IBIT vs. SBIT
IBIT (iShares Bitcoin Trust ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while SBIT tracks the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, IBIT returned -43.61% vs 94.04% for SBIT. At a correlation of -1.00, they often move in opposite directions. IBIT charges 0.25%/yr vs 0.95%/yr for SBIT.
Performance
IBIT vs. SBIT - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -31.78% return, which is significantly lower than SBIT's 57.69% return.
IBIT
- 1D
- -4.08%
- 1M
- -21.16%
- YTD
- -31.78%
- 6M
- -31.52%
- 1Y
- -43.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBIT
- 1D
- 8.03%
- 1M
- 52.36%
- YTD
- 57.69%
- 6M
- 57.19%
- 1Y
- 94.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -31.78% | -6.41% | 33.46% |
SBIT Proshares Ultrashort Bitcoin ETF | 57.69% | -25.11% | -73.74% |
Correlation
The correlation between IBIT and SBIT is -1.00, 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 | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -1.00 |
The correlation between IBIT and SBIT has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
IBIT vs. SBIT — Risk / Return Rank
IBIT
SBIT
IBIT vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.97 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.42 | 4.11 | -5.53 |
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Drawdowns
IBIT vs. SBIT - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.49%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IBIT and SBIT.
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Drawdown Indicators
| IBIT | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -91.35% | +38.86% |
Max Drawdown (1Y)Largest decline over 1 year | -52.49% | -47.94% | -4.55% |
Current DrawdownCurrent decline from peak | -52.49% | -74.98% | +22.49% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -68.67% | +51.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.76% | 22.94% | +7.82% |
Volatility
IBIT vs. SBIT - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 13.48%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 26.62%. This indicates that IBIT 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
| IBIT | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.48% | 26.62% | -13.14% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 68.62% | -34.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.48% | 88.71% | -44.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.25% | 97.45% | -47.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.25% | 97.45% | -47.20% |
IBIT vs. SBIT - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than SBIT's 0.95% expense ratio.
Dividends
IBIT vs. SBIT - Dividend Comparison
IBIT has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 2.98%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 2.98% | 0.52% | 1.00% |
Frequently Asked Questions
IBIT 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 (26.62%) compared to IBIT (13.48%). In terms of maximum drawdown, IBIT dropped -52.49% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 94.04% vs -43.61% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.48%. 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 94.04% return vs -43.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.
SBIT has the higher dividend yield at 2.98%, compared with 0.00% for IBIT.
IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IBIT and 0.95% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.07 vs -0.98), 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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