BLOX vs. SBIT

Last updated Jun 24, 2026

BLOX (Nicholas Crypto Income ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds. BLOX is actively managed, while SBIT is passively managed. Over the past year, BLOX returned 25.91% vs 71.04% for SBIT. At a correlation of -0.80, they often move in opposite directions. BLOX charges 1.03%/yr vs 0.95%/yr for SBIT.

Performance

BLOX vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a 14.14% return, which is significantly lower than SBIT's 45.97% return.

BLOX

• 1D: -2.16%
• 1M: 1.81%
• YTD: 14.14%
• 6M: 8.96%
• 1Y: 25.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 6.59%
• 1M: 41.04%
• YTD: 45.97%
• 6M: 46.69%
• 1Y: 71.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BLOX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	14.14%	8.17%
SBIT Proshares Ultrashort Bitcoin ETF	45.97%	29.73%

Correlation

The correlation between BLOX and SBIT is -0.80, 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	-0.80
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	-0.80

The correlation between BLOX and SBIT has been stable across timeframes, ranging from -0.80 to -0.80 - a consistent structural relationship.

Return for Risk

BLOX vs. SBIT — Risk / Return Rank

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

BLOX

BLOX Risk / Return Rank: 16
BLOX Sharpe Ratio Rank: 16
BLOX Sortino Ratio Rank: 19
BLOX Omega Ratio Rank: 18
BLOX Calmar Ratio Rank: 15
BLOX Martin Ratio Rank: 14

SBIT

SBIT Risk / Return Rank: 28
SBIT Sharpe Ratio Rank: 24
SBIT Sortino Ratio Rank: 31
SBIT Omega Ratio Rank: 29
SBIT Calmar Ratio Rank: 31
SBIT Martin Ratio Rank: 25

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.

BLOX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

	BLOX	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.81	-0.33
Sortino ratio: Return per unit of downside risk	1.00	1.56	-0.57
Omega ratio: Gain probability vs. loss probability	1.12	1.19	-0.07
Calmar ratio: Return relative to maximum drawdown	0.55	1.49	-0.94
Martin ratio: Return relative to average drawdown	1.11	3.11	-2.00

BLOX vs. SBIT - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is 0.48, which is lower than the SBIT Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of BLOX 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

BLOX vs. SBIT - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BLOX and SBIT.

Drawdown Indicators

	BLOX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-91.35%	+44.26%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-47.94%	+0.85%
Current Drawdown Current decline from peak	-21.10%	-76.84%	+55.74%
Average Drawdown Average peak-to-trough decline	-18.66%	-68.66%	+50.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.45%	23.93%	-0.48%

Volatility

BLOX vs. SBIT - Volatility Comparison

The current volatility for Nicholas Crypto Income ETF (BLOX) is 15.68%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 26.11%. This indicates that BLOX 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

	BLOX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.68%	26.11%	-10.43%
Volatility (6M) Calculated over the trailing 6-month period	41.09%	68.77%	-27.68%
Volatility (1Y) Calculated over the trailing 1-year period	54.17%	88.37%	-34.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.89%	97.39%	-43.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.89%	97.39%	-43.50%

BLOX vs. SBIT - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

BLOX vs. SBIT - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 40.47%, more than SBIT's 3.21% yield.

Position	TTM	2025	2024
BLOX Nicholas Crypto Income ETF	40.47%	22.69%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.21%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BLOX and SBIT in my portfolio?

BLOX and SBIT have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLOX or SBIT?

SBIT has higher volatility (26.11%) compared to BLOX (15.68%). In terms of maximum drawdown, BLOX dropped -47.09% vs SBIT's -91.35%.

Which ETF is better, BLOX or SBIT?

On 1-year performance, SBIT leads with 71.04% vs 25.91% for BLOX. On fees, SBIT is cheaper at 0.95% per year. On volatility, BLOX has been the lower-risk option at 15.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLOX or SBIT?

Over the 1-year period, SBIT has performed better with a 71.04% return vs 25.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 40.47%, compared with 3.21% for SBIT.

What is the main difference between BLOX and SBIT?

They also come from different issuers: Nicholas and ProShares. Their fees differ too: 1.03% for BLOX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.81 vs 0.48), 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.