BITB vs. SBS
BITB (Bitwise Bitcoin ETF) is Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SBS (Companhia de Saneamento Básico do Estado de São Paulo - SABESP) is a stock. Over the past year, BITB returned -39.67% vs 38.60% for SBS. At a 0.15 correlation, their price movements are largely independent.
Performance
BITB vs. SBS - Performance Comparison
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Returns By Period
In the year-to-date period, BITB achieves a -27.42% return, which is significantly lower than SBS's 15.28% return.
BITB
- 1D
- 0.03%
- 1M
- -19.63%
- YTD
- -27.42%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBS
- 1D
- -0.18%
- 1M
- -4.55%
- YTD
- 15.28%
- 6M
- 14.60%
- 1Y
- 38.60%
- 3Y*
- 40.12%
- 5Y*
- 32.68%
- 10Y*
- 16.43%
BITB vs. SBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BITB Bitwise Bitcoin ETF | -27.42% | -6.47% | 89.74% |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 15.28% | 80.60% | -4.28% |
Correlation
The correlation between BITB and SBS is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.15 |
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Return for Risk
BITB vs. SBS — Risk / Return Rank
BITB
SBS
BITB vs. SBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS). 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.
| BITB | SBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.55 | -2.33 |
| Martin ratioReturn relative to average drawdown | -1.37 | 4.65 | -6.02 |
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Drawdowns
BITB vs. SBS - Drawdown Comparison
The maximum BITB drawdown since its inception was -52.04%, smaller than the maximum SBS drawdown of -76.49%. Use the drawdown chart below to compare losses from any high point for BITB and SBS.
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Drawdown Indicators
| BITB | SBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.04% | -76.49% | +24.45% |
Max Drawdown (1Y)Largest decline over 1 year | -52.04% | -24.88% | -27.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.88% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.91% | — |
Current DrawdownCurrent decline from peak | -49.44% | -22.90% | -26.54% |
Average DrawdownAverage peak-to-trough decline | -16.54% | -25.70% | +9.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.62% | 8.28% | +21.34% |
Volatility
BITB vs. SBS - Volatility Comparison
Bitwise Bitcoin ETF (BITB) has a higher volatility of 11.94% compared to Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) at 8.92%. This indicates that BITB's price experiences larger fluctuations and is considered to be riskier than SBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITB | SBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.94% | 8.92% | +3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 34.40% | 24.61% | +9.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 33.86% | +10.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.04% | 36.90% | +13.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.04% | 43.51% | +6.53% |
Dividends
BITB vs. SBS - Dividend Comparison
BITB has not paid dividends to shareholders, while SBS's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITB Bitwise Bitcoin ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 2.33% | 4.68% | 1.96% | 1.66% | 1.88% | 0.97% | 2.93% | 1.99% | 3.86% | 2.76% | 0.65% | 1.91% |
Frequently Asked Questions
BITB and SBS have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITB has higher volatility (11.94%) compared to SBS (8.92%). In terms of maximum drawdown, BITB dropped -52.04% vs SBS's -76.49%.
SBS currently has the higher Sharpe Ratio (1.14 vs -0.93), 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.
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