IMRA vs. SBIT

Last updated Aug 2, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - IMRA is a Derivative Income fund actively managed by Bitwise, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). IMRA is actively managed, while SBIT is passively managed. Over the past year, IMRA returned -36.63% vs 98.77% for SBIT. Their -0.62 correlation means they have often moved in opposite directions in the past. IMRA charges 0.98%/yr vs 0.95%/yr for SBIT.

Performance

IMRA vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) 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, IMRA achieves a 9.09% return, which is significantly lower than SBIT's 39.44% return.

IMRA

• 1D: 0.48%
• 1M: -7.44%
• 6M: 0.60%
• YTD: 9.09%
• 1Y: -36.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.65%

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)
IMRA Bitwise MARA Option Income Strategy ETF	$41.82K	$40.21K	$63.26K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

IMRA vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	9.09%	-34.78%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-24.57%

Correlation

The correlation between IMRA and SBIT is -0.62, 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.	-0.62
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.62

The correlation between IMRA and SBIT has been stable across timeframes, ranging from -0.62 to -0.62 - a consistent structural relationship.

Return for Risk

IMRA vs. SBIT — Risk / Return Rank

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

IMRA

IMRA Risk / Return Rank: 4
IMRA Sharpe Ratio Rank: 4
IMRA Sortino Ratio Rank: 4
IMRA Omega Ratio Rank: 4
IMRA Calmar Ratio Rank: 4
IMRA Martin Ratio Rank: 5

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.

IMRA vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) 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.

	IMRA	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	1.27	-1.92
Sortino ratio: Return per unit of downside risk	-0.73	1.95	-2.68
Omega ratio: Gain probability vs. loss probability	0.91	1.23	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.64	2.35	-2.98
Martin ratio: Return relative to average drawdown	-0.94	5.19	-6.13

IMRA vs. SBIT - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.65, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IMRA 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

IMRA vs. SBIT - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IMRA and SBIT.

Drawdown Indicators

	IMRA	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-91.35%	+29.80%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-47.94%	-13.61%
Current Drawdown Current decline from peak	-50.35%	-77.87%	+27.52%
Average Drawdown Average peak-to-trough decline	-30.22%	-69.07%	+38.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.38%	21.67%	+19.71%

Volatility

IMRA vs. SBIT - Volatility Comparison

The current volatility for Bitwise MARA Option Income Strategy ETF (IMRA) is 14.05%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that IMRA 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

	IMRA	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.05%	18.09%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	42.56%	67.10%	-24.54%
Volatility (1Y) Calculated over the trailing 1-year period	59.97%	88.65%	-28.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.81%	96.10%	-36.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.81%	96.10%	-36.29%

IMRA vs. SBIT - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

IMRA vs. SBIT - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 92.02%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
IMRA Bitwise MARA Option Income Strategy ETF	92.02%	188.74%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both IMRA and SBIT in my portfolio?

IMRA and SBIT have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMRA or SBIT?

SBIT has higher volatility (18.09%) compared to IMRA (14.05%). In terms of maximum drawdown, IMRA dropped -61.55% vs SBIT's -91.35%.

Which ETF is better, IMRA or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -36.63% for IMRA. On fees, SBIT is cheaper at 0.95% per year. On volatility, IMRA has been the lower-risk option at 14.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -36.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 92.02%, compared with 4.03% for SBIT.

What is the main difference between IMRA and SBIT?

IMRA is categorized as Derivative Income, while SBIT is Cryptocurrency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.98% for IMRA and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.65), 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.