HDG vs. SBIT

Last updated Aug 2, 2026

HDG (ProShares Hedge Replication) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, HDG returned 11.99% vs 98.77% for SBIT. Their -0.43 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

HDG vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Hedge Replication (HDG) 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, HDG achieves a 6.35% return, which is significantly lower than SBIT's 39.44% return.

HDG

• 1D: 0.03%
• 1M: -0.30%
• 6M: 4.73%
• YTD: 6.35%
• 1Y: 11.99%
• 3Y*: 6.87%
• 5Y*: 3.24%
• 10Y*: 3.85%
• ALL TIME*: 2.90%

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)
HDG ProShares Hedge Replication	$72.87K	$60.33K	$87.83K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

HDG vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDG ProShares Hedge Replication	6.35%	7.18%	3.12%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between HDG and SBIT is -0.49, 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.	-0.49
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.43

Return for Risk

HDG vs. SBIT — Risk / Return Rank

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

HDG

HDG Risk / Return Rank: 80
HDG Sharpe Ratio Rank: 78
HDG Sortino Ratio Rank: 80
HDG Omega Ratio Rank: 80
HDG Calmar Ratio Rank: 79
HDG Martin Ratio Rank: 81

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.

HDG vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.

	HDG	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.27	+0.50
Sortino ratio: Return per unit of downside risk	2.57	1.95	+0.62
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	2.85	2.35	+0.50
Martin ratio: Return relative to average drawdown	10.77	5.19	+5.59

HDG vs. SBIT - Sharpe Ratio Comparison

The current HDG Sharpe Ratio is 1.77, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of HDG 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

HDG vs. SBIT - Drawdown Comparison

The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for HDG and SBIT.

Drawdown Indicators

	HDG	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-91.35%	+76.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-47.94%	+43.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.31%	—	—
Current Drawdown Current decline from peak	-1.36%	-77.87%	+76.51%
Average Drawdown Average peak-to-trough decline	-2.75%	-69.07%	+66.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	21.67%	-20.62%

Volatility

HDG vs. SBIT - Volatility Comparison

The current volatility for ProShares Hedge Replication (HDG) is 1.73%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that HDG 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

	HDG	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	18.09%	-16.36%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	67.10%	-61.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	88.65%	-82.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	96.10%	-88.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.12%	96.10%	-88.98%

HDG vs. SBIT - Expense Ratio Comparison

Both HDG and SBIT have an expense ratio of 0.95%.

Dividends

HDG vs. SBIT - Dividend Comparison

HDG's dividend yield for the trailing twelve months is around 2.38%, less than SBIT's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.38%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
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 HDG and SBIT in my portfolio?

HDG and SBIT have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDG or SBIT?

SBIT has higher volatility (18.09%) compared to HDG (1.73%). In terms of maximum drawdown, HDG dropped -15.31% vs SBIT's -91.35%.

Which ETF is better, HDG or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 11.99% for HDG. Both ETFs have the same 0.95% expense ratio. On volatility, HDG has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDG or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 11.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDG or SBIT?

HDG and SBIT have the same expense ratio: 0.95% per year.

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

SBIT has the higher dividend yield at 4.03%, compared with 2.38% for HDG.

What is the main difference between HDG and SBIT?

HDG is categorized as Long-Short, while SBIT is Cryptocurrency. HDG tracks Merrill Lynch Factor Model - Exchange Series, while SBIT tracks Bloomberg Bitcoin Index (-200%).

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (1.77 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.