APPX vs. SBIT

Last updated Jul 14, 2026

APPX (Tradr 2X Long APP Daily ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - APPX is a Leveraged Equities fund actively managed by Tradr, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). APPX is actively managed, while SBIT is passively managed. Over the past year, APPX returned -12.69% vs 124.12% for SBIT. At a correlation of -0.28, they often move in opposite directions. APPX charges 1.30%/yr vs 0.95%/yr for SBIT.

Performance

APPX vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long APP Daily ETF (APPX) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APPX achieves a -73.02% return, which is significantly lower than SBIT's 44.00% return.

APPX

• 1D: -25.22%
• 1M: -25.41%
• 6M: -71.21%
• YTD: -73.02%
• 1Y: -12.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APPX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
APPX Tradr 2X Long APP Daily ETF	-73.02%	344.96%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-6.54%

Correlation

The correlation between APPX and SBIT is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	-0.28

Return for Risk

APPX vs. SBIT — Risk / Return Rank

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

APPX

APPX Risk / Return Rank: 13
APPX Sharpe Ratio Rank: 8
APPX Sortino Ratio Rank: 20
APPX Omega Ratio Rank: 21
APPX Calmar Ratio Rank: 8
APPX Martin Ratio Rank: 8

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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.

APPX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long APP Daily ETF (APPX) and Proshares Ultrashort Bitcoin ETF (SBIT). 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.

	APPX	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	1.41	-1.50
Sortino ratio: Return per unit of downside risk	0.93	2.05	-1.12
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.15	2.60	-2.76
Martin ratio: Return relative to average drawdown	-0.24	5.92	-6.17

APPX vs. SBIT - Sharpe Ratio Comparison

The current APPX Sharpe Ratio is -0.09, which is lower than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of APPX and SBIT, 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

APPX vs. SBIT - Drawdown Comparison

The maximum APPX drawdown since its inception was -82.40%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for APPX and SBIT.

Drawdown Indicators

	APPX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-82.40%	-91.35%	+8.95%
Max Drawdown (1Y) Largest decline over 1 year	-82.40%	-47.94%	-34.46%
Current Drawdown Current decline from peak	-79.03%	-77.15%	-1.88%
Average Drawdown Average peak-to-trough decline	-40.01%	-68.83%	+28.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.46%	21.04%	+31.42%

Volatility

APPX vs. SBIT - Volatility Comparison

Tradr 2X Long APP Daily ETF (APPX) has a higher volatility of 48.07% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 22.98%. This indicates that APPX's price experiences larger fluctuations and is considered to be riskier than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APPX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.07%	22.98%	+25.09%
Volatility (6M) Calculated over the trailing 6-month period	127.67%	68.89%	+58.78%
Volatility (1Y) Calculated over the trailing 1-year period	145.97%	88.51%	+57.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.75%	96.89%	+44.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.75%	96.89%	+44.86%

APPX vs. SBIT - Expense Ratio Comparison

APPX has a 1.30% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

APPX vs. SBIT - Dividend Comparison

APPX's dividend yield for the trailing twelve months is around 34.78%, more than SBIT's 3.97% yield.

Position	TTM	2025	2024
APPX Tradr 2X Long APP Daily ETF	34.78%	9.38%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%

Frequently Asked Questions

Can I hold both APPX and SBIT in my portfolio?

APPX and SBIT have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APPX or SBIT?

APPX has higher volatility (48.07%) compared to SBIT (22.98%). In terms of maximum drawdown, APPX dropped -82.40% vs SBIT's -91.35%.

Which ETF is better, APPX or SBIT?

On 1-year performance, SBIT leads with 124.12% vs -12.69% for APPX. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 22.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APPX or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs -12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APPX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.30% for APPX.

Which ETF pays a higher dividend yield, APPX or SBIT?

APPX has the higher dividend yield at 34.78%, compared with 3.97% for SBIT.

What is the main difference between APPX and SBIT?

APPX is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: Tradr and ProShares. Their fees differ too: 1.30% for APPX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs -0.09), 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.