IWMI vs. SBIT

Last updated Jul 15, 2026

IWMI (NEOS Russell 2000 High Income ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). IWMI is actively managed, while SBIT is passively managed. Over the past year, IWMI returned 30.98% vs 113.21% for SBIT. At a correlation of -0.47, they often move in opposite directions. IWMI charges 0.68%/yr vs 0.95%/yr for SBIT.

Performance

IWMI vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) 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, IWMI achieves a 16.75% return, which is significantly lower than SBIT's 33.13% return.

IWMI

• 1D: 0.42%
• 1M: 1.43%
• 6M: 12.23%
• YTD: 16.75%
• 1Y: 30.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: -7.55%
• 1M: -6.22%
• 6M: 56.76%
• YTD: 33.13%
• 1Y: 113.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IWMI vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	16.75%	14.97%	6.58%
SBIT Proshares Ultrashort Bitcoin ETF	33.13%	-25.11%	-75.13%

Correlation

The correlation between IWMI and SBIT is -0.50, 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	-0.50
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	-0.47

Return for Risk

IWMI vs. SBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWMI

IWMI Risk / Return Rank: 82
IWMI Sharpe Ratio Rank: 81
IWMI Sortino Ratio Rank: 81
IWMI Omega Ratio Rank: 76
IWMI Calmar Ratio Rank: 85
IWMI Martin Ratio Rank: 89

SBIT

SBIT Risk / Return Rank: 48
SBIT Sharpe Ratio Rank: 45
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 60
SBIT Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWMI vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) 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.

	IWMI	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.28	+0.74
Sortino ratio: Return per unit of downside risk	2.86	1.96	+0.90
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	3.70	2.37	+1.33
Martin ratio: Return relative to average drawdown	15.25	5.39	+9.85

IWMI vs. SBIT - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.03, which is higher than the SBIT Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IWMI 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

IWMI vs. SBIT - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IWMI and SBIT.

Drawdown Indicators

	IWMI	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-91.35%	+67.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-47.94%	+39.54%
Current Drawdown Current decline from peak	-1.18%	-78.87%	+77.69%
Average Drawdown Average peak-to-trough decline	-3.94%	-68.85%	+64.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	21.08%	-19.04%

Volatility

IWMI vs. SBIT - Volatility Comparison

The current volatility for NEOS Russell 2000 High Income ETF (IWMI) is 3.28%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 23.66%. This indicates that IWMI 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

	IWMI	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	23.66%	-20.38%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	69.36%	-57.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	88.70%	-73.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	96.93%	-79.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	96.93%	-79.16%

IWMI vs. SBIT - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

IWMI vs. SBIT - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.42%, more than SBIT's 4.30% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.42%	14.05%	8.78%
SBIT Proshares Ultrashort Bitcoin ETF	4.30%	0.52%	1.00%

Frequently Asked Questions

Can I hold both IWMI and SBIT in my portfolio?

IWMI and SBIT have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMI or SBIT?

SBIT has higher volatility (23.66%) compared to IWMI (3.28%). In terms of maximum drawdown, IWMI dropped -23.88% vs SBIT's -91.35%.

Which ETF is better, IWMI or SBIT?

On 1-year performance, SBIT leads with 113.21% vs 30.98% for IWMI. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or SBIT?

Over the 1-year period, SBIT has performed better with a 113.21% return vs 30.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or SBIT?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.95% for SBIT.

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

IWMI has the higher dividend yield at 13.42%, compared with 4.30% for SBIT.

What is the main difference between IWMI and SBIT?

IWMI is categorized as Derivative Income, while SBIT is Cryptocurrency. They also come from different issuers: Neos and ProShares. Their fees differ too: 0.68% for IWMI and 0.95% for SBIT.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.03 vs 1.28), 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.