TMAT vs. BITI

Last updated Jul 14, 2026

TMAT (Main Thematic Innovation ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, TMAT returned 22.40%/yr vs -30.65%/yr for BITI. At a correlation of -0.49, they often move in opposite directions. TMAT charges 1.49%/yr vs 1.03%/yr for BITI.

Performance

TMAT vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Thematic Innovation ETF (TMAT) 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, TMAT achieves a 16.07% return, which is significantly lower than BITI's 28.75% return.

TMAT

• 1D: -1.99%
• 1M: -1.39%
• 6M: 11.11%
• YTD: 16.07%
• 1Y: 23.61%
• 3Y*: 22.40%
• 5Y*: 4.94%
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

TMAT vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMAT Main Thematic Innovation ETF	16.07%	20.06%	27.20%	32.32%	-5.40%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between TMAT and BITI is -0.50, 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	-0.50
Correlation (3Y) Calculated over the trailing 3-year period	-0.49
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.49

The correlation between TMAT and BITI has been stable across timeframes, ranging from -0.50 to -0.49 - a consistent structural relationship.

Return for Risk

TMAT vs. BITI — Risk / Return Rank

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

TMAT

TMAT Risk / Return Rank: 28
TMAT Sharpe Ratio Rank: 30
TMAT Sortino Ratio Rank: 29
TMAT Omega Ratio Rank: 28
TMAT Calmar Ratio Rank: 28
TMAT Martin Ratio Rank: 24

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

TMAT vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) 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.

	TMAT	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.56	-0.67
Sortino ratio: Return per unit of downside risk	1.31	2.13	-0.81
Omega ratio: Gain probability vs. loss probability	1.16	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.10	2.72	-1.62
Martin ratio: Return relative to average drawdown	2.53	6.78	-4.25

TMAT vs. BITI - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 0.89, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of TMAT 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

TMAT vs. BITI - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TMAT and BITI.

Drawdown Indicators

	TMAT	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-92.16%	+33.61%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-25.28%	+3.65%
Max Drawdown (3Y) Largest decline over 3 years	-33.42%	-84.63%	+51.21%
Max Drawdown (5Y) Largest decline over 5 years	-51.86%	—	—
Current Drawdown Current decline from peak	-7.64%	-85.94%	+78.30%
Average Drawdown Average peak-to-trough decline	-31.67%	-68.34%	+36.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	10.11%	-0.74%

Volatility

TMAT vs. BITI - Volatility Comparison

Main Thematic Innovation ETF (TMAT) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.01% and 11.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAT	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.01%	11.38%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	20.13%	34.25%	-14.12%
Volatility (1Y) Calculated over the trailing 1-year period	26.60%	44.14%	-17.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.02%	52.28%	-21.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.81%	52.28%	-21.47%

TMAT vs. BITI - Expense Ratio Comparison

TMAT has a 1.49% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

TMAT vs. BITI - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022	2021
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%	0.00%
TMAT Main Thematic Innovation ETF	0.02%	0.02%	0.00%	0.00%	0.34%	0.20%

Frequently Asked Questions

Can I hold both TMAT and BITI in my portfolio?

TMAT and BITI have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAT or BITI?

BITI has higher volatility (11.38%) compared to TMAT (11.01%). In terms of maximum drawdown, TMAT dropped -58.55% vs BITI's -92.16%.

Which ETF is better, TMAT or BITI?

On 3-year performance, TMAT leads with 22.40% vs -30.65% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, TMAT has been the lower-risk option at 11.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAT or BITI?

Over the 3-year period, TMAT has performed better with a 22.40% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAT or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.49% for TMAT.

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

BITI has the higher dividend yield at 15.10%, compared with 0.02% for TMAT.

What is the main difference between TMAT and BITI?

TMAT is categorized as Technology Equities, while BITI is Cryptocurrency. TMAT tracks MSCI ACWI Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Main Management and ProShares. Their fees differ too: 1.49% for TMAT and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.89), 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.