BTCI vs. SBIT

Last updated Jun 5, 2026

BTCI (NEOS Bitcoin High Income ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds. BTCI is actively managed, while SBIT is passively managed. Over the past year, BTCI returned -34.52% vs 72.40% for SBIT. At a correlation of -0.99, they often move in opposite directions. BTCI charges 0.99%/yr vs 0.95%/yr for SBIT.

Performance

BTCI vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -24.80% return, which is significantly lower than SBIT's 44.52% return.

BTCI

• 1D: -2.67%
• 1M: -19.78%
• YTD: -24.80%
• 6M: -28.14%
• 1Y: -34.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.47%
• 1M: 61.07%
• YTD: 44.52%
• 6M: 59.37%
• 1Y: 72.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCI vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-24.80%	-1.09%	28.24%
SBIT Proshares Ultrashort Bitcoin ETF	44.52%	-25.11%	-58.01%

Correlation

The correlation between BTCI and SBIT is -0.99, 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	-0.99
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	-0.99

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

Return for Risk

BTCI vs. SBIT — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 2

SBIT

SBIT Risk / Return Rank: 28
SBIT Sharpe Ratio Rank: 25
SBIT Sortino Ratio Rank: 30
SBIT Omega Ratio Rank: 29
SBIT Calmar Ratio Rank: 31
SBIT Martin Ratio Rank: 23

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.

BTCI vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	0.83	-1.72
Sortino ratio: Return per unit of downside risk	-1.19	1.58	-2.78
Omega ratio: Gain probability vs. loss probability	0.86	1.19	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.77	1.52	-2.29
Martin ratio: Return relative to average drawdown	-1.37	2.94	-4.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCI vs. SBIT - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.89, which is lower than the SBIT Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of BTCI 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.

Sharpe Ratios by Period

	BTCI	SBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	0.83	-1.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.45	+0.37

Drawdowns

BTCI vs. SBIT - Drawdown Comparison

The maximum BTCI drawdown since its inception was -44.98%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BTCI and SBIT.

Drawdown Indicators

	BTCI	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-44.98%	-91.35%	+46.37%
Max Drawdown (1Y) Largest decline over 1 year	-44.98%	-47.94%	+2.96%
Current Drawdown Current decline from peak	-44.39%	-77.07%	+32.68%
Average Drawdown Average peak-to-trough decline	-15.25%	-68.56%	+53.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.20%	24.71%	+0.49%

Volatility

BTCI vs. SBIT - Volatility Comparison

The current volatility for NEOS Bitcoin High Income ETF (BTCI) is 8.15%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 17.43%. This indicates that BTCI 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

	BTCI	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	17.43%	-9.28%
Volatility (6M) Calculated over the trailing 6-month period	30.49%	67.15%	-36.66%
Volatility (1Y) Calculated over the trailing 1-year period	38.98%	87.25%	-48.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.12%	97.45%	-57.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.12%	97.45%	-57.33%

BTCI vs. SBIT - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

BTCI vs. SBIT - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 44.34%, more than SBIT's 3.25% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	44.34%	36.46%	6.76%
SBIT Proshares Ultrashort Bitcoin ETF	3.25%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BTCI and SBIT in my portfolio?

BTCI and SBIT have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCI or SBIT?

SBIT has higher volatility (17.43%) compared to BTCI (8.15%). In terms of maximum drawdown, BTCI dropped -44.98% vs SBIT's -91.35%.

Which ETF is better, BTCI or SBIT?

On 1-year performance, SBIT leads with 72.40% vs -34.52% for BTCI. On fees, SBIT is cheaper at 0.95% per year. On volatility, BTCI has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or SBIT?

Over the 1-year period, SBIT has performed better with a 72.40% return vs -34.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 44.34%, compared with 3.25% for SBIT.

What is the main difference between BTCI and SBIT?

They also come from different issuers: Neos and ProShares. Their fees differ too: 0.99% for BTCI and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.83 vs -0.89), 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.