ETHA vs. SBIT
ETHA (iShares Ethereum Trust ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, ETHA returned -46.77% vs 93.05% for SBIT. Their -0.82 correlation means they have often moved in opposite directions in the past. ETHA charges 0.25%/yr vs 0.95%/yr for SBIT.
Performance
ETHA vs. SBIT - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -37.09% return, which is significantly lower than SBIT's 35.42% return.
ETHA
- 1D
- 0.28%
- 1M
- 9.72%
- 6M
- -19.37%
- YTD
- -37.09%
- 1Y
- -46.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.83%
SBIT
- 1D
- -2.88%
- 1M
- -8.74%
- 6M
- 12.84%
- YTD
- 35.42%
- 1Y
- 93.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $446.17M | $410.98M | $410.24M | |
| $30.10M | $32.07M | $46.36M |
ETHA vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -37.09% | -11.31% | -4.89% |
SBIT Proshares Ultrashort Bitcoin ETF | 35.42% | -25.11% | -64.46% |
Correlation
The correlation between ETHA and SBIT is -0.91, 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. | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | -0.82 |
The correlation between ETHA and SBIT has been stable across timeframes, ranging from -0.91 to -0.82 - a consistent structural relationship.
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Return for Risk
ETHA vs. SBIT — Risk / Return Rank
ETHA
SBIT
ETHA vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.21 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 1.95 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.03 | 4.30 | -5.33 |
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Drawdowns
ETHA vs. SBIT - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.91%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ETHA and SBIT.
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Drawdown Indicators
| ETHA | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.91% | -91.35% | +23.44% |
Max Drawdown (1Y)Largest decline over 1 year | -67.91% | -47.94% | -19.97% |
Current DrawdownCurrent decline from peak | -61.44% | -78.51% | +17.07% |
Average DrawdownAverage peak-to-trough decline | -35.25% | -69.09% | +33.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.53% | 21.71% | +23.82% |
Volatility
ETHA vs. SBIT - Volatility Comparison
The current volatility for iShares Ethereum Trust ETF (ETHA) is 12.55%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 17.65%. This indicates that ETHA 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.
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Volatility by Period
| ETHA | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.55% | 17.65% | -5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 45.91% | 67.17% | -21.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.32% | 88.67% | -21.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.46% | 96.04% | -24.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.46% | 96.04% | -24.58% |
ETHA vs. SBIT - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than SBIT's 0.95% expense ratio.
Dividends
ETHA vs. SBIT - Dividend Comparison
ETHA has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 5.09%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 5.09% | 0.52% | 1.00% |
Frequently Asked Questions
ETHA and SBIT have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (17.65%) compared to ETHA (12.55%). In terms of maximum drawdown, ETHA dropped -67.91% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 93.05% vs -46.77% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 12.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 93.05% return vs -46.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.
SBIT has the higher dividend yield at 5.09%, compared with 0.00% for ETHA.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for ETHA and 0.95% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.06 vs -0.70), 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.
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