CVNX vs. SBIT

Last updated Aug 1, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). CVNX is actively managed, while SBIT is passively managed. Over the past year, CVNX returned -42.88% vs 98.77% for SBIT. Their -0.19 correlation means they have often moved in opposite directions in the past. CVNX charges 1.31%/yr vs 0.95%/yr for SBIT.

Performance

CVNX vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) 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, CVNX achieves a -46.52% return, which is significantly lower than SBIT's 39.44% return.

CVNX

• 1D: 0.00%
• 1M: 0.00%
• 6M: -36.45%
• YTD: -46.52%
• 1Y: -42.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.70%

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)
CVNX Defiance Daily Target 2X Long CVNA ETF	$0.00	$0.00	$267.11K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

CVNX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	24.34%

Correlation

The correlation between CVNX and SBIT is -0.22, 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.	-0.22
Correlation (All Time) Calculated using the full available price history since May 29, 2025	-0.19

Return for Risk

CVNX vs. SBIT — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 6
CVNX Sharpe Ratio Rank: 5
CVNX Sortino Ratio Rank: 8
CVNX Omega Ratio Rank: 8
CVNX Calmar Ratio Rank: 3
CVNX Martin Ratio Rank: 3

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.

CVNX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) 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.

	CVNX	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	1.27	-1.73
Sortino ratio: Return per unit of downside risk	-0.10	1.95	-2.05
Omega ratio: Gain probability vs. loss probability	0.99	1.23	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.72	2.35	-3.07
Martin ratio: Return relative to average drawdown	-1.20	5.19	-6.38

CVNX vs. SBIT - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.46, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of CVNX 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

CVNX vs. SBIT - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for CVNX and SBIT.

Drawdown Indicators

	CVNX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-91.35%	+21.73%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-47.94%	-21.68%
Current Drawdown Current decline from peak	-57.59%	-77.87%	+20.28%
Average Drawdown Average peak-to-trough decline	-33.24%	-69.07%	+35.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.55%	21.67%	+20.88%

Volatility

CVNX vs. SBIT - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 0.00%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that CVNX 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

	CVNX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	18.09%	-18.09%
Volatility (6M) Calculated over the trailing 6-month period	70.14%	67.10%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	114.56%	88.65%	+25.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.20%	96.10%	+14.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.20%	96.10%	+14.10%

CVNX vs. SBIT - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

CVNX vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both CVNX and SBIT in my portfolio?

CVNX and SBIT have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNX or SBIT?

SBIT has higher volatility (18.09%) compared to CVNX (0.00%). In terms of maximum drawdown, CVNX dropped -69.62% vs SBIT's -91.35%.

Which ETF is better, CVNX or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -42.88% for CVNX. On fees, SBIT is cheaper at 0.95% per year. On volatility, CVNX has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -42.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and SBIT?

CVNX is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for CVNX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.46), 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.