BITI vs SPY
ProShares Short Bitcoin ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. BITI delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BITI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.01% | 0.09% | |
| AUM | $120M | $789.1B | |
| Dividend Yield | 8.63% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | +19.85% | +13.79% | |
| 1Y Return | +51.60% | +23.66% | |
| 3Y Return (annualized) | -33.25% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 46.9% | 15.3% | |
| Max Drawdown | -92.2% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 21, 2022 | Jan 22, 1993 |
BITI vs SPY Performance
ProShares Short Bitcoin ETF (BITI) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BITI returned +51.60% while SPY returned +23.66%. Year to date, BITI is up 19.85% versus a gain of 13.79% for SPY.
Over three years, BITI compounded at -33.25% per year against +21.40% for SPY. Across the full 4-year window we track, SPY has the edge at +8.85% annualized vs -37.38%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BITI has been the more volatile fund, with annualized monthly volatility of 46.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -92.2% for BITI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.45. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BITI charges 1.01% per year while SPY charges 0.09%. On a $10,000 position that is $101 vs $9 annually, a gap of $92 per year that compounds over a long holding period. On income, BITI currently yields 8.63% against 1.01% for SPY.
Holdings Overlap
BITI and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BITI or SPY?
BITI has an expense ratio of 1.01% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $92 per year of difference.
Which performed better, BITI or SPY?
Over the past year BITI returned +51.60% vs +23.66% for SPY, so BITI leads on 1-year performance. Over the longest common window we track (4 years), BITI annualized -37.38% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BITI or SPY?
BITI has been the more volatile fund at 46.9% annualized versus 15.3% for SPY. Worst drawdown: BITI -92.2% vs SPY -56.5%.
Should I hold both BITI and SPY?
BITI and SPY have a monthly-return correlation of -0.45, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BITI and SPY?
BITI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, BITI or SPY?
BITI yields 8.63% while SPY yields 1.01%, so BITI currently pays the higher dividend yield.
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