EWY vs. SBIT

Last updated Jul 14, 2026

EWY (iShares MSCI South Korea ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, EWY returned 136.76% vs 124.12% for SBIT. At a correlation of -0.33, they often move in opposite directions. EWY charges 0.59%/yr vs 0.95%/yr for SBIT.

Performance

EWY vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) 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, EWY achieves a 72.82% return, which is significantly higher than SBIT's 44.00% return.

EWY

• 1D: -8.45%
• 1M: -14.91%
• 6M: 54.25%
• YTD: 72.82%
• 1Y: 136.76%
• 3Y*: 39.02%
• 5Y*: 15.37%
• 10Y*: 14.08%

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWY vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EWY iShares MSCI South Korea ETF	72.82%	95.33%	-21.76%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between EWY and SBIT is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.33

Return for Risk

EWY vs. SBIT — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 90
EWY Sharpe Ratio Rank: 93
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 87
EWY Calmar Ratio Rank: 95
EWY Martin Ratio Rank: 93

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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.

EWY vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.

	EWY	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.41	+1.28
Sortino ratio: Return per unit of downside risk	2.89	2.05	+0.84
Omega ratio: Gain probability vs. loss probability	1.42	1.25	+0.17
Calmar ratio: Return relative to maximum drawdown	5.89	2.60	+3.29
Martin ratio: Return relative to average drawdown	18.50	5.92	+12.58

EWY vs. SBIT - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.70, which is higher than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EWY 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

EWY vs. SBIT - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for EWY and SBIT.

Drawdown Indicators

	EWY	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-91.35%	+17.21%
Max Drawdown (1Y) Largest decline over 1 year	-23.35%	-47.94%	+24.59%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	—	—
Current Drawdown Current decline from peak	-23.35%	-77.15%	+53.80%
Average Drawdown Average peak-to-trough decline	-20.09%	-68.83%	+48.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	21.04%	-13.62%

Volatility

EWY vs. SBIT - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.85% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 22.98%. This indicates that EWY'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

	EWY	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	22.98%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	47.91%	68.89%	-20.98%
Volatility (1Y) Calculated over the trailing 1-year period	51.11%	88.51%	-37.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	96.89%	-65.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	96.89%	-68.09%

EWY vs. SBIT - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

EWY vs. SBIT - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.21%, less than SBIT's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.21%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWY and SBIT in my portfolio?

EWY and SBIT have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWY or SBIT?

EWY has higher volatility (25.85%) compared to SBIT (22.98%). In terms of maximum drawdown, EWY dropped -74.14% vs SBIT's -91.35%.

Which ETF is better, EWY or SBIT?

On 1-year performance, EWY leads with 136.76% vs 124.12% for SBIT. On fees, EWY is cheaper at 0.59% per year. On volatility, SBIT has been the lower-risk option at 22.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or SBIT?

Over the 1-year period, EWY has performed better with a 136.76% return vs 124.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or SBIT?

EWY is cheaper with a 0.59% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.97%, compared with 1.21% for EWY.

What is the main difference between EWY and SBIT?

EWY is categorized as South Korea Equities, while SBIT is Cryptocurrency. EWY tracks MSCI Korea Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for EWY and 0.95% for SBIT.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.70 vs 1.41), 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.