SPRX vs. BITI

Last updated Jul 17, 2026

SPRX (Spear Alpha ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. SPRX is actively managed, while BITI is passively managed. Over the past 3 years, SPRX returned 31.95%/yr vs -31.62%/yr for BITI. At a correlation of -0.40, they often move in opposite directions. SPRX charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

SPRX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) 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, SPRX achieves a 15.58% return, which is significantly lower than BITI's 24.48% return.

SPRX

• 1D: -6.13%
• 1M: -19.39%
• 6M: 6.93%
• YTD: 15.58%
• 1Y: 46.27%
• 3Y*: 31.95%
• 5Y*: —
• 10Y*: —

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)

SPRX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPRX Spear Alpha ETF	15.58%	41.91%	20.58%	88.02%	-11.42%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SPRX and BITI is -0.48, 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	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.40

Return for Risk

SPRX vs. BITI — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 37
SPRX Sharpe Ratio Rank: 31
SPRX Sortino Ratio Rank: 32
SPRX Omega Ratio Rank: 32
SPRX Calmar Ratio Rank: 46
SPRX Martin Ratio Rank: 42

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.

SPRX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) 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.

	SPRX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.47	-0.53
Sortino ratio: Return per unit of downside risk	1.45	2.04	-0.59
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.91	2.57	-0.65
Martin ratio: Return relative to average drawdown	5.42	6.38	-0.95

SPRX vs. BITI - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 0.94, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SPRX 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

SPRX vs. BITI - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPRX and BITI.

Drawdown Indicators

	SPRX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-92.16%	+40.95%
Max Drawdown (1Y) Largest decline over 1 year	-24.28%	-25.28%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	-84.63%	+42.51%
Current Drawdown Current decline from peak	-24.28%	-86.41%	+62.13%
Average Drawdown Average peak-to-trough decline	-17.45%	-68.40%	+50.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.56%	10.16%	-1.60%

Volatility

SPRX vs. BITI - Volatility Comparison

Spear Alpha ETF (SPRX) has a higher volatility of 19.00% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that SPRX'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

	SPRX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	10.76%	+8.24%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	34.28%	+6.60%
Volatility (1Y) Calculated over the trailing 1-year period	49.49%	44.15%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.72%	52.24%	-9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.72%	52.24%	-9.52%

SPRX vs. BITI - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SPRX vs. BITI - Dividend Comparison

SPRX 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	2021
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%	0.00%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%

Frequently Asked Questions

Can I hold both SPRX and BITI in my portfolio?

SPRX and BITI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPRX or BITI?

SPRX has higher volatility (19.00%) compared to BITI (10.76%). In terms of maximum drawdown, SPRX dropped -51.21% vs BITI's -92.16%.

Which ETF is better, SPRX or BITI?

On 3-year performance, SPRX leads with 31.95% vs -31.62% for BITI. On fees, SPRX is cheaper at 0.75% 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, SPRX or BITI?

Over the 3-year period, SPRX has performed better with a 31.95% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRX or BITI?

SPRX is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

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

What is the main difference between SPRX and BITI?

SPRX is categorized as Technology Equities, while BITI is Cryptocurrency. They also come from different issuers: Spear and ProShares. Their fees differ too: 0.75% for SPRX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 0.94), 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.