BAGY vs. SBIT

Last updated Aug 2, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - BAGY is a Derivative Income fund actively managed by Amplify, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). BAGY is actively managed, while SBIT is passively managed. Over the past year, BAGY returned -43.56% vs 98.77% for SBIT. Their -0.98 correlation means they have often moved in opposite directions in the past. BAGY charges 0.65%/yr vs 0.95%/yr for SBIT.

Performance

BAGY vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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, BAGY achieves a -25.41% return, which is significantly lower than SBIT's 39.44% return.

BAGY

• 1D: -3.04%
• 1M: 2.02%
• 6M: -23.70%
• YTD: -25.41%
• 1Y: -43.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.15%

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

*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)
BAGY Amplify Bitcoin Max Income Covered Call ETF	$101.08K	$73.24K	$162.64K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

BAGY vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-25.41%	-8.33%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-4.22%

Correlation

The correlation between BAGY and SBIT is -0.98, 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.	-0.98
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	-0.98

The correlation between BAGY and SBIT has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.

Return for Risk

BAGY vs. SBIT — Risk / Return Rank

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

BAGY

BAGY Risk / Return Rank: 1
BAGY Sharpe Ratio Rank: 1
BAGY Sortino Ratio Rank: 2
BAGY Omega Ratio Rank: 2
BAGY Calmar Ratio Rank: 1
BAGY Martin Ratio Rank: 1

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

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.

BAGY vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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.

	BAGY	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.27	-2.32
Sortino ratio: Return per unit of downside risk	-1.56	1.95	-3.51
Omega ratio: Gain probability vs. loss probability	0.82	1.23	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.90	2.35	-3.25
Martin ratio: Return relative to average drawdown	-1.41	5.19	-6.59

BAGY vs. SBIT - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -1.05, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of BAGY 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

BAGY vs. SBIT - Drawdown Comparison

The maximum BAGY drawdown since its inception was -50.68%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BAGY and SBIT.

Drawdown Indicators

	BAGY	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-91.35%	+40.67%
Max Drawdown (1Y) Largest decline over 1 year	-50.68%	-47.94%	-2.74%
Current Drawdown Current decline from peak	-47.52%	-77.87%	+30.35%
Average Drawdown Average peak-to-trough decline	-23.05%	-69.07%	+46.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.33%	21.67%	+10.66%

Volatility

BAGY vs. SBIT - Volatility Comparison

The current volatility for Amplify Bitcoin Max Income Covered Call ETF (BAGY) is 9.56%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that BAGY 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

	BAGY	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	18.09%	-8.53%
Volatility (6M) Calculated over the trailing 6-month period	33.94%	67.10%	-33.16%
Volatility (1Y) Calculated over the trailing 1-year period	43.52%	88.65%	-45.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.73%	96.10%	-55.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.73%	96.10%	-55.37%

BAGY vs. SBIT - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

BAGY vs. SBIT - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 56.20%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
BAGY Amplify Bitcoin Max Income Covered Call ETF	56.20%	30.16%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BAGY and SBIT in my portfolio?

BAGY and SBIT have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAGY or SBIT?

SBIT has higher volatility (18.09%) compared to BAGY (9.56%). In terms of maximum drawdown, BAGY dropped -50.68% vs SBIT's -91.35%.

Which ETF is better, BAGY or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -43.56% for BAGY. On fees, BAGY is cheaper at 0.65% per year. On volatility, BAGY has been the lower-risk option at 9.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAGY or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -43.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or SBIT?

BAGY is cheaper with a 0.65% expense ratio, compared with 0.95% for SBIT.

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

BAGY has the higher dividend yield at 56.20%, compared with 4.03% for SBIT.

What is the main difference between BAGY and SBIT?

BAGY is categorized as Derivative Income, while SBIT is Cryptocurrency. They also come from different issuers: Amplify and ProShares. Their fees differ too: 0.65% for BAGY and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -1.05), 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.