TFPN vs. BITI

Last updated Jul 17, 2026

TFPN (Blueprint Chesapeake Multi-Asset Trend ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TFPN is a Global Allocation fund actively managed by Tidal ETFs, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. TFPN is actively managed, while BITI is passively managed. Over the past 3 years, TFPN returned 6.74%/yr vs -31.62%/yr for BITI. At a correlation of -0.24, they often move in opposite directions. TFPN charges 1.10%/yr vs 1.03%/yr for BITI.

Performance

TFPN vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) 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, TFPN achieves a 17.28% return, which is significantly lower than BITI's 24.48% return.

TFPN

• 1D: -0.68%
• 1M: -6.58%
• 6M: 8.81%
• YTD: 17.28%
• 1Y: 31.11%
• 3Y*: 6.74%
• 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)

TFPN vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	17.28%	3.61%	2.67%	-1.83%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-28.71%

Correlation

The correlation between TFPN and BITI is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Jul 12, 2023	-0.24

The correlation between TFPN and BITI shifts across timeframes, from -0.36 (1 year) to -0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TFPN vs. BITI — Risk / Return Rank

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

TFPN

TFPN Risk / Return Rank: 79
TFPN Sharpe Ratio Rank: 80
TFPN Sortino Ratio Rank: 74
TFPN Omega Ratio Rank: 77
TFPN Calmar Ratio Rank: 88
TFPN Martin Ratio Rank: 78

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.

TFPN vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) 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.

	TFPN	BITI	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.47	+0.56
Sortino ratio: Return per unit of downside risk	2.67	2.04	+0.63
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	4.04	2.57	+1.47
Martin ratio: Return relative to average drawdown	11.52	6.38	+5.15

TFPN vs. BITI - Sharpe Ratio Comparison

The current TFPN Sharpe Ratio is 2.03, which is higher than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of TFPN 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

TFPN vs. BITI - Drawdown Comparison

The maximum TFPN drawdown since its inception was -16.72%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TFPN and BITI.

Drawdown Indicators

	TFPN	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-16.72%	-92.16%	+75.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-25.28%	+17.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.72%	-84.63%	+67.91%
Current Drawdown Current decline from peak	-7.74%	-86.41%	+78.67%
Average Drawdown Average peak-to-trough decline	-4.86%	-68.40%	+63.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	10.16%	-7.45%

Volatility

TFPN vs. BITI - Volatility Comparison

The current volatility for Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) is 5.45%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that TFPN 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

	TFPN	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	10.76%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	34.28%	-21.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	44.15%	-28.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	52.24%	-39.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.04%	52.24%	-39.20%

TFPN vs. BITI - Expense Ratio Comparison

TFPN has a 1.10% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

TFPN vs. BITI - Dividend Comparison

TFPN 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
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	0.00%	0.00%	0.94%	0.98%	0.00%

Frequently Asked Questions

Can I hold both TFPN and BITI in my portfolio?

TFPN and BITI have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFPN or BITI?

BITI has higher volatility (10.76%) compared to TFPN (5.45%). In terms of maximum drawdown, TFPN dropped -16.72% vs BITI's -92.16%.

Which ETF is better, TFPN or BITI?

On 3-year performance, TFPN leads with 6.74% vs -31.62% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, TFPN has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFPN or BITI?

Over the 3-year period, TFPN has performed better with a 6.74% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFPN or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.10% for TFPN.

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

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

What is the main difference between TFPN and BITI?

TFPN is categorized as Global Allocation, while BITI is Cryptocurrency. They also come from different issuers: Tidal ETFs and ProShares. Their fees differ too: 1.10% for TFPN and 1.03% for BITI.

Which has better risk-adjusted returns?

TFPN currently has the higher Sharpe Ratio (2.03 vs 1.47), 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.