GDOG vs. SBIT

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - GDOG tracks the CoinDesk Dogecoin Blended Reference Rate Index while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. At a correlation of -0.79, they often move in opposite directions. GDOG charges 0.35%/yr vs 0.95%/yr for SBIT.

Performance

GDOG vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) 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, GDOG achieves a -21.87% return, which is significantly lower than SBIT's 44.52% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.47%
• 1M: 61.07%
• YTD: 44.52%
• 6M: 59.37%
• 1Y: 72.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDOG vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
SBIT Proshares Ultrashort Bitcoin ETF	44.52%	-0.34%

Correlation

The correlation between GDOG and SBIT is -0.79, 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 (All Time) Calculated using the full available price history since Nov 25, 2025	-0.79

Return for Risk

GDOG vs. SBIT — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 28
SBIT Sharpe Ratio Rank: 25
SBIT Sortino Ratio Rank: 30
SBIT Omega Ratio Rank: 29
SBIT Calmar Ratio Rank: 31
SBIT Martin Ratio Rank: 23

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.

GDOG vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GDOG	SBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	-0.45	-0.41

Drawdowns

GDOG vs. SBIT - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for GDOG and SBIT.

Drawdown Indicators

	GDOG	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-91.35%	+48.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.94%	—
Current Drawdown Current decline from peak	-41.16%	-77.07%	+35.91%
Average Drawdown Average peak-to-trough decline	-28.48%	-68.56%	+40.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	24.71%	—

Volatility

Volatility by Period

	GDOG	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	87.25%	-13.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	97.45%	-23.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	97.45%	-23.47%

GDOG vs. SBIT - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

GDOG vs. SBIT - Dividend Comparison

GDOG has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.25%.

Position	TTM	2025	2024
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.25%	0.52%	1.00%

Frequently Asked Questions

Can I hold both GDOG and SBIT in my portfolio?

GDOG and SBIT have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG or SBIT?

On fees, GDOG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDOG or SBIT?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.25%, compared with 0.00% for GDOG.

What is the main difference between GDOG and SBIT?

GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.35% for GDOG and 0.95% for SBIT.