XSW vs. BITI
XSW (SPDR S&P Software & Services ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, XSW returned 8.86%/yr vs -31.77%/yr for BITI. Their -0.42 correlation means they have often moved in opposite directions in the past. XSW charges 0.35%/yr vs 1.03%/yr for BITI.
Performance
XSW vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -2.35% return, which is significantly lower than BITI's 27.11% return.
XSW
- 1D
- 0.60%
- 1M
- 3.56%
- 6M
- 9.30%
- YTD
- -2.35%
- 1Y
- 0.97%
- 3Y*
- 8.86%
- 5Y*
- 1.40%
- 10Y*
- 13.43%
- ALL TIME*
- 14.98%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $8.95M | $8.27M | $10.07M |
XSW vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -2.35% | -0.90% | 25.81% | 38.60% | -0.12% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between XSW and BITI is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.42 |
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Return for Risk
XSW vs. BITI — Risk / Return Rank
XSW
BITI
XSW vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.
| XSW | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.24 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.53 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.13 | 6.17 | -6.31 |
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Drawdowns
XSW vs. BITI - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for XSW and BITI.
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Drawdown Indicators
| XSW | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -92.16% | +46.78% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -25.28% | -8.47% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -84.63% | +50.88% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | -10.96% | -86.12% | +75.16% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -68.59% | +58.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.92% | 10.35% | +6.57% |
Volatility
XSW vs. BITI - Volatility Comparison
The current volatility for SPDR S&P Software & Services ETF (XSW) is 8.03%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that XSW 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
| XSW | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 9.13% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 33.31% | -8.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 44.23% | -14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.15% | 52.03% | -22.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.36% | 52.03% | -25.67% |
XSW vs. BITI - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
XSW vs. BITI - Dividend Comparison
XSW has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.30%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSW SPDR S&P Software & Services ETF | 0.00% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
Frequently Asked Questions
XSW and BITI have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (9.13%) compared to XSW (8.03%). In terms of maximum drawdown, XSW dropped -45.38% vs BITI's -92.16%.
On 3-year performance, XSW leads with 8.86% vs -31.77% for BITI. On fees, XSW is cheaper at 0.35% per year. On volatility, XSW has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XSW has performed better with a 8.86% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSW is cheaper with a 0.35% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 0.00% for XSW.
XSW is categorized as Technology Equities, while BITI is Cryptocurrency. XSW tracks S&P Software & Services Select Industry Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.35% for XSW and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 vs -0.08), 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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