TETH vs. BITI

Last updated Jun 30, 2026

TETH (21Shares Ethereum ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. TETH is actively managed, while BITI is passively managed. Over the past year, TETH returned -32.60% vs 57.36% for BITI. At a correlation of -0.82, they often move in opposite directions.

Performance

TETH vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Ethereum ETF (TETH) and ProShares Shrt Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TETH achieves a -45.15% return, which is significantly lower than BITI's 33.11% return.

TETH

• 1D: 3.43%
• 1M: -19.29%
• YTD: -45.15%
• 6M: -44.28%
• 1Y: -32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -0.98%
• 1M: 20.05%
• YTD: 33.11%
• 6M: 32.54%
• 1Y: 57.36%
• 3Y*: -29.70%
• 5Y*: —
• 10Y*: —

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

TETH vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TETH 21Shares Ethereum ETF	-45.15%	-11.20%	-5.86%
BITI ProShares Shrt Bitcoin ETF	33.11%	-1.76%	-33.28%

Correlation

The correlation between TETH and BITI is -0.88, 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	-0.88
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.82

The correlation between TETH and BITI has been stable across timeframes, ranging from -0.88 to -0.82 - a consistent structural relationship.

Return for Risk

TETH vs. BITI — Risk / Return Rank

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

TETH

TETH Risk / Return Rank: 6
TETH Sharpe Ratio Rank: 6
TETH Sortino Ratio Rank: 6
TETH Omega Ratio Rank: 6
TETH Calmar Ratio Rank: 5
TETH Martin Ratio Rank: 6

BITI

BITI Risk / Return Rank: 42
BITI Sharpe Ratio Rank: 41
BITI Sortino Ratio Rank: 40
BITI Omega Ratio Rank: 37
BITI Calmar Ratio Rank: 54
BITI Martin Ratio Rank: 38

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.

TETH vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Ethereum ETF (TETH) and ProShares Shrt 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.

	TETH	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.31	-1.78
Sortino ratio: Return per unit of downside risk	-0.33	1.87	-2.20
Omega ratio: Gain probability vs. loss probability	0.96	1.23	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.48	2.28	-2.76
Martin ratio: Return relative to average drawdown	-0.79	5.25	-6.05

TETH vs. BITI - Sharpe Ratio Comparison

The current TETH Sharpe Ratio is -0.47, which is lower than the BITI Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of TETH 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

TETH vs. BITI - Drawdown Comparison

The maximum TETH drawdown since its inception was -67.74%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TETH and BITI.

Drawdown Indicators

	TETH	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-67.74%	-92.16%	+24.42%
Max Drawdown (1Y) Largest decline over 1 year	-67.74%	-25.28%	-42.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-66.33%	-85.47%	+19.14%
Average Drawdown Average peak-to-trough decline	-34.03%	-68.19%	+34.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.19%	10.95%	+30.24%

Volatility

TETH vs. BITI - Volatility Comparison

21Shares Ethereum ETF (TETH) has a higher volatility of 20.46% compared to ProShares Shrt Bitcoin ETF (BITI) at 13.37%. This indicates that TETH'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

	TETH	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.46%	13.37%	+7.09%
Volatility (6M) Calculated over the trailing 6-month period	46.69%	34.13%	+12.56%
Volatility (1Y) Calculated over the trailing 1-year period	69.15%	44.23%	+24.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.18%	52.40%	+19.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.18%	52.40%	+19.78%

Dividends

TETH vs. BITI - Dividend Comparison

TETH's dividend yield for the trailing twelve months is around 0.39%, less than BITI's 8.87% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	8.87%	1.60%	3.91%	3.33%	0.06%
TETH 21Shares Ethereum ETF	0.39%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TETH and BITI in my portfolio?

TETH and BITI have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TETH or BITI?

TETH has higher volatility (20.46%) compared to BITI (13.37%). In terms of maximum drawdown, TETH dropped -67.74% vs BITI's -92.16%.

Which ETF is better, TETH or BITI?

On 1-year performance, BITI leads with 57.36% vs -32.60% for TETH. On volatility, BITI has been the lower-risk option at 13.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TETH or BITI?

Over the 1-year period, BITI has performed better with a 57.36% return vs -32.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

BITI has the higher dividend yield at 8.87%, compared with 0.39% for TETH.

What is the main difference between TETH and BITI?

They also come from different issuers: 21Shares and ProShares.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.31 vs -0.47), 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.