BTCW vs. SBIT

Last updated Aug 2, 2026

BTCW (Wisdom Tree Bitcoin Fund) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - BTCW tracks the No Index (Physical Bitcoin) while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, BTCW returned -44.53% vs 98.77% for SBIT. Their -0.99 correlation means they have often moved in opposite directions in the past. BTCW charges 0.25%/yr vs 0.95%/yr for SBIT.

Performance

BTCW vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) 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, BTCW achieves a -28.33% return, which is significantly lower than SBIT's 39.44% return.

BTCW

• 1D: -2.95%
• 1M: 2.34%
• 6M: -25.06%
• YTD: -28.33%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.76%

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCW Wisdom Tree Bitcoin Fund	$1.20M	$1.71M	$1.37M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

BTCW vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.33%	-6.05%	33.02%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between BTCW and SBIT is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.99

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

Return for Risk

BTCW vs. SBIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCW

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

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCW vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.27	-2.32
Sortino ratio: Return per unit of downside risk	-1.59	1.95	-3.54
Omega ratio: Gain probability vs. loss probability	0.83	1.23	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.87	2.35	-3.22
Martin ratio: Return relative to average drawdown	-1.34	5.19	-6.52

BTCW vs. SBIT - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.05, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of BTCW 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

BTCW vs. SBIT - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for BTCW and SBIT.

Drawdown Indicators

	BTCW	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-91.35%	+37.98%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-47.94%	-5.43%
Current Drawdown Current decline from peak	-50.05%	-77.87%	+27.82%
Average Drawdown Average peak-to-trough decline	-18.19%	-69.07%	+50.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	21.67%	+12.96%

Volatility

BTCW vs. SBIT - Volatility Comparison

The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 9.16%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that BTCW 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

	BTCW	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	18.09%	-8.93%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	67.10%	-33.44%
Volatility (1Y) Calculated over the trailing 1-year period	44.25%	88.65%	-44.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.47%	96.10%	-46.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	96.10%	-46.63%

BTCW vs. SBIT - Expense Ratio Comparison

BTCW has a 0.25% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

BTCW vs. SBIT - Dividend Comparison

BTCW has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 4.10%.

Position	TTM	2025	2024
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both BTCW and SBIT in my portfolio?

BTCW 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, BTCW or SBIT?

SBIT has higher volatility (18.09%) compared to BTCW (9.16%). In terms of maximum drawdown, BTCW dropped -53.37% vs SBIT's -91.35%.

Which ETF is better, BTCW or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -44.53% for BTCW. On fees, BTCW is cheaper at 0.25% per year. On volatility, BTCW has been the lower-risk option at 9.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or SBIT?

BTCW is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.00% for BTCW.

What is the main difference between BTCW and SBIT?

BTCW tracks No Index (Physical Bitcoin), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.25% for BTCW and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -1.05), 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.