SVXY vs. BITI

Last updated Jul 14, 2026

SVXY (ProShares Short VIX Short-Term Futures ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, SVXY returned 10.15%/yr vs -30.65%/yr for BITI. At a correlation of -0.31, they often move in opposite directions. SVXY charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SVXY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) 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, SVXY achieves a 4.12% return, which is significantly lower than BITI's 28.75% return.

SVXY

• 1D: -1.50%
• 1M: 5.03%
• 6M: 2.34%
• YTD: 4.12%
• 1Y: 31.22%
• 3Y*: 10.15%
• 5Y*: 15.62%
• 10Y*: -0.01%

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)

SVXY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVXY ProShares Short VIX Short-Term Futures ETF	4.12%	10.63%	-3.17%	76.21%	25.98%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between SVXY and BITI is -0.38, 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	-0.38
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.31

Return for Risk

SVXY vs. BITI — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 37
SVXY Sharpe Ratio Rank: 38
SVXY Sortino Ratio Rank: 36
SVXY Omega Ratio Rank: 40
SVXY Calmar Ratio Rank: 34
SVXY Martin Ratio Rank: 37

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.

SVXY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.

	SVXY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.56	-0.47
Sortino ratio: Return per unit of downside risk	1.54	2.13	-0.58
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.37	2.72	-1.35
Martin ratio: Return relative to average drawdown	4.46	6.78	-2.32

SVXY vs. BITI - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.09, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SVXY 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

SVXY vs. BITI - Drawdown Comparison

The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SVXY and BITI.

Drawdown Indicators

	SVXY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-95.25%	-92.16%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-25.28%	+2.34%
Max Drawdown (3Y) Largest decline over 3 years	-46.45%	-84.63%	+38.18%
Max Drawdown (5Y) Largest decline over 5 years	-46.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	—	—
Current Drawdown Current decline from peak	-79.14%	-85.94%	+6.80%
Average Drawdown Average peak-to-trough decline	-57.01%	-68.34%	+11.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	10.11%	-3.08%

Volatility

SVXY vs. BITI - Volatility Comparison

The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 7.03%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that SVXY 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

	SVXY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	11.38%	-4.35%
Volatility (6M) Calculated over the trailing 6-month period	22.81%	34.25%	-11.44%
Volatility (1Y) Calculated over the trailing 1-year period	28.92%	44.14%	-15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.34%	52.28%	-16.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.50%	52.28%	-2.78%

SVXY vs. BITI - Expense Ratio Comparison

SVXY has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SVXY vs. BITI - Dividend Comparison

SVXY has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.10%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
SVXY ProShares Short VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVXY and BITI in my portfolio?

SVXY and BITI have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or BITI?

BITI has higher volatility (11.38%) compared to SVXY (7.03%). In terms of maximum drawdown, SVXY dropped -95.25% vs BITI's -92.16%.

Which ETF is better, SVXY or BITI?

On 3-year performance, SVXY leads with 10.15% vs -30.65% for BITI. On fees, SVXY is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or BITI?

Over the 3-year period, SVXY has performed better with a 10.15% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or BITI?

SVXY is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.00% for SVXY.

What is the main difference between SVXY and BITI?

SVXY is categorized as Volatility, while BITI is Cryptocurrency. SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while BITI tracks Bloomberg Bitcoin Index. Their fees differ too: 0.95% for SVXY and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 1.09), 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.