ETHE vs. SBIT
Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and Proshares Ultrashort Bitcoin ETF (SBIT).
ETHE and SBIT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017. SBIT is a passively managed fund by ProShares that tracks the performance of the Bloomberg Bitcoin Index (-200%). It was launched on Apr 1, 2024. Both ETHE and SBIT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ETHE vs. SBIT - Performance Comparison
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ETHE vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -28.06% | -13.03% | 18.98% |
SBIT Proshares Ultrashort Bitcoin ETF | 31.57% | -25.11% | -73.13% |
Returns By Period
In the year-to-date period, ETHE achieves a -28.06% return, which is significantly lower than SBIT's 31.57% return.
ETHE
- 1D
- 2.11%
- 1M
- 5.07%
- YTD
- -28.06%
- 6M
- -50.86%
- 1Y
- 10.20%
- 3Y*
- 26.95%
- 5Y*
- -1.42%
- 10Y*
- —
SBIT
- 1D
- -1.03%
- 1M
- -1.33%
- YTD
- 31.57%
- 6M
- 111.14%
- 1Y
- -5.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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ETHE vs. SBIT - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than SBIT's 0.95% expense ratio.
Return for Risk
ETHE vs. SBIT — Risk / Return Rank
ETHE
SBIT
ETHE vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | SBIT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.14 | -0.06 | +0.19 |
Sortino ratioReturn per unit of downside risk | 0.76 | 0.57 | +0.20 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.07 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.17 | +0.41 |
Martin ratioReturn relative to average drawdown | 0.49 | -0.24 | +0.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | SBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | -0.06 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.49 | +0.57 |
Correlation
The correlation between ETHE and SBIT is -0.80. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ETHE vs. SBIT - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 0.74%, less than SBIT's 3.42% yield.
| TTM | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 0.74% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 3.42% | 0.52% | 1.00% |
Drawdowns
ETHE vs. SBIT - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than SBIT's maximum drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ETHE and SBIT.
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Drawdown Indicators
| ETHE | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -91.35% | -4.91% |
Max Drawdown (1Y)Largest decline over 1 year | -61.89% | -67.11% | +5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -72.79% | -79.12% | +6.33% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -67.28% | -4.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.81% | 47.12% | -16.31% |
Volatility
ETHE vs. SBIT - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 19.07%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 26.24%. This indicates that ETHE 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
| ETHE | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 26.24% | -7.17% |
Volatility (6M)Calculated over the trailing 6-month period | 53.57% | 72.98% | -19.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.68% | 90.40% | -14.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 85.12% | 99.58% | -14.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 194.12% | 99.58% | +94.54% |