IBIT vs. SHY
IBIT (iShares Bitcoin Trust ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past year, IBIT returned -40.63% vs 3.22% for SHY. At a correlation of -0.01, they often move in opposite directions. IBIT charges 0.25%/yr vs 0.15%/yr for SHY.
Performance
IBIT vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than SHY's 0.55% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHY
- 1D
- -0.02%
- 1M
- 0.15%
- YTD
- 0.55%
- 6M
- 0.80%
- 1Y
- 3.22%
- 3Y*
- 4.15%
- 5Y*
- 1.74%
- 10Y*
- 1.65%
IBIT vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.99% |
Correlation
The correlation between IBIT and SHY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.01 |
The correlation between IBIT and SHY shifts across timeframes, from -0.01 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBIT vs. SHY — Risk / Return Rank
IBIT
SHY
IBIT vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -5.28 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.50 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 3.64 | -4.42 |
| Martin ratioReturn relative to average drawdown | -1.37 | 14.45 | -15.82 |
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Drawdowns
IBIT vs. SHY - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for IBIT and SHY.
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Drawdown Indicators
| IBIT | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -5.71% | -46.40% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -0.89% | -51.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.97% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.71% | — |
Current DrawdownCurrent decline from peak | -49.45% | -0.18% | -49.27% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -0.52% | -16.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 0.22% | +29.42% |
Volatility
IBIT vs. SHY - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.07% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.40%. This indicates that IBIT's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 0.40% | +11.67% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 0.95% | +33.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 1.33% | +42.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 1.99% | +48.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 1.57% | +48.69% |
IBIT vs. SHY - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is higher than SHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBIT vs. SHY - Dividend Comparison
IBIT has not paid dividends to shareholders, while SHY's dividend yield for the trailing twelve months is around 3.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
IBIT and SHY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to SHY (0.40%). In terms of maximum drawdown, IBIT dropped -52.11% vs SHY's -5.71%.
On 1-year performance, SHY leads with 3.22% vs -40.63% for IBIT. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHY has performed better with a 3.22% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.25% for IBIT.
SHY has the higher dividend yield at 3.68%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while SHY is Government Bonds. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while SHY tracks ICE US Treasury 1-3 Year Index. Their fees differ too: 0.25% for IBIT and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.43 vs -0.92), 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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