ETHV vs. SBIT

Last updated Jun 26, 2026

ETHV (VanEck Ethereum ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - ETHV tracks the MarketVector Ethereum Benchmark Rate while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, ETHV returned -36.10% vs 106.87% for SBIT. At a correlation of -0.82, they often move in opposite directions. ETHV charges 0.20%/yr vs 0.95%/yr for SBIT.

Performance

ETHV vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) 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, ETHV achieves a -47.61% return, which is significantly lower than SBIT's 61.33% return.

ETHV

• 1D: -1.60%
• 1M: -24.79%
• YTD: -47.61%
• 6M: -47.01%
• 1Y: -36.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 2.31%
• 1M: 56.16%
• YTD: 61.33%
• 6M: 60.82%
• 1Y: 106.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHV vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-47.61%	-11.02%	-5.50%
SBIT Proshares Ultrashort Bitcoin ETF	61.33%	-25.11%	-64.46%

Correlation

The correlation between ETHV and SBIT is -0.89, 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	-0.89
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.82

The correlation between ETHV and SBIT has been stable across timeframes, ranging from -0.89 to -0.82 - a consistent structural relationship.

Return for Risk

ETHV vs. SBIT — Risk / Return Rank

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

ETHV

ETHV Risk / Return Rank: 5
ETHV Sharpe Ratio Rank: 5
ETHV Sortino Ratio Rank: 6
ETHV Omega Ratio Rank: 6
ETHV Calmar Ratio Rank: 5
ETHV Martin Ratio Rank: 5

SBIT

SBIT Risk / Return Rank: 41
SBIT Sharpe Ratio Rank: 38
SBIT Sortino Ratio Rank: 41
SBIT Omega Ratio Rank: 39
SBIT Calmar Ratio Rank: 52
SBIT Martin Ratio Rank: 34

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.

ETHV vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.21	-1.74
Sortino ratio: Return per unit of downside risk	-0.44	1.90	-2.34
Omega ratio: Gain probability vs. loss probability	0.95	1.23	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.53	2.24	-2.78
Martin ratio: Return relative to average drawdown	-0.88	4.68	-5.56

ETHV vs. SBIT - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.53, which is lower than the SBIT Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ETHV 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

ETHV vs. SBIT - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ETHV and SBIT.

Drawdown Indicators

	ETHV	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-91.35%	+23.47%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-47.94%	-19.94%
Current Drawdown Current decline from peak	-67.88%	-74.40%	+6.52%
Average Drawdown Average peak-to-trough decline	-33.86%	-68.68%	+34.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.85%	22.94%	+17.91%

Volatility

ETHV vs. SBIT - Volatility Comparison

The current volatility for VanEck Ethereum ETF (ETHV) is 19.83%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 26.52%. This indicates that ETHV 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

	ETHV	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.83%	26.52%	-6.69%
Volatility (6M) Calculated over the trailing 6-month period	46.42%	68.63%	-22.21%
Volatility (1Y) Calculated over the trailing 1-year period	68.91%	88.57%	-19.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.34%	97.38%	-25.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.34%	97.38%	-25.04%

ETHV vs. SBIT - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

ETHV vs. SBIT - Dividend Comparison

ETHV has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 2.91%.

Position	TTM	2025	2024
ETHV VanEck Ethereum ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	2.91%	0.52%	1.00%

Frequently Asked Questions

Can I hold both ETHV and SBIT in my portfolio?

ETHV and SBIT have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHV or SBIT?

SBIT has higher volatility (26.52%) compared to ETHV (19.83%). In terms of maximum drawdown, ETHV dropped -67.88% vs SBIT's -91.35%.

Which ETF is better, ETHV or SBIT?

On 1-year performance, SBIT leads with 106.87% vs -36.10% for ETHV. On fees, ETHV is cheaper at 0.20% per year. On volatility, ETHV has been the lower-risk option at 19.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or SBIT?

Over the 1-year period, SBIT has performed better with a 106.87% return vs -36.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or SBIT?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 2.91%, compared with 0.00% for ETHV.

What is the main difference between ETHV and SBIT?

ETHV tracks MarketVector Ethereum Benchmark Rate, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.20% for ETHV and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.21 vs -0.53), 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.