UFEB vs. BITI
UFEB (Innovator U.S. Equity Ultra Buffer ETF - February) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UFEB is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UFEB returned 11.24%/yr vs -31.71%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. UFEB charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
UFEB vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UFEB achieves a 5.21% return, which is significantly lower than BITI's 24.73% return.
UFEB
- 1D
- -0.32%
- 1M
- 0.68%
- 6M
- 4.54%
- YTD
- 5.21%
- 1Y
- 11.95%
- 3Y*
- 11.24%
- 5Y*
- 7.13%
- 10Y*
- —
BITI
- 1D
- 0.20%
- 1M
- -0.52%
- 6M
- 36.51%
- YTD
- 24.73%
- 1Y
- 64.56%
- 3Y*
- -31.71%
- 5Y*
- —
- 10Y*
- —
UFEB vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UFEB Innovator U.S. Equity Ultra Buffer ETF - February | 5.21% | 10.57% | 12.93% | 11.91% | 1.80% |
BITI ProShares Short Bitcoin ETF | 24.73% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UFEB 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.34 |
The correlation between UFEB and BITI shifts across timeframes, from -0.46 (1 year) to -0.33 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UFEB vs. BITI — Risk / Return Rank
UFEB
BITI
UFEB vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) 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.
| UFEB | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.57 | +0.51 |
| Martin ratioReturn relative to average drawdown | 14.79 | 6.36 | +8.43 |
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Drawdowns
UFEB vs. BITI - Drawdown Comparison
The maximum UFEB drawdown since its inception was -13.32%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UFEB and BITI.
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Drawdown Indicators
| UFEB | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.32% | -92.16% | +78.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -25.28% | +21.38% |
Max Drawdown (3Y)Largest decline over 3 years | -8.69% | -84.63% | +75.94% |
Max Drawdown (5Y)Largest decline over 5 years | -9.02% | — | — |
Current DrawdownCurrent decline from peak | -0.49% | -86.38% | +85.89% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -68.42% | +66.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 10.18% | -9.37% |
Volatility
UFEB vs. BITI - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) is 1.51%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.69%. This indicates that UFEB 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.
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Volatility by Period
| UFEB | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 10.69% | -9.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 34.09% | -29.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.44% | 44.07% | -38.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 52.21% | -45.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.62% | 52.21% | -44.59% |
UFEB vs. BITI - Expense Ratio Comparison
UFEB has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UFEB vs. BITI - Dividend Comparison
UFEB has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.59% | 1.60% | 3.91% | 3.33% | 0.06% |
UFEB Innovator U.S. Equity Ultra Buffer ETF - February | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UFEB 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.
BITI has higher volatility (10.69%) compared to UFEB (1.51%). In terms of maximum drawdown, UFEB dropped -13.32% vs BITI's -92.16%.
On 3-year performance, UFEB leads with 11.24% vs -31.71% for BITI. On fees, UFEB is cheaper at 0.79% per year. On volatility, UFEB has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UFEB has performed better with a 11.24% return vs -31.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UFEB is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.59%, compared with 0.00% for UFEB.
UFEB is categorized as Defined Outcome, while BITI is Cryptocurrency. UFEB tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for UFEB and 1.03% for BITI.
UFEB currently has the higher Sharpe Ratio (2.21 vs 1.47), 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.
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