FCEF vs. SBIT

Last updated Jul 14, 2026

FCEF (First Trust CEF Income Opportunity ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - FCEF is a Diversified Portfolio fund actively managed by First Trust, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). FCEF is actively managed, while SBIT is passively managed. Over the past year, FCEF returned 14.08% vs 124.12% for SBIT. At a correlation of -0.36, they often move in opposite directions. FCEF charges 2.91%/yr vs 0.95%/yr for SBIT.

Performance

FCEF vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust CEF Income Opportunity ETF (FCEF) 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, FCEF achieves a 8.09% return, which is significantly lower than SBIT's 44.00% return.

FCEF

• 1D: -0.48%
• 1M: 1.54%
• 6M: 6.54%
• YTD: 8.09%
• 1Y: 14.08%
• 3Y*: 15.06%
• 5Y*: 6.01%
• 10Y*: —

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)

FCEF vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FCEF First Trust CEF Income Opportunity ETF	8.09%	14.39%	10.33%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between FCEF and SBIT is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.36

The correlation between FCEF and SBIT shifts across timeframes, from -0.46 (1 year) to -0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCEF vs. SBIT — Risk / Return Rank

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

FCEF

FCEF Risk / Return Rank: 66
FCEF Sharpe Ratio Rank: 71
FCEF Sortino Ratio Rank: 70
FCEF Omega Ratio Rank: 74
FCEF Calmar Ratio Rank: 50
FCEF Martin Ratio Rank: 63

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.

FCEF vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.

	FCEF	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.41	+0.41
Sortino ratio: Return per unit of downside risk	2.54	2.05	+0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.01	2.60	-0.59
Martin ratio: Return relative to average drawdown	8.90	5.92	+2.98

FCEF vs. SBIT - Sharpe Ratio Comparison

The current FCEF Sharpe Ratio is 1.82, which is comparable to the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FCEF 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

FCEF vs. SBIT - Drawdown Comparison

The maximum FCEF drawdown since its inception was -44.81%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for FCEF and SBIT.

Drawdown Indicators

	FCEF	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-44.81%	-91.35%	+46.54%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-47.94%	+40.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	—	—
Current Drawdown Current decline from peak	-0.48%	-77.15%	+76.67%
Average Drawdown Average peak-to-trough decline	-6.22%	-68.83%	+62.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	21.04%	-19.46%

Volatility

FCEF vs. SBIT - Volatility Comparison

The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 2.12%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that FCEF 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

	FCEF	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	22.98%	-20.86%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	68.89%	-62.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.78%	88.51%	-80.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	96.89%	-84.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.35%	96.89%	-81.54%

FCEF vs. SBIT - Expense Ratio Comparison

FCEF has a 2.91% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

FCEF vs. SBIT - Dividend Comparison

FCEF's dividend yield for the trailing twelve months is around 6.24%, more than SBIT's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCEF First Trust CEF Income Opportunity ETF	6.24%	7.05%	7.13%	7.17%	7.26%	4.74%	5.03%	5.07%	5.96%	4.90%	1.51%
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%

Frequently Asked Questions

Can I hold both FCEF and SBIT in my portfolio?

FCEF and SBIT have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEF or SBIT?

SBIT has higher volatility (22.98%) compared to FCEF (2.12%). In terms of maximum drawdown, FCEF dropped -44.81% vs SBIT's -91.35%.

Which ETF is better, FCEF or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 14.08% for FCEF. On fees, SBIT is cheaper at 0.95% per year. On volatility, FCEF has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCEF or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 14.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCEF or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 2.91% for FCEF.

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

FCEF has the higher dividend yield at 6.24%, compared with 3.97% for SBIT.

What is the main difference between FCEF and SBIT?

FCEF is categorized as Diversified Portfolio, while SBIT is Cryptocurrency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 2.91% for FCEF and 0.95% for SBIT.

Which has better risk-adjusted returns?

FCEF currently has the higher Sharpe Ratio (1.82 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.