IBIT vs. SETH
IBIT (iShares Bitcoin Trust ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. Over the past year, IBIT returned -43.61% vs 3.27% for SETH. At a correlation of -0.82, they often move in opposite directions. IBIT charges 0.25%/yr vs 0.95%/yr for SETH.
Performance
IBIT vs. SETH - 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 SETH's 55.72% return.
IBIT
- 1D
- -4.08%
- 1M
- -21.16%
- YTD
- -31.78%
- 6M
- -31.52%
- 1Y
- -43.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SETH
- 1D
- 4.88%
- 1M
- 25.75%
- YTD
- 55.72%
- 6M
- 54.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. SETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -31.78% | -6.41% | 89.87% |
SETH ProShares Short Ether Strategy ETF | 55.72% | -29.41% | -44.82% |
Correlation
The correlation between IBIT and SETH is -0.88, 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 | -0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.82 |
The correlation between IBIT and SETH has been stable across timeframes, ranging from -0.88 to -0.82 - a consistent structural relationship.
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Return for Risk
IBIT vs. SETH — Risk / Return Rank
IBIT
SETH
IBIT vs. SETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and ProShares Short Ether Strategy ETF (SETH). 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 | SETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.07 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.06 | -0.89 |
| Martin ratioReturn relative to average drawdown | -1.42 | 0.10 | -1.52 |
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Drawdowns
IBIT vs. SETH - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.49%, smaller than the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for IBIT and SETH.
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Drawdown Indicators
| IBIT | SETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -80.74% | +28.25% |
Max Drawdown (1Y)Largest decline over 1 year | -52.49% | -54.14% | +1.65% |
Current DrawdownCurrent decline from peak | -52.49% | -57.23% | +4.74% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -54.81% | +37.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.76% | 33.50% | -2.74% |
Volatility
IBIT vs. SETH - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 13.48%, while ProShares Short Ether Strategy ETF (SETH) has a volatility of 19.60%. This indicates that IBIT experiences smaller price fluctuations and is considered to be less risky than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | SETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.48% | 19.60% | -6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 46.18% | -11.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.48% | 69.26% | -24.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.25% | 69.68% | -19.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.25% | 69.68% | -19.43% |
IBIT vs. SETH - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than SETH's 0.95% expense ratio.
Dividends
IBIT vs. SETH - Dividend Comparison
IBIT has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 9.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% |
SETH ProShares Short Ether Strategy ETF | 9.88% | 7.01% | 3.44% | 0.38% |
Frequently Asked Questions
IBIT and SETH have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (19.60%) compared to IBIT (13.48%). In terms of maximum drawdown, IBIT dropped -52.49% vs SETH's -80.74%.
On 1-year performance, SETH leads with 3.27% 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, SETH has performed better with a 3.27% 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 SETH.
SETH has the higher dividend yield at 9.88%, compared with 0.00% for IBIT.
IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for IBIT and 0.95% for SETH.
SETH currently has the higher Sharpe Ratio (0.05 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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