IWDL vs. SBIT

Last updated Aug 1, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, IWDL returned 64.77% vs 98.77% for SBIT. Their -0.34 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

IWDL vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IWDL having a 39.21% return and SBIT slightly higher at 39.44%.

IWDL

• 1D: 0.69%
• 1M: 4.16%
• 6M: 28.37%
• YTD: 39.21%
• 1Y: 64.77%
• 3Y*: 28.65%
• 5Y*: 15.88%
• 10Y*: —
• ALL TIME*: 19.33%

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)
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	$52.17K	$113.62K	$51.97K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

IWDL vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	39.21%	25.02%	4.83%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between IWDL and SBIT is -0.37, 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.	-0.37
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.34

Return for Risk

IWDL vs. SBIT — Risk / Return Rank

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

IWDL

IWDL Risk / Return Rank: 93
IWDL Sharpe Ratio Rank: 94
IWDL Sortino Ratio Rank: 92
IWDL Omega Ratio Rank: 91
IWDL Calmar Ratio Rank: 93
IWDL Martin Ratio Rank: 94

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.

IWDL vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) 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.

	IWDL	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.27	+1.34
Sortino ratio: Return per unit of downside risk	3.46	1.95	+1.51
Omega ratio: Gain probability vs. loss probability	1.44	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	4.51	2.35	+2.16
Martin ratio: Return relative to average drawdown	19.08	5.19	+13.89

IWDL vs. SBIT - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.61, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IWDL 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

IWDL vs. SBIT - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IWDL and SBIT.

Drawdown Indicators

	IWDL	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-91.35%	+53.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-47.94%	+34.41%
Max Drawdown (3Y) Largest decline over 3 years	-31.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	—	—
Current Drawdown Current decline from peak	-0.09%	-77.87%	+77.78%
Average Drawdown Average peak-to-trough decline	-10.31%	-69.07%	+58.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	21.67%	-18.47%

Volatility

IWDL vs. SBIT - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.45%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that IWDL 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

	IWDL	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	18.09%	-12.64%
Volatility (6M) Calculated over the trailing 6-month period	16.84%	67.10%	-50.26%
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	88.65%	-65.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.22%	96.10%	-65.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.82%	96.10%	-66.28%

IWDL vs. SBIT - Expense Ratio Comparison

Both IWDL and SBIT have an expense ratio of 0.95%.

Dividends

IWDL vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both IWDL and SBIT in my portfolio?

IWDL and SBIT have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWDL or SBIT?

SBIT has higher volatility (18.09%) compared to IWDL (5.45%). In terms of maximum drawdown, IWDL dropped -37.95% vs SBIT's -91.35%.

Which ETF is better, IWDL or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 64.77% for IWDL. Both ETFs have the same 0.95% expense ratio. On volatility, IWDL has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWDL or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 64.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or SBIT?

IWDL and SBIT have the same expense ratio: 0.95% per year.

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

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

What is the main difference between IWDL and SBIT?

IWDL is categorized as Leveraged Equities, while SBIT is Cryptocurrency. IWDL tracks Russell 1000 Value (200%), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: UBS and ProShares.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.61 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.