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 -44.19% vs 96.70% for SBIT. Their -1.00 correlation means they have often moved in opposite directions in the past. 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 -26.71% return, which is significantly lower than SBIT's 33.66% return.
IBIT
- 1D
- 0.64%
- 1M
- 4.36%
- 6M
- -15.96%
- YTD
- -26.71%
- 1Y
- -44.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.86%
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) |
|---|---|---|---|
| $1.29B | $1.33B | $1.64B | |
| $29.00M | $31.49M | $45.88M |
IBIT vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -26.71% | -6.41% | 33.46% |
SBIT Proshares Ultrashort Bitcoin ETF | 33.66% | -25.11% | -73.74% |
Correlation
The correlation between IBIT 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 | -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 | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.03 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.27 | 4.46 | -5.73 |
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Drawdowns
IBIT vs. SBIT - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, 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 | -53.30% | -91.35% | +38.05% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -47.94% | -5.36% |
Current DrawdownCurrent decline from peak | -48.95% | -78.79% | +29.84% |
Average DrawdownAverage peak-to-trough decline | -18.34% | -69.10% | +50.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.94% | 21.74% | +13.20% |
Volatility
IBIT vs. SBIT - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 8.29%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 16.18%. 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 | 8.29% | 16.18% | -7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 33.07% | 65.92% | -32.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 88.51% | -44.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.53% | 95.96% | -46.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.53% | 95.96% | -46.43% |
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 5.16%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 5.16% | 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 (16.18%) compared to IBIT (8.29%). In terms of maximum drawdown, IBIT dropped -53.30% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 96.70% vs -44.19% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 8.29%. 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 -44.19%. 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 5.16%, 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 (1.10 vs -1.00), 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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