GOLY vs. SBIT

Last updated Aug 2, 2026

GOLY (Strategy Shares Gold Enhanced Yield ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). GOLY is actively managed, while SBIT is passively managed. Over the past year, GOLY returned -9.02% vs 98.77% for SBIT. Their -0.20 correlation means they have often moved in opposite directions in the past. GOLY charges 0.79%/yr vs 0.95%/yr for SBIT.

Performance

GOLY vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold Enhanced Yield ETF (GOLY) 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, GOLY achieves a -26.54% return, which is significantly lower than SBIT's 39.44% return.

GOLY

• 1D: -0.68%
• 1M: -2.80%
• 6M: -24.07%
• YTD: -26.54%
• 1Y: -9.02%
• 3Y*: 14.14%
• 5Y*: 4.37%
• 10Y*: —
• ALL TIME*: 4.18%

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)
GOLY Strategy Shares Gold Enhanced Yield ETF	$645.25K	$545.45K	$1.00M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

GOLY vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GOLY Strategy Shares Gold Enhanced Yield ETF	-26.54%	57.98%	13.94%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between GOLY and SBIT is -0.30, 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.	-0.30
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.20

Return for Risk

GOLY vs. SBIT — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 9
GOLY Sharpe Ratio Rank: 8
GOLY Sortino Ratio Rank: 9
GOLY Omega Ratio Rank: 9
GOLY Calmar Ratio Rank: 9
GOLY Martin Ratio Rank: 9

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.

GOLY vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.

	GOLY	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	1.27	-1.44
Sortino ratio: Return per unit of downside risk	-0.00	1.95	-1.95
Omega ratio: Gain probability vs. loss probability	1.00	1.23	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.15	2.35	-2.50
Martin ratio: Return relative to average drawdown	-0.30	5.19	-5.49

GOLY vs. SBIT - Sharpe Ratio Comparison

The current GOLY Sharpe Ratio is -0.17, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of GOLY 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

GOLY vs. SBIT - Drawdown Comparison

The maximum GOLY drawdown since its inception was -37.99%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for GOLY and SBIT.

Drawdown Indicators

	GOLY	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-37.99%	-91.35%	+53.36%
Max Drawdown (1Y) Largest decline over 1 year	-37.99%	-47.94%	+9.95%
Max Drawdown (3Y) Largest decline over 3 years	-37.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.99%	—	—
Current Drawdown Current decline from peak	-36.62%	-77.87%	+41.25%
Average Drawdown Average peak-to-trough decline	-12.56%	-69.07%	+56.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.14%	21.67%	-2.53%

Volatility

GOLY vs. SBIT - Volatility Comparison

The current volatility for Strategy Shares Gold Enhanced Yield ETF (GOLY) is 6.91%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that GOLY 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

	GOLY	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	18.09%	-11.18%
Volatility (6M) Calculated over the trailing 6-month period	30.03%	67.10%	-37.07%
Volatility (1Y) Calculated over the trailing 1-year period	34.02%	88.65%	-54.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	96.10%	-73.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	96.10%	-73.67%

GOLY vs. SBIT - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

GOLY vs. SBIT - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.40%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold Enhanced Yield ETF	9.40%	7.22%	3.85%	2.94%	2.57%	1.11%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOLY and SBIT in my portfolio?

GOLY and SBIT have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLY or SBIT?

SBIT has higher volatility (18.09%) compared to GOLY (6.91%). In terms of maximum drawdown, GOLY dropped -37.99% vs SBIT's -91.35%.

Which ETF is better, GOLY or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -9.02% for GOLY. On fees, GOLY is cheaper at 0.79% per year. On volatility, GOLY has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLY or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLY or SBIT?

GOLY is cheaper with a 0.79% expense ratio, compared with 0.95% for SBIT.

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

GOLY has the higher dividend yield at 9.40%, compared with 4.03% for SBIT.

What is the main difference between GOLY and SBIT?

GOLY is categorized as Nontraditional Bonds, while SBIT is Cryptocurrency. They also come from different issuers: Strategy Shares and ProShares. Their fees differ too: 0.79% for GOLY and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.17), 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.