SPDV vs. BITI

Last updated Jul 14, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SPDV returned 15.42%/yr vs -30.65%/yr for BITI. At a correlation of -0.30, they often move in opposite directions. SPDV charges 0.29%/yr vs 1.03%/yr for BITI.

Performance

SPDV vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) 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, SPDV achieves a 15.59% return, which is significantly lower than BITI's 28.75% return.

SPDV

• 1D: 0.45%
• 1M: -0.40%
• 6M: 11.54%
• YTD: 15.59%
• 1Y: 22.33%
• 3Y*: 15.42%
• 5Y*: 9.67%
• 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)

SPDV vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPDV AAM S&P 500 High Dividend Value ETF	15.59%	10.90%	14.40%	5.45%	5.99%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SPDV 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	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.30

Return for Risk

SPDV vs. BITI — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 76
SPDV Sharpe Ratio Rank: 72
SPDV Sortino Ratio Rank: 76
SPDV Omega Ratio Rank: 71
SPDV Calmar Ratio Rank: 87
SPDV Martin Ratio Rank: 74

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.

SPDV vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.56	+0.27
Sortino ratio: Return per unit of downside risk	2.72	2.13	+0.59
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	3.87	2.72	+1.15
Martin ratio: Return relative to average drawdown	10.82	6.78	+4.04

SPDV vs. BITI - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 1.83, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SPDV 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

SPDV vs. BITI - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPDV and BITI.

Drawdown Indicators

	SPDV	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-92.16%	+48.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-25.28%	+19.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-84.63%	+66.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Current Drawdown Current decline from peak	-0.40%	-85.94%	+85.54%
Average Drawdown Average peak-to-trough decline	-6.50%	-68.34%	+61.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	10.11%	-8.04%

Volatility

SPDV vs. BITI - Volatility Comparison

The current volatility for AAM S&P 500 High Dividend Value ETF (SPDV) is 3.78%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that SPDV 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.

Volatility by Period

	SPDV	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	11.38%	-7.60%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	34.25%	-26.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	44.14%	-31.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	52.28%	-36.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	52.28%	-32.05%

SPDV vs. BITI - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SPDV vs. BITI - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.30%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDV AAM S&P 500 High Dividend Value ETF	3.30%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%

Frequently Asked Questions

Can I hold both SPDV and BITI in my portfolio?

SPDV 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, SPDV or BITI?

BITI has higher volatility (11.38%) compared to SPDV (3.78%). In terms of maximum drawdown, SPDV dropped -43.81% vs BITI's -92.16%.

Which ETF is better, SPDV or BITI?

On 3-year performance, SPDV leads with 15.42% vs -30.65% for BITI. On fees, SPDV is cheaper at 0.29% per year. On volatility, SPDV has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or BITI?

Over the 3-year period, SPDV has performed better with a 15.42% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or BITI?

SPDV is cheaper with a 0.29% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 3.30% for SPDV.

What is the main difference between SPDV and BITI?

SPDV is categorized as Dividend, while BITI is Cryptocurrency. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Advisors Asset Management and ProShares. Their fees differ too: 0.29% for SPDV and 1.03% for BITI.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (1.83 vs 1.56), 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.