CEFZ vs. SBIT

Last updated Aug 2, 2026

CEFZ (RiverNorth Active Income ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - CEFZ is a Tactical Allocation fund actively managed by RiverNorth, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). CEFZ is actively managed, while SBIT is passively managed. Their -0.44 correlation means they have often moved in opposite directions in the past. CEFZ charges 3.36%/yr vs 0.95%/yr for SBIT.

Performance

CEFZ vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) 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, CEFZ achieves a 4.53% return, which is significantly lower than SBIT's 39.44% return.

CEFZ

• 1D: 0.31%
• 1M: -1.16%
• 6M: 2.29%
• YTD: 4.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
CEFZ RiverNorth Active Income ETF	$177.45K	$117.53K	$123.01K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

CEFZ vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	4.53%	7.41%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	42.55%

Correlation

The correlation between CEFZ and SBIT is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	-0.44

Return for Risk

CEFZ vs. SBIT — Risk / Return Rank

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

CEFZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CEFZ vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) 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.

	CEFZ	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.27	—
Sortino ratio: Return per unit of downside risk	—	1.95	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	2.35	—
Martin ratio: Return relative to average drawdown	—	5.19	—

Drawdowns

CEFZ vs. SBIT - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for CEFZ and SBIT.

Drawdown Indicators

	CEFZ	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-91.35%	+84.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.94%	—
Current Drawdown Current decline from peak	-1.78%	-77.87%	+76.09%
Average Drawdown Average peak-to-trough decline	-1.22%	-69.07%	+67.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.67%	—

Volatility

Volatility by Period

	CEFZ	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	88.65%	-78.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	96.10%	-85.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	96.10%	-85.87%

CEFZ vs. SBIT - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

CEFZ vs. SBIT - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 10.13%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
CEFZ RiverNorth Active Income ETF	10.13%	4.17%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both CEFZ and SBIT in my portfolio?

CEFZ and SBIT have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFZ or SBIT?

On fees, SBIT is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 10.13%, compared with 4.03% for SBIT.

What is the main difference between CEFZ and SBIT?

CEFZ is categorized as Tactical Allocation, while SBIT is Cryptocurrency. They also come from different issuers: RiverNorth and ProShares. Their fees differ too: 3.36% for CEFZ and 0.95% for SBIT.