ZVOL vs. BITI

Last updated Aug 2, 2026

ZVOL (Volatility Premium Plus ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, ZVOL returned 5.31%/yr vs -31.77%/yr for BITI. Their -0.25 correlation means they have often moved in opposite directions in the past. ZVOL charges 1.35%/yr vs 1.03%/yr for BITI.

Performance

ZVOL vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Premium Plus ETF (ZVOL) 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, ZVOL achieves a 4.86% return, which is significantly lower than BITI's 27.11% return.

ZVOL

• 1D: 0.86%
• 1M: -0.77%
• 6M: 5.30%
• YTD: 4.86%
• 1Y: 17.86%
• 3Y*: 5.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.36%

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%

*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	$24.10M	$26.49M	$38.71M
ZVOL Volatility Premium Plus ETF	$569.54K	$429.96K	$368.17K

ZVOL vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZVOL Volatility Premium Plus ETF	4.86%	-10.71%	9.27%	51.85%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-31.31%

Correlation

The correlation between ZVOL and BITI is -0.31, 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.	-0.31
Correlation (3Y) Balances recent behavior with more history.	-0.27
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	-0.25

Return for Risk

ZVOL vs. BITI — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 33
ZVOL Sharpe Ratio Rank: 35
ZVOL Sortino Ratio Rank: 36
ZVOL Omega Ratio Rank: 33
ZVOL Calmar Ratio Rank: 29
ZVOL Martin Ratio Rank: 33

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

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.

ZVOL vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.

	ZVOL	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.45	-0.60
Sortino ratio: Return per unit of downside risk	1.36	2.02	-0.66
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio: Return relative to maximum drawdown	0.97	2.53	-1.57
Martin ratio: Return relative to average drawdown	3.10	6.17	-3.07

ZVOL vs. BITI - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.85, which is lower than the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ZVOL 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

ZVOL vs. BITI - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ZVOL and BITI.

Drawdown Indicators

	ZVOL	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-92.16%	+54.91%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-25.28%	+8.82%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-84.63%	+47.38%
Current Drawdown Current decline from peak	-16.47%	-86.12%	+69.65%
Average Drawdown Average peak-to-trough decline	-13.63%	-68.59%	+54.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	10.35%	-5.23%

Volatility

ZVOL vs. BITI - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.16%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 9.13%. This indicates that ZVOL 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

	ZVOL	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	9.13%	-5.97%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	33.31%	-19.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.73%	44.23%	-25.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.73%	52.03%	-23.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.73%	52.03%	-23.30%

ZVOL vs. BITI - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

ZVOL vs. BITI - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 74.74%, more than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
ZVOL Volatility Premium Plus ETF	74.74%	53.44%	30.68%	0.55%	0.00%

Frequently Asked Questions

Can I hold both ZVOL and BITI in my portfolio?

ZVOL and BITI have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZVOL or BITI?

BITI has higher volatility (9.13%) compared to ZVOL (3.16%). In terms of maximum drawdown, ZVOL dropped -37.25% vs BITI's -92.16%.

Which ETF is better, ZVOL or BITI?

On 3-year performance, ZVOL leads with 5.31% vs -31.77% for BITI. On fees, BITI is cheaper at 1.03% per year. On volatility, ZVOL has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZVOL or BITI?

Over the 3-year period, ZVOL has performed better with a 5.31% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 74.74%, compared with 15.17% for BITI.

What is the main difference between ZVOL and BITI?

ZVOL is categorized as Volatility, while BITI is Cryptocurrency. ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZVOL and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.45 vs 0.85), 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.