XXXX vs. BITI

Last updated Aug 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, XXXX returned 58.56% vs 56.28% for BITI. Their -0.39 correlation means they have often moved in opposite directions in the past. XXXX charges 2.95%/yr vs 1.03%/yr for BITI.

Performance

XXXX vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XXXX having a 24.33% return and BITI slightly higher at 25.22%.

XXXX

• 1D: 5.54%
• 1M: 3.81%
• 6M: 18.22%
• YTD: 24.33%
• 1Y: 58.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 46.23%

BITI

• 1D: -1.48%
• 1M: -4.03%
• 6M: 13.09%
• YTD: 25.22%
• 1Y: 56.28%
• 3Y*: -32.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$24.18M	$25.87M	$38.72M
XXXX MAX S&P 500 4X Leveraged ETN	$20.67M	$23.79M	$27.25M

XXXX vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	24.33%	17.36%	61.36%	16.77%
BITI ProShares Short Bitcoin ETF	25.22%	-1.76%	-62.60%	-0.01%

Correlation

The correlation between XXXX and BITI is -0.47, 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.	-0.47
Correlation (All Time) Calculated using the full available price history since Dec 5, 2023	-0.39

Return for Risk

XXXX vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XXXX

XXXX Risk / Return Rank: 45
XXXX Sharpe Ratio Rank: 46
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 45
XXXX Calmar Ratio Rank: 44
XXXX Martin Ratio Rank: 47

BITI

BITI Risk / Return Rank: 51
BITI Sharpe Ratio Rank: 51
BITI Sortino Ratio Rank: 51
BITI Omega Ratio Rank: 47
BITI Calmar Ratio Rank: 62
BITI Martin Ratio Rank: 47

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XXXX vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.28	-0.12
Sortino ratio: Return per unit of downside risk	1.68	1.86	-0.18
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	1.58	2.24	-0.66
Martin ratio: Return relative to average drawdown	5.50	5.45	+0.05

XXXX vs. BITI - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.16, which is comparable to the BITI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. BITI - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for XXXX and BITI.

Drawdown Indicators

	XXXX	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-92.16%	+29.89%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-25.28%	-11.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-6.63%	-86.33%	+79.70%
Average Drawdown Average peak-to-trough decline	-11.53%	-68.61%	+57.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	10.37%	+0.31%

Volatility

XXXX vs. BITI - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 15.38% compared to ProShares Short Bitcoin ETF (BITI) at 8.93%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.38%	8.93%	+6.45%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	33.35%	+7.27%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	44.25%	+6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	52.01%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.74%	52.01%	+8.73%

XXXX vs. BITI - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

XXXX vs. BITI - Dividend Comparison

XXXX has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 21.80%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.80%	1.60%	3.91%	3.33%	0.06%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and BITI in my portfolio?

XXXX and BITI have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or BITI?

XXXX has higher volatility (15.38%) compared to BITI (8.93%). In terms of maximum drawdown, XXXX dropped -62.27% vs BITI's -92.16%.

Which ETF is better, XXXX or BITI?

On 1-year performance, XXXX leads with 58.56% vs 56.28% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or BITI?

Over the 1-year period, XXXX has performed better with a 58.56% return vs 56.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 2.95% for XXXX.

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

BITI has the higher dividend yield at 21.80%, compared with 0.00% for XXXX.

What is the main difference between XXXX and BITI?

XXXX is categorized as Leveraged Equities, while BITI is Cryptocurrency. XXXX tracks S&P 500 Index (400%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Max and ProShares. Their fees differ too: 2.95% for XXXX and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.28 vs 1.16), 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.