XRMI vs. BITI

Last updated Jul 14, 2026

XRMI (Global X S&P 500 Risk Managed Income ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - XRMI is a Derivative Income fund tracking the Cboe S&P 500 Risk Managed Income Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, XRMI returned 6.84%/yr vs -30.65%/yr for BITI. At a correlation of -0.29, they often move in opposite directions. XRMI charges 0.60%/yr vs 1.03%/yr for BITI.

Performance

XRMI vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Risk Managed Income ETF (XRMI) 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, XRMI achieves a 3.15% return, which is significantly lower than BITI's 28.75% return.

XRMI

• 1D: -0.23%
• 1M: 1.52%
• 6M: 2.46%
• YTD: 3.15%
• 1Y: 9.55%
• 3Y*: 6.84%
• 5Y*: —
• 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)

XRMI vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XRMI Global X S&P 500 Risk Managed Income ETF	3.15%	4.60%	15.18%	4.22%	-2.83%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between XRMI and BITI is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.29

The correlation between XRMI and BITI shifts across timeframes, from -0.39 (1 year) to -0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

XRMI vs. BITI — Risk / Return Rank

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

XRMI

XRMI Risk / Return Rank: 61
XRMI Sharpe Ratio Rank: 67
XRMI Sortino Ratio Rank: 66
XRMI Omega Ratio Rank: 70
XRMI Calmar Ratio Rank: 48
XRMI Martin Ratio Rank: 56

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.

XRMI vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Risk Managed Income ETF (XRMI) 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.

	XRMI	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.56	+0.17
Sortino ratio: Return per unit of downside risk	2.42	2.13	+0.30
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	1.91	2.72	-0.81
Martin ratio: Return relative to average drawdown	7.69	6.78	+0.91

XRMI vs. BITI - Sharpe Ratio Comparison

The current XRMI Sharpe Ratio is 1.73, which is comparable to the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of XRMI 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

XRMI vs. BITI - Drawdown Comparison

The maximum XRMI drawdown since its inception was -15.31%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for XRMI and BITI.

Drawdown Indicators

	XRMI	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-92.16%	+76.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-25.28%	+20.26%
Max Drawdown (3Y) Largest decline over 3 years	-8.34%	-84.63%	+76.29%
Current Drawdown Current decline from peak	-0.23%	-85.94%	+85.71%
Average Drawdown Average peak-to-trough decline	-5.81%	-68.34%	+62.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	10.11%	-8.87%

Volatility

XRMI vs. BITI - Volatility Comparison

The current volatility for Global X S&P 500 Risk Managed Income ETF (XRMI) is 1.41%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.38%. This indicates that XRMI 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

	XRMI	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	11.38%	-9.97%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	34.25%	-29.84%
Volatility (1Y) Calculated over the trailing 1-year period	5.57%	44.14%	-38.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	52.28%	-45.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.88%	52.28%	-45.40%

XRMI vs. BITI - Expense Ratio Comparison

XRMI has a 0.60% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

XRMI vs. BITI - Dividend Comparison

XRMI's dividend yield for the trailing twelve months is around 12.54%, 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%
XRMI Global X S&P 500 Risk Managed Income ETF	12.54%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both XRMI and BITI in my portfolio?

XRMI and BITI have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRMI or BITI?

BITI has higher volatility (11.38%) compared to XRMI (1.41%). In terms of maximum drawdown, XRMI dropped -15.31% vs BITI's -92.16%.

Which ETF is better, XRMI or BITI?

On 3-year performance, XRMI leads with 6.84% vs -30.65% for BITI. On fees, XRMI is cheaper at 0.60% per year. On volatility, XRMI has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRMI or BITI?

Over the 3-year period, XRMI has performed better with a 6.84% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRMI or BITI?

XRMI is cheaper with a 0.60% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 12.54% for XRMI.

What is the main difference between XRMI and BITI?

XRMI is categorized as Derivative Income, while BITI is Cryptocurrency. XRMI tracks Cboe S&P 500 Risk Managed Income Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.60% for XRMI and 1.03% for BITI.

Which has better risk-adjusted returns?

XRMI currently has the higher Sharpe Ratio (1.73 vs 1.56), 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.