TSPY vs. BITI

Last updated Jul 15, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - TSPY is a Derivative Income fund actively managed by TappAlpha, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. TSPY is actively managed, while BITI is passively managed. Over the past year, TSPY returned 20.21% vs 64.31% for BITI. At a correlation of -0.42, they often move in opposite directions. TSPY charges 0.68%/yr vs 1.03%/yr for BITI.

Performance

TSPY vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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, TSPY achieves a 8.71% return, which is significantly lower than BITI's 23.84% return.

TSPY

• 1D: 0.31%
• 1M: 1.77%
• 6M: 6.88%
• YTD: 8.71%
• 1Y: 20.21%
• 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)

TSPY vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	8.71%	17.29%	6.59%
BITI ProShares Short Bitcoin ETF	23.84%	-1.76%	-40.55%

Correlation

The correlation between TSPY and BITI is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	-0.42

Return for Risk

TSPY vs. BITI — Risk / Return Rank

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

TSPY

TSPY Risk / Return Rank: 60
TSPY Sharpe Ratio Rank: 63
TSPY Sortino Ratio Rank: 62
TSPY Omega Ratio Rank: 63
TSPY Calmar Ratio Rank: 52
TSPY Martin Ratio Rank: 63

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.

TSPY vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.

	TSPY	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.46	+0.19
Sortino ratio: Return per unit of downside risk	2.30	2.03	+0.27
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.11	2.56	-0.45
Martin ratio: Return relative to average drawdown	8.93	6.37	+2.56

TSPY vs. BITI - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.65, which is comparable to the BITI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TSPY 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

TSPY vs. BITI - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for TSPY and BITI.

Drawdown Indicators

	TSPY	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-92.16%	+74.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-25.28%	+15.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.59%	-86.48%	+85.89%
Average Drawdown Average peak-to-trough decline	-2.48%	-68.36%	+65.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	10.13%	-7.86%

Volatility

TSPY vs. BITI - Volatility Comparison

The current volatility for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) is 3.44%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that TSPY 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

	TSPY	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	11.73%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	34.49%	-24.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	44.24%	-31.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	52.29%	-36.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	52.29%	-36.32%

TSPY vs. BITI - Expense Ratio Comparison

TSPY has a 0.68% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

TSPY vs. BITI - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 13.94%, less than BITI's 15.70% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.70%	1.60%	3.91%	3.33%	0.06%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	13.94%	13.69%	3.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPY and BITI in my portfolio?

TSPY and BITI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPY or BITI?

BITI has higher volatility (11.73%) compared to TSPY (3.44%). In terms of maximum drawdown, TSPY dropped -18.02% vs BITI's -92.16%.

Which ETF is better, TSPY or BITI?

On 1-year performance, BITI leads with 64.31% vs 20.21% for TSPY. On fees, TSPY is cheaper at 0.68% per year. On volatility, TSPY has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPY or BITI?

Over the 1-year period, BITI has performed better with a 64.31% return vs 20.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or BITI?

TSPY is cheaper with a 0.68% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.70%, compared with 13.94% for TSPY.

What is the main difference between TSPY and BITI?

TSPY is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: TappAlpha and ProShares. Their fees differ too: 0.68% for TSPY and 1.03% for BITI.

Which has better risk-adjusted returns?

TSPY currently has the higher Sharpe Ratio (1.65 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.