GBTC vs. SBIT
GBTC (Grayscale Bitcoin Trust ETF) and SBIT (ProShares UltraShort Bitcoin ETF) are both Cryptocurrency funds - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, GBTC returned -44.89% vs 96.70% for SBIT. Their -0.99 correlation means they have often moved in opposite directions in the past. GBTC charges 1.50%/yr vs 0.97%/yr for SBIT.
Performance
GBTC vs. SBIT - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.25% return, which is significantly lower than SBIT's 33.66% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
SBIT
- 1D
- -1.30%
- 1M
- -9.93%
- 6M
- 7.11%
- YTD
- 33.66%
- 1Y
- 96.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -43.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $29.00M | $31.49M | $45.88M |
GBTC vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | 19.04% |
SBIT ProShares UltraShort Bitcoin ETF | 33.66% | -25.11% | -73.74% |
Correlation
The correlation between GBTC and SBIT is -1.00, 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. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.99 |
The correlation between GBTC and SBIT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GBTC vs. SBIT — Risk / Return Rank
GBTC
SBIT
GBTC vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.03 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.28 | 4.46 | -5.74 |
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Drawdowns
GBTC vs. SBIT - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for GBTC and SBIT.
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Drawdown Indicators
| GBTC | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -91.35% | +1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -53.75% | -47.94% | -5.81% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.48% | -78.79% | +29.31% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -69.10% | +25.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 21.74% | +13.46% |
Volatility
GBTC vs. SBIT - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while ProShares UltraShort Bitcoin ETF (SBIT) has a volatility of 16.18%. This indicates that GBTC 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.
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Volatility by Period
| GBTC | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 16.18% | -8.08% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 65.92% | -32.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 88.51% | -44.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 95.96% | -35.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 95.96% | -14.81% |
GBTC vs. SBIT - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than SBIT's 0.97% expense ratio.
Dividends
GBTC vs. SBIT - Dividend Comparison
GBTC has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 5.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
SBIT ProShares UltraShort Bitcoin ETF | 5.16% | 0.52% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and SBIT have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (16.18%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 96.70% vs -44.89% for GBTC. On fees, SBIT is cheaper at 0.97% per year. On volatility, GBTC has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 96.70% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBIT is cheaper with a 0.97% expense ratio, compared with 1.50% for GBTC.
SBIT has the higher dividend yield at 5.16%, compared with 0.00% for GBTC.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 1.50% for GBTC and 0.97% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.10 vs -1.02), 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.
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