EZA vs. SBIT

Last updated Jul 14, 2026

EZA (iShares MSCI South Africa ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, EZA returned 27.68% vs 124.12% for SBIT. At a correlation of -0.27, they often move in opposite directions. EZA charges 0.59%/yr vs 0.95%/yr for SBIT.

Performance

EZA vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) 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, EZA achieves a -6.78% return, which is significantly lower than SBIT's 44.00% return.

EZA

• 1D: -1.66%
• 1M: -4.09%
• 6M: -11.88%
• YTD: -6.78%
• 1Y: 27.68%
• 3Y*: 20.42%
• 5Y*: 10.16%
• 10Y*: 6.35%

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)

EZA vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EZA iShares MSCI South Africa ETF	-6.78%	75.20%	14.74%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between EZA and SBIT is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.27

Return for Risk

EZA vs. SBIT — Risk / Return Rank

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

EZA

EZA Risk / Return Rank: 29
EZA Sharpe Ratio Rank: 30
EZA Sortino Ratio Rank: 29
EZA Omega Ratio Rank: 30
EZA Calmar Ratio Rank: 29
EZA Martin Ratio Rank: 26

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.

EZA vs. SBIT - Risk-Adjusted Trends Comparison

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

	EZA	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.41	-0.55
Sortino ratio: Return per unit of downside risk	1.31	2.05	-0.74
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio: Return relative to maximum drawdown	1.19	2.60	-1.41
Martin ratio: Return relative to average drawdown	2.67	5.92	-3.26

EZA vs. SBIT - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.86, which is lower than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EZA 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

EZA vs. SBIT - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for EZA and SBIT.

Drawdown Indicators

	EZA	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-91.35%	+26.71%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-47.94%	+24.63%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	—	—
Current Drawdown Current decline from peak	-21.40%	-77.15%	+55.75%
Average Drawdown Average peak-to-trough decline	-16.93%	-68.83%	+51.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.41%	21.04%	-10.63%

Volatility

EZA vs. SBIT - Volatility Comparison

The current volatility for iShares MSCI South Africa ETF (EZA) is 8.94%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that EZA 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

	EZA	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.94%	22.98%	-14.04%
Volatility (6M) Calculated over the trailing 6-month period	27.16%	68.89%	-41.73%
Volatility (1Y) Calculated over the trailing 1-year period	32.23%	88.51%	-56.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.86%	96.89%	-68.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.14%	96.89%	-65.75%

EZA vs. SBIT - Expense Ratio Comparison

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

Dividends

EZA vs. SBIT - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 8.04%, more than SBIT's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	8.04%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%
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 EZA and SBIT in my portfolio?

EZA and SBIT have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZA or SBIT?

SBIT has higher volatility (22.98%) compared to EZA (8.94%). In terms of maximum drawdown, EZA dropped -64.64% vs SBIT's -91.35%.

Which ETF is better, EZA or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 27.68% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, EZA has been the lower-risk option at 8.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 27.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZA or SBIT?

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

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

EZA has the higher dividend yield at 8.04%, compared with 3.97% for SBIT.

What is the main difference between EZA and SBIT?

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

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.41 vs 0.86), 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.