SPPP vs. BITI

Last updated Jul 17, 2026

SPPP (Sprott Physical Platinum and Palladium Trust) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPPP is a Precious Metals fund actively managed by Sprott, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. SPPP is actively managed, while BITI is passively managed. Over the past 3 years, SPPP returned 4.91%/yr vs -31.62%/yr for BITI. At a correlation of -0.22, they often move in opposite directions. SPPP charges 1.02%/yr vs 1.03%/yr for BITI.

Performance

SPPP vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Platinum and Palladium Trust (SPPP) 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, SPPP achieves a -22.92% return, which is significantly lower than BITI's 24.48% return.

SPPP

• 1D: -3.78%
• 1M: -8.85%
• 6M: -33.50%
• YTD: -22.92%
• 1Y: 1.96%
• 3Y*: 4.91%
• 5Y*: -6.72%
• 10Y*: 5.71%

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

SPPP vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPPP Sprott Physical Platinum and Palladium Trust	-22.92%	89.43%	-11.89%	-25.86%	5.34%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SPPP and BITI is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.22

Return for Risk

SPPP vs. BITI — Risk / Return Rank

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

SPPP

SPPP Risk / Return Rank: 11
SPPP Sharpe Ratio Rank: 10
SPPP Sortino Ratio Rank: 12
SPPP Omega Ratio Rank: 12
SPPP Calmar Ratio Rank: 10
SPPP Martin Ratio Rank: 10

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

SPPP vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Platinum and Palladium Trust (SPPP) 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.

	SPPP	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.47	-1.44
Sortino ratio: Return per unit of downside risk	0.40	2.04	-1.64
Omega ratio: Gain probability vs. loss probability	1.05	1.25	-0.19
Calmar ratio: Return relative to maximum drawdown	0.04	2.57	-2.53
Martin ratio: Return relative to average drawdown	0.09	6.38	-6.29

SPPP vs. BITI - Sharpe Ratio Comparison

The current SPPP Sharpe Ratio is 0.04, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SPPP 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

SPPP vs. BITI - Drawdown Comparison

The maximum SPPP drawdown since its inception was -59.09%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPPP and BITI.

Drawdown Indicators

	SPPP	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-59.09%	-92.16%	+33.07%
Max Drawdown (1Y) Largest decline over 1 year	-45.66%	-25.28%	-20.38%
Max Drawdown (3Y) Largest decline over 3 years	-45.66%	-84.63%	+38.97%
Max Drawdown (5Y) Largest decline over 5 years	-58.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.09%	—	—
Current Drawdown Current decline from peak	-42.52%	-86.41%	+43.89%
Average Drawdown Average peak-to-trough decline	-26.60%	-68.40%	+41.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.56%	10.16%	+12.40%

Volatility

SPPP vs. BITI - Volatility Comparison

Sprott Physical Platinum and Palladium Trust (SPPP) has a higher volatility of 11.78% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that SPPP'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

	SPPP	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	10.76%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	41.07%	34.28%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	51.51%	44.15%	+7.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.22%	52.24%	-17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.35%	52.24%	-18.89%

SPPP vs. BITI - Expense Ratio Comparison

SPPP has a 1.02% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SPPP vs. BITI - Dividend Comparison

SPPP has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
SPPP Sprott Physical Platinum and Palladium Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPPP and BITI in my portfolio?

SPPP and BITI have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPPP or BITI?

SPPP has higher volatility (11.78%) compared to BITI (10.76%). In terms of maximum drawdown, SPPP dropped -59.09% vs BITI's -92.16%.

Which ETF is better, SPPP or BITI?

On 3-year performance, SPPP leads with 4.91% vs -31.62% for BITI. On fees, SPPP is cheaper at 1.02% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPPP or BITI?

Over the 3-year period, SPPP has performed better with a 4.91% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPPP or BITI?

SPPP is cheaper with a 1.02% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.00% for SPPP.

What is the main difference between SPPP and BITI?

SPPP is categorized as Precious Metals, while BITI is Cryptocurrency. They also come from different issuers: Sprott and ProShares. Their fees differ too: 1.02% for SPPP and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.04), 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.