GBAT vs. SBIT

Last updated Jun 30, 2026

GBAT (Grayscale Basic Attention Token Trust) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds. GBAT is actively managed, while SBIT is passively managed. Over the past year, GBAT returned -49.06% vs 95.06% for SBIT. At a correlation of -0.29, they often move in opposite directions.

Performance

GBAT vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Basic Attention Token Trust (GBAT) 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, GBAT achieves a -63.16% return, which is significantly lower than SBIT's 55.04% return.

GBAT

• 1D: 2.77%
• 1M: -27.03%
• YTD: -63.16%
• 6M: -63.28%
• 1Y: -49.06%
• 3Y*: -32.44%
• 5Y*: —
• 10Y*: —

SBIT

• 1D: -2.15%
• 1M: 40.83%
• YTD: 55.04%
• 6M: 53.57%
• 1Y: 95.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBAT vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBAT Grayscale Basic Attention Token Trust	-63.16%	-77.32%	-68.84%
SBIT Proshares Ultrashort Bitcoin ETF	55.04%	-25.11%	-73.74%

Correlation

The correlation between GBAT and SBIT is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.29

Return for Risk

GBAT vs. SBIT — Risk / Return Rank

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

GBAT

GBAT Risk / Return Rank: 7
GBAT Sharpe Ratio Rank: 6
GBAT Sortino Ratio Rank: 9
GBAT Omega Ratio Rank: 9
GBAT Calmar Ratio Rank: 4
GBAT Martin Ratio Rank: 5

SBIT

SBIT Risk / Return Rank: 36
SBIT Sharpe Ratio Rank: 32
SBIT Sortino Ratio Rank: 37
SBIT Omega Ratio Rank: 34
SBIT Calmar Ratio Rank: 45
SBIT Martin Ratio Rank: 31

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.

GBAT vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) 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.

	GBAT	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	1.08	-1.45
Sortino ratio: Return per unit of downside risk	0.18	1.80	-1.61
Omega ratio: Gain probability vs. loss probability	1.02	1.22	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.63	1.99	-2.62
Martin ratio: Return relative to average drawdown	-1.04	4.16	-5.19

GBAT vs. SBIT - Sharpe Ratio Comparison

The current GBAT Sharpe Ratio is -0.37, which is lower than the SBIT Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of GBAT 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

GBAT vs. SBIT - Drawdown Comparison

The maximum GBAT drawdown since its inception was -98.13%, which is greater than SBIT's maximum drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for GBAT and SBIT.

Drawdown Indicators

	GBAT	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-98.13%	-91.35%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-78.53%	-47.94%	-30.59%
Max Drawdown (3Y) Largest decline over 3 years	-98.13%	—	—
Current Drawdown Current decline from peak	-97.68%	-75.40%	-22.28%
Average Drawdown Average peak-to-trough decline	-69.04%	-68.70%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.29%	22.95%	+24.34%

Volatility

GBAT vs. SBIT - Volatility Comparison

Grayscale Basic Attention Token Trust (GBAT) has a higher volatility of 31.49% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 27.01%. This indicates that GBAT'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

	GBAT	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.49%	27.01%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	72.98%	68.70%	+4.28%
Volatility (1Y) Calculated over the trailing 1-year period	132.10%	88.70%	+43.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.39%	97.22%	+72.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.39%	97.22%	+72.17%

Dividends

GBAT vs. SBIT - Dividend Comparison

GBAT has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.03%.

Position	TTM	2025	2024
GBAT Grayscale Basic Attention Token Trust	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both GBAT and SBIT in my portfolio?

GBAT and SBIT have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBAT or SBIT?

GBAT has higher volatility (31.49%) compared to SBIT (27.01%). In terms of maximum drawdown, GBAT dropped -98.13% vs SBIT's -91.35%.

Which ETF is better, GBAT or SBIT?

On 1-year performance, SBIT leads with 95.06% vs -49.06% for GBAT. On volatility, SBIT has been the lower-risk option at 27.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBAT or SBIT?

Over the 1-year period, SBIT has performed better with a 95.06% return vs -49.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SBIT has the higher dividend yield at 3.03%, compared with 0.00% for GBAT.

What is the main difference between GBAT and SBIT?

They also come from different issuers: Grayscale and ProShares.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.08 vs -0.37), 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.