ETHT vs. SBIT

Last updated Jun 4, 2026

ETHT (ProShares Ultra Ether ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds from ProShares - ETHT tracks the Bloomberg Ethereum Index (200%) while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, ETHT returned -76.37% vs 68.00% for SBIT. At a correlation of -0.82, they often move in opposite directions. ETHT charges 0.94%/yr vs 0.95%/yr for SBIT.

Performance

ETHT vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -72.39% return, which is significantly lower than SBIT's 37.02% return.

ETHT

• 1D: -11.32%
• 1M: -43.48%
• YTD: -72.39%
• 6M: -76.21%
• 1Y: -76.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.42%
• 1M: 46.58%
• YTD: 37.02%
• 6M: 52.37%
• 1Y: 68.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHT vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-72.39%	-64.86%	-41.68%
SBIT Proshares Ultrashort Bitcoin ETF	37.02%	-25.11%	-66.77%

Correlation

The correlation between ETHT and SBIT is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.82

The correlation between ETHT and SBIT has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.

Return for Risk

ETHT vs. SBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHT

ETHT Risk / Return Rank: 3
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 4
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

SBIT

SBIT Risk / Return Rank: 26
SBIT Sharpe Ratio Rank: 22
SBIT Sortino Ratio Rank: 28
SBIT Omega Ratio Rank: 27
SBIT Calmar Ratio Rank: 29
SBIT Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETHT vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	0.78	-1.35
Sortino ratio: Return per unit of downside risk	-0.54	1.54	-2.07
Omega ratio: Gain probability vs. loss probability	0.94	1.18	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.83	1.43	-2.26
Martin ratio: Return relative to average drawdown	-1.22	2.76	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHT vs. SBIT - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.56, which is lower than the SBIT Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of ETHT 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.

Sharpe Ratios by Period

	ETHT	SBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	0.78	-1.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.46	-0.08

Drawdowns

ETHT vs. SBIT - Drawdown Comparison

The maximum ETHT drawdown since its inception was -94.34%, roughly equal to the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ETHT and SBIT.

Drawdown Indicators

	ETHT	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-94.34%	-91.35%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-91.91%	-47.94%	-43.97%
Current Drawdown Current decline from peak	-94.34%	-78.26%	-16.08%
Average Drawdown Average peak-to-trough decline	-64.82%	-68.55%	+3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.48%	24.69%	+37.79%

Volatility

ETHT vs. SBIT - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 20.43% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.22%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.43%	18.22%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	92.88%	68.46%	+24.42%
Volatility (1Y) Calculated over the trailing 1-year period	136.57%	87.18%	+49.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.90%	97.47%	+45.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.90%	97.47%	+45.43%

ETHT vs. SBIT - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

ETHT vs. SBIT - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 17.20%, more than SBIT's 3.42% yield.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	17.20%	4.57%	0.02%
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%

Frequently Asked Questions

Can I hold both ETHT and SBIT in my portfolio?

ETHT and SBIT have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or SBIT?

ETHT has higher volatility (20.43%) compared to SBIT (18.22%). In terms of maximum drawdown, ETHT dropped -94.34% vs SBIT's -91.35%.

Which ETF is better, ETHT or SBIT?

On 1-year performance, SBIT leads with 68.00% vs -76.37% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, SBIT has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or SBIT?

Over the 1-year period, SBIT has performed better with a 68.00% return vs -76.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or SBIT?

ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for SBIT.

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

ETHT has the higher dividend yield at 17.20%, compared with 3.42% for SBIT.

What is the main difference between ETHT and SBIT?

ETHT tracks Bloomberg Ethereum Index (200%), while SBIT tracks Bloomberg Bitcoin Index (-200%). Their fees differ too: 0.94% for ETHT and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.78 vs -0.56), 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.