SPBC vs. BITI
SPBC (Simplify US Equity PLUS GBTC ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. SPBC is actively managed, while BITI is passively managed. Over the past 3 years, SPBC returned 26.39%/yr vs -32.46%/yr for BITI. Their -0.63 correlation means they have often moved in opposite directions in the past. SPBC charges 0.50%/yr vs 1.03%/yr for BITI.
Performance
SPBC vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 10.32% return, which is significantly lower than BITI's 24.60% return.
SPBC
- 1D
- 1.87%
- 1M
- 3.91%
- 6M
- 10.70%
- YTD
- 10.32%
- 1Y
- 16.61%
- 3Y*
- 26.39%
- 5Y*
- 15.23%
- 10Y*
- —
- ALL TIME*
- 15.86%
BITI
- 1D
- -0.50%
- 1M
- -4.51%
- 6M
- 10.22%
- YTD
- 24.60%
- 1Y
- 57.95%
- 3Y*
- -32.46%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.17M | $25.84M | $38.74M | |
| $833.15K | $513.20K | $324.41K |
SPBC vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 10.32% | 16.83% | 37.32% | 48.04% | 1.08% |
BITI ProShares Short Bitcoin ETF | 24.60% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between SPBC and BITI is -0.67, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.63 |
The correlation between SPBC and BITI has been stable across timeframes, ranging from -0.67 to -0.63 - a consistent structural relationship.
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Return for Risk
SPBC vs. BITI — Risk / Return Rank
SPBC
BITI
SPBC vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) 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.
| SPBC | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 2.30 | -0.94 |
| Martin ratioReturn relative to average drawdown | 4.69 | 5.60 | -0.91 |
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Drawdowns
SPBC vs. BITI - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPBC and BITI.
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Drawdown Indicators
| SPBC | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -92.16% | +58.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -25.28% | +13.04% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -84.63% | +63.63% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -86.40% | +86.40% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -68.62% | +60.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 10.37% | -6.82% |
Volatility
SPBC vs. BITI - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 4.56%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 8.18%. This indicates that SPBC experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBC | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 8.18% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 12.08% | 32.69% | -20.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 44.17% | -28.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.51% | 51.98% | -31.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.28% | 51.98% | -31.70% |
SPBC vs. BITI - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
SPBC vs. BITI - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.81%, less than BITI's 21.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.91% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.81% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% |
Frequently Asked Questions
SPBC and BITI have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (8.18%) compared to SPBC (4.56%). In terms of maximum drawdown, SPBC dropped -33.99% vs BITI's -92.16%.
On 3-year performance, SPBC leads with 26.39% vs -32.46% for BITI. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPBC has performed better with a 26.39% return vs -32.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBC is cheaper with a 0.50% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.91%, compared with 0.81% for SPBC.
SPBC is categorized as Diversified Portfolio, while BITI is Cryptocurrency. They also come from different issuers: Simplify and ProShares. Their fees differ too: 0.50% for SPBC and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.32 vs 1.09), 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.
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