVR and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.79), 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.