IWML vs. SBIT

Last updated Aug 1, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, IWML returned 73.81% vs 98.77% for SBIT. Their -0.43 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

IWML vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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, IWML achieves a 34.47% return, which is significantly lower than SBIT's 39.44% return.

IWML

• 1D: -0.99%
• 1M: -4.29%
• 6M: 22.16%
• YTD: 34.47%
• 1Y: 73.81%
• 3Y*: 19.08%
• 5Y*: 4.38%
• 10Y*: —
• ALL TIME*: 3.99%

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)
IWML ETRACS 2x Leveraged US Size Factor TR ETN	$3.57K	$4.29K	$17.25K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

IWML vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWML ETRACS 2x Leveraged US Size Factor TR ETN	34.47%	9.64%	8.07%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between IWML 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 Apr 2, 2024	-0.43

Return for Risk

IWML vs. SBIT — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 75
IWML Sharpe Ratio Rank: 74
IWML Sortino Ratio Rank: 72
IWML Omega Ratio Rank: 67
IWML Calmar Ratio Rank: 82
IWML Martin Ratio Rank: 80

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.

IWML vs. SBIT - Risk-Adjusted Trends Comparison

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

	IWML	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.27	+0.41
Sortino ratio: Return per unit of downside risk	2.35	1.95	+0.40
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.95	2.35	+0.61
Martin ratio: Return relative to average drawdown	10.37	5.19	+5.18

IWML vs. SBIT - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 1.68, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IWML 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

IWML vs. SBIT - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for IWML and SBIT.

Drawdown Indicators

	IWML	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-91.35%	+31.29%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-47.94%	+25.19%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	-5.50%	-77.87%	+72.37%
Average Drawdown Average peak-to-trough decline	-31.04%	-69.07%	+38.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	21.67%	-15.19%

Volatility

IWML vs. SBIT - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is 7.48%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that IWML 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

	IWML	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	18.09%	-10.61%
Volatility (6M) Calculated over the trailing 6-month period	29.58%	67.10%	-37.52%
Volatility (1Y) Calculated over the trailing 1-year period	40.08%	88.65%	-48.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.16%	96.10%	-49.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.03%	96.10%	-50.07%

IWML vs. SBIT - Expense Ratio Comparison

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

Dividends

IWML vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
IWML ETRACS 2x Leveraged US Size 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 IWML and SBIT in my portfolio?

IWML 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, IWML or SBIT?

SBIT has higher volatility (18.09%) compared to IWML (7.48%). In terms of maximum drawdown, IWML dropped -60.06% vs SBIT's -91.35%.

Which ETF is better, IWML or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 73.81% for IWML. Both ETFs have the same 0.95% expense ratio. On volatility, IWML has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 73.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or SBIT?

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

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

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

What is the main difference between IWML and SBIT?

IWML is categorized as Leveraged Equities, while SBIT is Cryptocurrency. IWML tracks Russell 2000 Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: UBS and ProShares.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (1.68 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.