BHDG vs. SBIT
BHDG (Nicholas Bitcoin Tail ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds. BHDG is actively managed, while SBIT is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. BHDG charges 0.97%/yr vs 0.95%/yr for SBIT.
Performance
BHDG vs. SBIT - Performance Comparison
Loading charts...
Returns By Period
BHDG
- 1D
- 1.61%
- 1M
- 9.60%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBIT
- 1D
- 5.47%
- 1M
- 61.07%
- YTD
- 44.52%
- 6M
- 59.37%
- 1Y
- 72.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BHDG vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | -2.24% |
SBIT Proshares Ultrashort Bitcoin ETF | 18.48% |
Correlation
The correlation between BHDG and SBIT is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026 | 0.94 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BHDG vs. SBIT — Risk / Return Rank
BHDG
SBIT
BHDG vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
Loading charts...
Sharpe Ratios by Period
| BHDG | SBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.83 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.45 | -0.09 |
Drawdowns
BHDG vs. SBIT - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BHDG and SBIT.
Loading charts...
Drawdown Indicators
| BHDG | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -91.35% | +76.29% |
Max Drawdown (1Y)Largest decline over 1 year | — | -47.94% | — |
Current DrawdownCurrent decline from peak | -6.21% | -77.07% | +70.86% |
Average DrawdownAverage peak-to-trough decline | -9.23% | -68.56% | +59.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 24.71% | — |
Volatility
BHDG vs. SBIT - Volatility Comparison
Loading charts...
Volatility by Period
| BHDG | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 17.43% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 67.15% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 87.25% | -68.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.88% | 97.45% | -78.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.88% | 97.45% | -78.57% |
BHDG vs. SBIT - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than SBIT's 0.95% expense ratio.
Dividends
BHDG vs. SBIT - Dividend Comparison
BHDG has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.25%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.00% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 3.25% | 0.52% | 1.00% |
Frequently Asked Questions
With a correlation of 0.94, BHDG and SBIT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, SBIT is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SBIT is cheaper with a 0.95% expense ratio, compared with 0.97% for BHDG.
SBIT has the higher dividend yield at 3.25%, compared with 0.00% for BHDG.
They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for BHDG and 0.95% for SBIT.
Find the right allocation for BHDG and SBIT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer