SPHQ vs. BITI
SPHQ (Invesco S&P 500 Quality ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SPHQ returned 19.92%/yr vs -32.35%/yr for BITI. Their -0.34 correlation means they have often moved in opposite directions in the past. SPHQ charges 0.15%/yr vs 1.03%/yr for BITI.
Performance
SPHQ vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, SPHQ achieves a 14.14% return, which is significantly lower than BITI's 25.22% return.
SPHQ
- 1D
- 0.56%
- 1M
- -3.11%
- 6M
- 8.93%
- YTD
- 14.14%
- 1Y
- 21.69%
- 3Y*
- 19.92%
- 5Y*
- 12.81%
- 10Y*
- 14.58%
- ALL TIME*
- 10.03%
BITI
- 1D
- -1.48%
- 1M
- -4.03%
- 6M
- 13.09%
- YTD
- 25.22%
- 1Y
- 56.28%
- 3Y*
- -32.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.18M | $25.87M | $38.72M | |
| $121.34M | $134.31M | $144.70M |
SPHQ vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPHQ Invesco S&P 500 Quality ETF | 14.14% | 13.25% | 25.44% | 24.83% | 8.39% |
BITI ProShares Short Bitcoin ETF | 25.22% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between SPHQ and BITI is -0.35, 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. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.34 |
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Return for Risk
SPHQ vs. BITI — Risk / Return Rank
SPHQ
BITI
SPHQ vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.
| SPHQ | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.22 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.24 | +0.21 |
| Martin ratioReturn relative to average drawdown | 8.64 | 5.45 | +3.20 |
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Drawdowns
SPHQ vs. BITI - Drawdown Comparison
The maximum SPHQ drawdown since its inception was -57.83%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPHQ and BITI.
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Drawdown Indicators
| SPHQ | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.83% | -92.16% | +34.33% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -25.28% | +16.38% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -84.63% | +68.06% |
Max Drawdown (5Y)Largest decline over 5 years | -25.04% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.60% | — | — |
Current DrawdownCurrent decline from peak | -5.50% | -86.33% | +80.83% |
Average DrawdownAverage peak-to-trough decline | -10.64% | -68.61% | +57.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 10.37% | -7.85% |
Volatility
SPHQ vs. BITI - Volatility Comparison
The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 4.77%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 8.93%. This indicates that SPHQ 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
| SPHQ | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 8.93% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.37% | 33.35% | -20.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.51% | 44.25% | -29.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 52.01% | -35.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 52.01% | -34.03% |
SPHQ vs. BITI - Expense Ratio Comparison
SPHQ has a 0.15% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
SPHQ vs. BITI - Dividend Comparison
SPHQ's dividend yield for the trailing twelve months is around 1.10%, less than BITI's 21.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 21.80% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHQ Invesco S&P 500 Quality ETF | 1.10% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Frequently Asked Questions
SPHQ and BITI have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (8.93%) compared to SPHQ (4.77%). In terms of maximum drawdown, SPHQ dropped -57.83% vs BITI's -92.16%.
On 3-year performance, SPHQ leads with 19.92% vs -32.35% for BITI. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPHQ has performed better with a 19.92% return vs -32.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 21.80%, compared with 1.10% for SPHQ.
SPHQ is categorized as Quality Factor, while BITI is Cryptocurrency. SPHQ tracks S&P 500 Quality Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.15% for SPHQ and 1.03% for BITI.
SPHQ currently has the higher Sharpe Ratio (1.50 vs 1.28), 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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