BHDG vs. SBIT

Last updated Jul 17, 2026

BHDG (Nicholas Bitcoin Tail ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds. BHDG is actively managed, while SBIT is passively managed. With a 0.95 correlation, they move nearly in lockstep. BHDG charges 0.97%/yr vs 0.95%/yr for SBIT.

Performance

BHDG vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHDG

• 1D: 0.57%
• 1M: -1.35%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 2.17%
• 1M: 1.59%
• 6M: 61.94%
• YTD: 34.55%
• 1Y: 114.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. SBIT - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-5.79%
SBIT Proshares Ultrashort Bitcoin ETF	20.82%

Correlation

The correlation between BHDG and SBIT is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026	0.95

Return for Risk

BHDG vs. SBIT — Risk / Return Rank

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

BHDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SBIT

SBIT Risk / Return Rank: 48
SBIT Sharpe Ratio Rank: 45
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 60
SBIT Martin Ratio Rank: 42

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.

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.

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.

	BHDG	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.30	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.40	—
Martin ratio: Return relative to average drawdown	—	5.42	—

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.

Drawdown Indicators

	BHDG	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-91.35%	+76.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.94%	—
Current Drawdown Current decline from peak	-10.30%	-78.65%	+68.35%
Average Drawdown Average peak-to-trough decline	-8.38%	-68.88%	+60.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.17%	—

Volatility

Volatility by Period

	BHDG	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	68.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.91%	88.50%	-61.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.91%	96.78%	-69.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.91%	96.78%	-69.87%

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 4.25%.

Position	TTM	2025	2024
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.25%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BHDG and SBIT in my portfolio?

With a correlation of 0.95, 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.

Which ETF is better, BHDG or SBIT?

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.

Which ETF is cheaper, BHDG or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 0.97% for BHDG.

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

SBIT has the higher dividend yield at 4.25%, compared with 0.00% for BHDG.

What is the main difference between BHDG and SBIT?

They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for BHDG and 0.95% for SBIT.