TDSC vs. BITI

Last updated Jul 14, 2026

TDSC (Cabana Target Drawdown 10 ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TDSC is a Tactical Allocation fund actively managed by Exchange Traded Concepts, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. TDSC is actively managed, while BITI is passively managed. Over the past 3 years, TDSC returned 9.70%/yr vs -30.65%/yr for BITI. At a correlation of -0.32, they often move in opposite directions. TDSC charges 0.69%/yr vs 1.03%/yr for BITI.

Performance

TDSC vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cabana Target Drawdown 10 ETF (TDSC) 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, TDSC achieves a 10.29% return, which is significantly lower than BITI's 28.75% return.

TDSC

• 1D: -0.41%
• 1M: 0.25%
• 6M: 8.09%
• YTD: 10.29%
• 1Y: 15.99%
• 3Y*: 9.70%
• 5Y*: 2.62%
• 10Y*: —

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)

TDSC vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TDSC Cabana Target Drawdown 10 ETF	10.29%	6.56%	7.10%	7.63%	-2.02%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between TDSC and BITI is -0.46, 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	-0.46
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.32

The correlation between TDSC and BITI shifts across timeframes, from -0.46 (1 year) to -0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TDSC vs. BITI — Risk / Return Rank

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

TDSC

TDSC Risk / Return Rank: 69
TDSC Sharpe Ratio Rank: 67
TDSC Sortino Ratio Rank: 65
TDSC Omega Ratio Rank: 64
TDSC Calmar Ratio Rank: 74
TDSC Martin Ratio Rank: 74

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.

TDSC vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cabana Target Drawdown 10 ETF (TDSC) 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.

	TDSC	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.56	+0.17
Sortino ratio: Return per unit of downside risk	2.40	2.13	+0.27
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	3.00	2.72	+0.29
Martin ratio: Return relative to average drawdown	10.84	6.78	+4.07

TDSC vs. BITI - Sharpe Ratio Comparison

The current TDSC Sharpe Ratio is 1.72, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of TDSC 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

TDSC vs. BITI - Drawdown Comparison

The maximum TDSC drawdown since its inception was -21.51%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TDSC and BITI.

Drawdown Indicators

	TDSC	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-21.51%	-92.16%	+70.65%
Max Drawdown (1Y) Largest decline over 1 year	-5.35%	-25.28%	+19.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	-84.63%	+70.39%
Max Drawdown (5Y) Largest decline over 5 years	-21.51%	—	—
Current Drawdown Current decline from peak	-1.30%	-85.94%	+84.64%
Average Drawdown Average peak-to-trough decline	-9.24%	-68.34%	+59.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	10.11%	-8.63%

Volatility

TDSC vs. BITI - Volatility Comparison

The current volatility for Cabana Target Drawdown 10 ETF (TDSC) is 2.74%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that TDSC 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

	TDSC	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	11.38%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	7.27%	34.25%	-26.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	44.14%	-34.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	52.28%	-41.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.25%	52.28%	-42.03%

TDSC vs. BITI - Expense Ratio Comparison

TDSC has a 0.69% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

TDSC vs. BITI - Dividend Comparison

TDSC's dividend yield for the trailing twelve months is around 1.61%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%	0.00%
TDSC Cabana Target Drawdown 10 ETF	1.61%	2.92%	2.06%	2.06%	1.76%	1.11%	0.54%

Frequently Asked Questions

Can I hold both TDSC and BITI in my portfolio?

TDSC and BITI have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDSC or BITI?

BITI has higher volatility (11.38%) compared to TDSC (2.74%). In terms of maximum drawdown, TDSC dropped -21.51% vs BITI's -92.16%.

Which ETF is better, TDSC or BITI?

On 3-year performance, TDSC leads with 9.70% vs -30.65% for BITI. On fees, TDSC is cheaper at 0.69% per year. On volatility, TDSC has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDSC or BITI?

Over the 3-year period, TDSC has performed better with a 9.70% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDSC or BITI?

TDSC is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 1.61% for TDSC.

What is the main difference between TDSC and BITI?

TDSC is categorized as Tactical Allocation, while BITI is Cryptocurrency. They also come from different issuers: Exchange Traded Concepts and ProShares. Their fees differ too: 0.69% for TDSC and 1.03% for BITI.

Which has better risk-adjusted returns?

TDSC currently has the higher Sharpe Ratio (1.72 vs 1.56), 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.