IMAY vs. SBIT

Last updated Aug 2, 2026

IMAY (Innovator International Developed Power Buffer ETF - May) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - IMAY is a Defined Outcome fund actively managed by Innovator, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). IMAY is actively managed, while SBIT is passively managed. Over the past year, IMAY returned 15.05% vs 98.77% for SBIT. Their -0.35 correlation means they have often moved in opposite directions in the past. IMAY charges 0.85%/yr vs 0.95%/yr for SBIT.

Performance

IMAY vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - May (IMAY) 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, IMAY achieves a 7.49% return, which is significantly lower than SBIT's 39.44% return.

IMAY

• 1D: -0.26%
• 1M: 1.04%
• 6M: 5.66%
• YTD: 7.49%
• 1Y: 15.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.12%

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)
IMAY Innovator International Developed Power Buffer ETF - May	$76.23K	$267.72K	$793.38K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

IMAY vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IMAY Innovator International Developed Power Buffer ETF - May	7.49%	20.08%	0.20%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-77.34%

Correlation

The correlation between IMAY and SBIT is -0.44, 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.	-0.44
Correlation (All Time) Calculated using the full available price history since May 1, 2024	-0.35

Return for Risk

IMAY vs. SBIT — Risk / Return Rank

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

IMAY

IMAY Risk / Return Rank: 87
IMAY Sharpe Ratio Rank: 83
IMAY Sortino Ratio Rank: 85
IMAY Omega Ratio Rank: 87
IMAY Calmar Ratio Rank: 88
IMAY Martin Ratio Rank: 91

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.

IMAY vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - May (IMAY) 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.

	IMAY	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.27	+0.68
Sortino ratio: Return per unit of downside risk	2.84	1.95	+0.89
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	3.57	2.35	+1.22
Martin ratio: Return relative to average drawdown	14.98	5.19	+9.79

IMAY vs. SBIT - Sharpe Ratio Comparison

The current IMAY Sharpe Ratio is 1.95, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IMAY 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

IMAY vs. SBIT - Drawdown Comparison

The maximum IMAY drawdown since its inception was -9.38%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IMAY and SBIT.

Drawdown Indicators

	IMAY	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-9.38%	-91.35%	+81.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-47.94%	+43.72%
Current Drawdown Current decline from peak	-0.26%	-77.87%	+77.61%
Average Drawdown Average peak-to-trough decline	-1.65%	-69.07%	+67.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	21.67%	-20.67%

Volatility

IMAY vs. SBIT - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF - May (IMAY) is 2.48%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that IMAY 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

	IMAY	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	18.09%	-15.61%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	67.10%	-60.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.75%	88.65%	-80.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	96.10%	-86.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	96.10%	-86.64%

IMAY vs. SBIT - Expense Ratio Comparison

IMAY has a 0.85% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

IMAY vs. SBIT - Dividend Comparison

IMAY has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 4.10%.

Position	TTM	2025	2024
IMAY Innovator International Developed Power Buffer ETF - May	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both IMAY and SBIT in my portfolio?

IMAY and SBIT have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMAY or SBIT?

SBIT has higher volatility (18.09%) compared to IMAY (2.48%). In terms of maximum drawdown, IMAY dropped -9.38% vs SBIT's -91.35%.

Which ETF is better, IMAY or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 15.05% for IMAY. On fees, IMAY is cheaper at 0.85% per year. On volatility, IMAY has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMAY or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 15.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMAY or SBIT?

IMAY is cheaper with a 0.85% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.00% for IMAY.

What is the main difference between IMAY and SBIT?

IMAY is categorized as Defined Outcome, while SBIT is Cryptocurrency. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.85% for IMAY and 0.95% for SBIT.

Which has better risk-adjusted returns?

IMAY currently has the higher Sharpe Ratio (1.95 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.