FTLS vs. SBIT

Last updated Aug 2, 2026

FTLS (First Trust Long/Short Equity ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). FTLS is actively managed, while SBIT is passively managed. Over the past year, FTLS returned 14.40% vs 98.77% for SBIT. Their -0.29 correlation means they have often moved in opposite directions in the past. FTLS charges 1.38%/yr vs 0.95%/yr for SBIT.

Performance

FTLS vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Long/Short Equity ETF (FTLS) 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, FTLS achieves a 6.03% return, which is significantly lower than SBIT's 39.44% return.

FTLS

• 1D: -0.31%
• 1M: 1.47%
• 6M: 4.95%
• YTD: 6.03%
• 1Y: 14.40%
• 3Y*: 13.13%
• 5Y*: 10.06%
• 10Y*: 9.59%
• ALL TIME*: 9.00%

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTLS First Trust Long/Short Equity ETF	$8.26M	$8.04M	$8.94M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

FTLS vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FTLS First Trust Long/Short Equity ETF	6.03%	9.09%	8.63%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between FTLS and SBIT is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.31
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.29

Return for Risk

FTLS vs. SBIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTLS

FTLS Risk / Return Rank: 75
FTLS Sharpe Ratio Rank: 69
FTLS Sortino Ratio Rank: 70
FTLS Omega Ratio Rank: 67
FTLS Calmar Ratio Rank: 88
FTLS Martin Ratio Rank: 82

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTLS vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.

	FTLS	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.27	+0.30
Sortino ratio: Return per unit of downside risk	2.28	1.95	+0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	3.55	2.35	+1.20
Martin ratio: Return relative to average drawdown	10.80	5.19	+5.61

FTLS vs. SBIT - Sharpe Ratio Comparison

The current FTLS Sharpe Ratio is 1.57, which is comparable to the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FTLS 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

FTLS vs. SBIT - Drawdown Comparison

The maximum FTLS drawdown since its inception was -20.54%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for FTLS and SBIT.

Drawdown Indicators

	FTLS	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-91.35%	+70.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-47.94%	+44.15%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.54%	—	—
Current Drawdown Current decline from peak	-0.42%	-77.87%	+77.45%
Average Drawdown Average peak-to-trough decline	-2.67%	-69.07%	+66.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	21.67%	-20.43%

Volatility

FTLS vs. SBIT - Volatility Comparison

The current volatility for First Trust Long/Short Equity ETF (FTLS) is 2.15%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that FTLS 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

	FTLS	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	18.09%	-15.94%
Volatility (6M) Calculated over the trailing 6-month period	5.86%	67.10%	-61.24%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	88.65%	-80.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	96.10%	-85.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.23%	96.10%	-84.87%

FTLS vs. SBIT - Expense Ratio Comparison

FTLS has a 1.38% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

FTLS vs. SBIT - Dividend Comparison

FTLS's dividend yield for the trailing twelve months is around 0.88%, less than SBIT's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTLS First Trust Long/Short Equity ETF	0.88%	1.07%	1.50%	1.49%	0.81%	0.01%	0.44%	0.83%	0.87%	0.43%	1.04%	0.49%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	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 FTLS and SBIT in my portfolio?

FTLS and SBIT have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTLS or SBIT?

SBIT has higher volatility (18.09%) compared to FTLS (2.15%). In terms of maximum drawdown, FTLS dropped -20.54% vs SBIT's -91.35%.

Which ETF is better, FTLS or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 14.40% for FTLS. On fees, SBIT is cheaper at 0.95% per year. On volatility, FTLS has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTLS or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 14.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTLS or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.38% for FTLS.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.88% for FTLS.

What is the main difference between FTLS and SBIT?

FTLS is categorized as Long-Short, while SBIT is Cryptocurrency. They also come from different issuers: First Trust and ProShares. Their fees differ too: 1.38% for FTLS and 0.95% for SBIT.

Which has better risk-adjusted returns?

FTLS currently has the higher Sharpe Ratio (1.57 vs 1.27), 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.