SPYQ vs. BITI

Last updated Aug 1, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. SPYQ is actively managed, while BITI is passively managed. Over the past year, SPYQ returned 34.82% vs 58.64% for BITI. Their -0.44 correlation means they have often moved in opposite directions in the past. SPYQ charges 1.30%/yr vs 1.03%/yr for BITI.

Performance

SPYQ vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 14.83% return, which is significantly lower than BITI's 27.11% return.

SPYQ

• 1D: 1.63%
• 1M: 0.16%
• 6M: 12.24%
• YTD: 14.83%
• 1Y: 34.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.63%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
SPYQ Tradr 2X Long SPY Quarterly ETF	$405.12K	$285.27K	$2.57M

SPYQ vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	14.83%	26.22%	4.73%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-35.19%

Correlation

The correlation between SPYQ and BITI is -0.47, 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.	-0.47
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.44

Return for Risk

SPYQ vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYQ

SPYQ Risk / Return Rank: 49
SPYQ Sharpe Ratio Rank: 49
SPYQ Sortino Ratio Rank: 47
SPYQ Omega Ratio Rank: 47
SPYQ Calmar Ratio Rank: 46
SPYQ Martin Ratio Rank: 57

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYQ vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.45	-0.23
Sortino ratio: Return per unit of downside risk	1.72	2.02	-0.30
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.65	2.53	-0.89
Martin ratio: Return relative to average drawdown	6.86	6.17	+0.68

SPYQ vs. BITI - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.21, which is comparable to the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SPYQ 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

SPYQ vs. BITI - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SPYQ and BITI.

Drawdown Indicators

	SPYQ	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-92.16%	+56.28%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-25.28%	+6.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-3.36%	-86.12%	+82.76%
Average Drawdown Average peak-to-trough decline	-4.80%	-68.59%	+63.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	10.35%	-5.87%

Volatility

SPYQ vs. BITI - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 7.20%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that SPYQ 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

	SPYQ	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	9.13%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	19.79%	33.31%	-13.52%
Volatility (1Y) Calculated over the trailing 1-year period	25.36%	44.23%	-18.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.02%	52.03%	-18.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.02%	52.03%	-18.01%

SPYQ vs. BITI - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

SPYQ vs. BITI - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.15%, less than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.15%	0.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYQ and BITI in my portfolio?

SPYQ and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or BITI?

BITI has higher volatility (9.13%) compared to SPYQ (7.20%). In terms of maximum drawdown, SPYQ dropped -35.88% vs BITI's -92.16%.

Which ETF is better, SPYQ or BITI?

On 1-year performance, BITI leads with 58.64% vs 34.82% for SPYQ. On fees, BITI is cheaper at 1.03% per year. On volatility, SPYQ has been the lower-risk option at 7.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or BITI?

Over the 1-year period, BITI has performed better with a 58.64% return vs 34.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.30% for SPYQ.

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

BITI has the higher dividend yield at 15.17%, compared with 0.15% for SPYQ.

What is the main difference between SPYQ and BITI?

SPYQ is categorized as Leveraged Equities, while BITI is Cryptocurrency. They also come from different issuers: AXS and ProShares. Their fees differ too: 1.30% for SPYQ and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.45 vs 1.21), 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.