THYP vs. BITI

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds. THYP is actively managed, while BITI is passively managed. At a correlation of -0.60, they often move in opposite directions.

Performance

THYP vs. BITI - Performance Comparison

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

Returns By Period

THYP

• 1D: 3.06%
• 1M: 0.93%
• YTD: —
• 6M: —
• 1Y: —
• 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)

THYP vs. BITI - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
BITI ProShares Shrt Bitcoin ETF	33.91%

Correlation

The correlation between THYP and BITI is -0.60, 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 (All Time) Calculated using the full available price history since May 12, 2026	-0.60

Return for Risk

THYP vs. BITI — Risk / Return Rank

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

THYP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

THYP vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) 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.

	THYP	BITI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.31	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	2.28	—
Martin ratio: Return relative to average drawdown	—	5.25	—

Drawdowns

THYP vs. BITI - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for THYP and BITI.

Drawdown Indicators

	THYP	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-92.16%	+65.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-9.34%	-85.47%	+76.13%
Average Drawdown Average peak-to-trough decline	-7.69%	-68.19%	+60.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.95%	—

Volatility

Volatility by Period

	THYP	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	44.23%	+66.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	52.40%	+58.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	52.40%	+58.08%

Dividends

THYP vs. BITI - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, 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%
THYP 21Shares Hyperliquid ETF	0.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYP and BITI in my portfolio?

THYP and BITI have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

BITI has the higher dividend yield at 8.87%, compared with 0.10% for THYP.

What is the main difference between THYP and BITI?

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