ASMF vs. SBIT

Last updated Jul 14, 2026

ASMF (Virtus AlphaSimplex Managed Futures ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - ASMF is a Systematic Trend fund actively managed by Virtus, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). ASMF is actively managed, while SBIT is passively managed. Over the past year, ASMF returned 13.93% vs 124.12% for SBIT. At a correlation of -0.26, they often move in opposite directions. ASMF charges 0.80%/yr vs 0.95%/yr for SBIT.

Performance

ASMF vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Managed Futures ETF (ASMF) 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, ASMF achieves a 7.74% return, which is significantly lower than SBIT's 44.00% return.

ASMF

• 1D: 0.61%
• 1M: 0.17%
• 6M: 3.90%
• YTD: 7.74%
• 1Y: 13.93%
• 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)

ASMF vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	7.74%	1.16%	-3.65%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-70.17%

Correlation

The correlation between ASMF and SBIT is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since May 16, 2024	-0.26

Return for Risk

ASMF vs. SBIT — Risk / Return Rank

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

ASMF

ASMF Risk / Return Rank: 49
ASMF Sharpe Ratio Rank: 43
ASMF Sortino Ratio Rank: 40
ASMF Omega Ratio Rank: 42
ASMF Calmar Ratio Rank: 70
ASMF Martin Ratio Rank: 49

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.

ASMF vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Managed Futures ETF (ASMF) 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.

	ASMF	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.41	-0.20
Sortino ratio: Return per unit of downside risk	1.69	2.05	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	2.79	2.60	+0.18
Martin ratio: Return relative to average drawdown	6.47	5.92	+0.55

ASMF vs. SBIT - Sharpe Ratio Comparison

The current ASMF Sharpe Ratio is 1.21, which is comparable to the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of ASMF 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

ASMF vs. SBIT - Drawdown Comparison

The maximum ASMF drawdown since its inception was -15.31%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ASMF and SBIT.

Drawdown Indicators

	ASMF	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-91.35%	+76.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-47.94%	+42.92%
Current Drawdown Current decline from peak	-2.82%	-77.15%	+74.33%
Average Drawdown Average peak-to-trough decline	-7.38%	-68.83%	+61.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	21.04%	-18.88%

Volatility

ASMF vs. SBIT - Volatility Comparison

The current volatility for Virtus AlphaSimplex Managed Futures ETF (ASMF) is 2.96%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that ASMF experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASMF	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	22.98%	-20.02%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	68.89%	-59.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.59%	88.51%	-76.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	96.89%	-85.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	96.89%	-85.92%

ASMF vs. SBIT - Expense Ratio Comparison

ASMF has a 0.80% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

ASMF vs. SBIT - Dividend Comparison

ASMF's dividend yield for the trailing twelve months is around 0.20%, less than SBIT's 3.97% yield.

Position	TTM	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	0.20%	0.22%	1.66%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%

Frequently Asked Questions

Can I hold both ASMF and SBIT in my portfolio?

ASMF and SBIT have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMF or SBIT?

SBIT has higher volatility (22.98%) compared to ASMF (2.96%). In terms of maximum drawdown, ASMF dropped -15.31% vs SBIT's -91.35%.

Which ETF is better, ASMF or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 13.93% for ASMF. On fees, ASMF is cheaper at 0.80% per year. On volatility, ASMF has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMF or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 13.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMF or SBIT?

ASMF is cheaper with a 0.80% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.97%, compared with 0.20% for ASMF.

What is the main difference between ASMF and SBIT?

ASMF is categorized as Systematic Trend, while SBIT is Cryptocurrency. They also come from different issuers: Virtus and ProShares. Their fees differ too: 0.80% for ASMF and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs 1.21), 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.