TMAR vs. BITI

Last updated Jul 15, 2026

TMAR (FT Vest Emerging Markets Buffer ETF - March) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TMAR is a Defined Outcome fund tracking the iShares MSCI Emerging Markets ETF (EEM) Price Return, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, TMAR returned 21.30% vs 64.31% for BITI. At a correlation of -0.41, they often move in opposite directions. TMAR charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

TMAR vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - March (TMAR) 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, TMAR achieves a 11.72% return, which is significantly lower than BITI's 23.84% return.

TMAR

• 1D: 0.84%
• 1M: -1.05%
• 6M: 10.89%
• YTD: 11.72%
• 1Y: 21.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: -3.81%
• 1M: -2.41%
• 6M: 34.02%
• YTD: 23.84%
• 1Y: 64.31%
• 3Y*: -31.54%
• 5Y*: —
• 10Y*: —

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

TMAR vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
TMAR FT Vest Emerging Markets Buffer ETF - March	11.72%	15.97%
BITI ProShares Short Bitcoin ETF	23.84%	-9.18%

Correlation

The correlation between TMAR and BITI is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	-0.41

Return for Risk

TMAR vs. BITI — Risk / Return Rank

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

TMAR

TMAR Risk / Return Rank: 84
TMAR Sharpe Ratio Rank: 74
TMAR Sortino Ratio Rank: 74
TMAR Omega Ratio Rank: 89
TMAR Calmar Ratio Rank: 91
TMAR Martin Ratio Rank: 92

BITI

BITI Risk / Return Rank: 53
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
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.

TMAR vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - March (TMAR) 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.

	TMAR	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.46	+0.42
Sortino ratio: Return per unit of downside risk	2.65	2.03	+0.62
Omega ratio: Gain probability vs. loss probability	1.44	1.24	+0.20
Calmar ratio: Return relative to maximum drawdown	4.56	2.56	+2.00
Martin ratio: Return relative to average drawdown	18.23	6.37	+11.86

TMAR vs. BITI - Sharpe Ratio Comparison

The current TMAR Sharpe Ratio is 1.88, which is comparable to the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TMAR 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

TMAR vs. BITI - Drawdown Comparison

The maximum TMAR drawdown since its inception was -9.93%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TMAR and BITI.

Drawdown Indicators

	TMAR	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-9.93%	-92.16%	+82.23%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-25.28%	+20.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-3.39%	-86.48%	+83.09%
Average Drawdown Average peak-to-trough decline	-0.81%	-68.36%	+67.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	10.13%	-8.96%

Volatility

TMAR vs. BITI - Volatility Comparison

The current volatility for FT Vest Emerging Markets Buffer ETF - March (TMAR) is 5.35%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that TMAR 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

	TMAR	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	11.73%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	34.49%	-23.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	44.24%	-32.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	52.29%	-39.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.46%	52.29%	-39.83%

TMAR vs. BITI - Expense Ratio Comparison

TMAR has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

TMAR vs. BITI - Dividend Comparison

TMAR has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.70%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%
TMAR FT Vest Emerging Markets Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMAR and BITI in my portfolio?

TMAR and BITI have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAR or BITI?

BITI has higher volatility (11.73%) compared to TMAR (5.35%). In terms of maximum drawdown, TMAR dropped -9.93% vs BITI's -92.16%.

Which ETF is better, TMAR or BITI?

On 1-year performance, BITI leads with 64.31% vs 21.30% for TMAR. On fees, TMAR is cheaper at 0.95% per year. On volatility, TMAR has been the lower-risk option at 5.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAR or BITI?

Over the 1-year period, BITI has performed better with a 64.31% return vs 21.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAR or BITI?

TMAR is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.70%, compared with 0.00% for TMAR.

What is the main difference between TMAR and BITI?

TMAR is categorized as Defined Outcome, while BITI is Cryptocurrency. TMAR tracks iShares MSCI Emerging Markets ETF (EEM) Price Return, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.95% for TMAR and 1.03% for BITI.

Which has better risk-adjusted returns?

TMAR currently has the higher Sharpe Ratio (1.88 vs 1.46), 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.