BITS vs. SBIT

Last updated Jul 14, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - BITS tracks the NONE while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, BITS returned -15.13% vs 124.12% for SBIT. At a correlation of -0.87, they often move in opposite directions. BITS charges 0.65%/yr vs 0.95%/yr for SBIT.

Performance

BITS vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain & Bitcoin Strategy ETF (BITS) 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, BITS achieves a -11.26% return, which is significantly lower than SBIT's 44.00% return.

BITS

• 1D: -3.52%
• 1M: -10.81%
• 6M: -21.88%
• YTD: -11.26%
• 1Y: -15.13%
• 3Y*: 28.57%
• 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)

BITS vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITS Global X Blockchain & Bitcoin Strategy ETF	-11.26%	14.90%	22.02%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between BITS and SBIT is -0.85, 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	-0.85
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.87

The correlation between BITS and SBIT has been stable across timeframes, ranging from -0.87 to -0.85 - a consistent structural relationship.

Return for Risk

BITS vs. SBIT — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 7
BITS Sharpe Ratio Rank: 7
BITS Sortino Ratio Rank: 7
BITS Omega Ratio Rank: 7
BITS Calmar Ratio Rank: 6
BITS Martin Ratio Rank: 7

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.

BITS vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) 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.

	BITS	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.41	-1.70
Sortino ratio: Return per unit of downside risk	-0.06	2.05	-2.11
Omega ratio: Gain probability vs. loss probability	0.99	1.25	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.31	2.60	-2.92
Martin ratio: Return relative to average drawdown	-0.54	5.92	-6.46

BITS vs. SBIT - Sharpe Ratio Comparison

The current BITS Sharpe Ratio is -0.29, which is lower than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BITS 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

BITS vs. SBIT - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BITS and SBIT.

Drawdown Indicators

	BITS	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-91.35%	+8.24%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-47.94%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	—	—
Current Drawdown Current decline from peak	-41.58%	-77.15%	+35.57%
Average Drawdown Average peak-to-trough decline	-42.59%	-68.83%	+26.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.29%	21.04%	+7.25%

Volatility

BITS vs. SBIT - Volatility Comparison

The current volatility for Global X Blockchain & Bitcoin Strategy ETF (BITS) is 12.34%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that BITS 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

	BITS	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.34%	22.98%	-10.64%
Volatility (6M) Calculated over the trailing 6-month period	40.40%	68.89%	-28.49%
Volatility (1Y) Calculated over the trailing 1-year period	53.28%	88.51%	-35.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.68%	96.89%	-36.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.68%	96.89%	-36.21%

BITS vs. SBIT - Expense Ratio Comparison

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

Dividends

BITS vs. SBIT - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 25.64%, more than SBIT's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	25.64%	22.80%	29.49%	13.69%	0.48%	1.90%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITS and SBIT in my portfolio?

BITS and SBIT have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITS or SBIT?

SBIT has higher volatility (22.98%) compared to BITS (12.34%). In terms of maximum drawdown, BITS dropped -83.11% vs SBIT's -91.35%.

Which ETF is better, BITS or SBIT?

On 1-year performance, SBIT leads with 124.12% vs -15.13% for BITS. On fees, BITS is cheaper at 0.65% per year. On volatility, BITS has been the lower-risk option at 12.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITS or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs -15.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITS or SBIT?

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

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

BITS has the higher dividend yield at 25.64%, compared with 3.97% for SBIT.

What is the main difference between BITS and SBIT?

BITS tracks NONE, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.65% for BITS and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs -0.29), 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.