BITX vs. SBIT

Last updated Jun 26, 2026

BITX (2x Bitcoin Strategy ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, BITX returned -78.67% vs 106.87% for SBIT. At a correlation of -0.99, they often move in opposite directions. BITX charges 2.38%/yr vs 0.95%/yr for SBIT.

Performance

BITX vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) 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, BITX achieves a -61.72% return, which is significantly lower than SBIT's 61.33% return.

BITX

• 1D: -2.13%
• 1M: -40.88%
• YTD: -61.72%
• 6M: -61.62%
• 1Y: -78.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 2.31%
• 1M: 56.16%
• YTD: 61.33%
• 6M: 60.82%
• 1Y: 106.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-61.72%	-38.71%	16.25%
SBIT Proshares Ultrashort Bitcoin ETF	61.33%	-25.11%	-73.74%

Correlation

The correlation between BITX and SBIT is -1.00, 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	-1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.99

The correlation between BITX and SBIT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

BITX vs. SBIT — Risk / Return Rank

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

BITX

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

SBIT

SBIT Risk / Return Rank: 41
SBIT Sharpe Ratio Rank: 38
SBIT Sortino Ratio Rank: 41
SBIT Omega Ratio Rank: 39
SBIT Calmar Ratio Rank: 52
SBIT Martin Ratio Rank: 34

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.

BITX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.21	-2.11
Sortino ratio: Return per unit of downside risk	-1.75	1.90	-3.64
Omega ratio: Gain probability vs. loss probability	0.81	1.23	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.95	2.24	-3.19
Martin ratio: Return relative to average drawdown	-1.46	4.68	-6.14

BITX vs. SBIT - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is lower than the SBIT Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of BITX 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

BITX vs. SBIT - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.08%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BITX and SBIT.

Drawdown Indicators

	BITX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-83.08%	-91.35%	+8.27%
Max Drawdown (1Y) Largest decline over 1 year	-83.08%	-47.94%	-35.14%
Max Drawdown (3Y) Largest decline over 3 years	-83.08%	—	—
Current Drawdown Current decline from peak	-83.08%	-74.40%	-8.68%
Average Drawdown Average peak-to-trough decline	-32.64%	-68.68%	+36.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.73%	22.94%	+30.79%

Volatility

BITX vs. SBIT - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) and Proshares Ultrashort Bitcoin ETF (SBIT) have volatilities of 26.48% and 26.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.48%	26.52%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	69.36%	68.63%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	88.09%	88.57%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.17%	97.38%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.17%	97.38%	+0.79%

BITX vs. SBIT - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

BITX vs. SBIT - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 41.63%, more than SBIT's 2.91% yield.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	41.63%	21.69%	10.70%
SBIT Proshares Ultrashort Bitcoin ETF	2.91%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BITX and SBIT in my portfolio?

BITX and SBIT have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or SBIT?

SBIT has higher volatility (26.52%) compared to BITX (26.48%). In terms of maximum drawdown, BITX dropped -83.08% vs SBIT's -91.35%.

Which ETF is better, BITX or SBIT?

On 1-year performance, SBIT leads with 106.87% vs -78.67% for BITX. On fees, SBIT is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or SBIT?

Over the 1-year period, SBIT has performed better with a 106.87% return vs -78.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 41.63%, compared with 2.91% for SBIT.

What is the main difference between BITX and SBIT?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.38% for BITX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.21 vs -0.90), 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.