THRO vs. BITI

Last updated Jul 17, 2026

THRO (iShares U.S. Thematic Rotation Active ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - THRO is a Tactical Allocation fund actively managed by iShares, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. THRO is actively managed, while BITI is passively managed. Over the past 3 years, THRO returned 20.73%/yr vs -31.62%/yr for BITI. At a correlation of -0.37, they often move in opposite directions. THRO charges 0.60%/yr vs 1.03%/yr for BITI.

Performance

THRO vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) 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, THRO achieves a 10.73% return, which is significantly lower than BITI's 24.48% return.

THRO

• 1D: -1.11%
• 1M: -1.34%
• 6M: 9.42%
• YTD: 10.73%
• 1Y: 19.80%
• 3Y*: 20.73%
• 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)

THRO vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THRO iShares U.S. Thematic Rotation Active ETF	10.73%	15.04%	32.03%	24.40%	8.18%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between THRO 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	-0.37

The correlation between THRO and BITI shifts across timeframes, from -0.46 (1 year) to -0.35 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

THRO vs. BITI — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 50
THRO Sharpe Ratio Rank: 51
THRO Sortino Ratio Rank: 50
THRO Omega Ratio Rank: 47
THRO Calmar Ratio Rank: 44
THRO Martin Ratio Rank: 56

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.

THRO vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) 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.

	THRO	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.47	-0.06
Sortino ratio: Return per unit of downside risk	2.00	2.04	-0.04
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.83	2.57	-0.74
Martin ratio: Return relative to average drawdown	7.72	6.38	+1.35

THRO vs. BITI - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 1.41, which is comparable to the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of THRO 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

THRO vs. BITI - Drawdown Comparison

The maximum THRO drawdown since its inception was -26.54%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for THRO and BITI.

Drawdown Indicators

	THRO	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-26.54%	-92.16%	+65.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-25.28%	+14.41%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-84.63%	+65.56%
Current Drawdown Current decline from peak	-2.36%	-86.41%	+84.05%
Average Drawdown Average peak-to-trough decline	-6.57%	-68.40%	+61.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	10.16%	-7.59%

Volatility

THRO vs. BITI - Volatility Comparison

The current volatility for iShares U.S. Thematic Rotation Active ETF (THRO) is 3.91%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that THRO 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

	THRO	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	10.76%	-6.85%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	34.28%	-22.84%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	44.15%	-30.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	52.24%	-33.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	52.24%	-33.54%

THRO vs. BITI - Expense Ratio Comparison

THRO has a 0.60% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

THRO vs. BITI - Dividend Comparison

THRO's dividend yield for the trailing twelve months is around 0.25%, less than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
THRO iShares U.S. Thematic Rotation Active ETF	0.25%	0.15%	0.73%	0.55%	0.90%

Frequently Asked Questions

Can I hold both THRO and BITI in my portfolio?

THRO 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, THRO or BITI?

BITI has higher volatility (10.76%) compared to THRO (3.91%). In terms of maximum drawdown, THRO dropped -26.54% vs BITI's -92.16%.

Which ETF is better, THRO or BITI?

On 3-year performance, THRO leads with 20.73% vs -31.62% for BITI. On fees, THRO is cheaper at 0.60% per year. On volatility, THRO has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THRO or BITI?

Over the 3-year period, THRO has performed better with a 20.73% return vs -31.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THRO or BITI?

THRO is cheaper with a 0.60% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.62%, compared with 0.25% for THRO.

What is the main difference between THRO and BITI?

THRO is categorized as Tactical Allocation, while BITI is Cryptocurrency. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.60% for THRO and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 vs 1.41), 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.