JANP vs. SBIT

Last updated Aug 1, 2026

JANP (PGIM US Large-Cap Buffer 12 ETF - January) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - JANP is a Options Trading fund actively managed by PGIM, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). JANP is actively managed, while SBIT is passively managed. Over the past year, JANP returned 15.16% vs 98.77% for SBIT. Their -0.41 correlation means they have often moved in opposite directions in the past. JANP charges 0.50%/yr vs 0.95%/yr for SBIT.

Performance

JANP vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - January (JANP) 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, JANP achieves a 6.98% return, which is significantly lower than SBIT's 39.44% return.

JANP

• 1D: 0.47%
• 1M: 0.73%
• 6M: 5.96%
• YTD: 6.98%
• 1Y: 15.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.05%

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)
JANP PGIM US Large-Cap Buffer 12 ETF - January	$150.92K	$191.93K	$259.07K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

JANP vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANP PGIM US Large-Cap Buffer 12 ETF - January	6.98%	13.33%	9.26%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between JANP and SBIT is -0.47, 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.	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.41

Return for Risk

JANP vs. SBIT — Risk / Return Rank

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

JANP

JANP Risk / Return Rank: 81
JANP Sharpe Ratio Rank: 78
JANP Sortino Ratio Rank: 80
JANP Omega Ratio Rank: 85
JANP Calmar Ratio Rank: 75
JANP Martin Ratio Rank: 88

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.

JANP vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - January (JANP) 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.

	JANP	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.27	+0.53
Sortino ratio: Return per unit of downside risk	2.62	1.95	+0.67
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	2.66	2.35	+0.31
Martin ratio: Return relative to average drawdown	13.31	5.19	+8.13

JANP vs. SBIT - Sharpe Ratio Comparison

The current JANP Sharpe Ratio is 1.80, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of JANP 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

JANP vs. SBIT - Drawdown Comparison

The maximum JANP drawdown since its inception was -12.18%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for JANP and SBIT.

Drawdown Indicators

	JANP	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-12.18%	-91.35%	+79.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-47.94%	+42.62%
Current Drawdown Current decline from peak	-0.06%	-77.87%	+77.81%
Average Drawdown Average peak-to-trough decline	-0.87%	-69.07%	+68.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	21.67%	-20.61%

Volatility

JANP vs. SBIT - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 12 ETF - January (JANP) is 1.78%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that JANP 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

	JANP	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	18.09%	-16.31%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	67.10%	-60.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	88.65%	-80.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.22%	96.10%	-86.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	96.10%	-86.88%

JANP vs. SBIT - Expense Ratio Comparison

JANP has a 0.50% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

JANP vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
JANP PGIM US Large-Cap Buffer 12 ETF - January	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both JANP and SBIT in my portfolio?

JANP and SBIT have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANP or SBIT?

SBIT has higher volatility (18.09%) compared to JANP (1.78%). In terms of maximum drawdown, JANP dropped -12.18% vs SBIT's -91.35%.

Which ETF is better, JANP or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 15.16% for JANP. On fees, JANP is cheaper at 0.50% per year. On volatility, JANP has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANP or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANP or SBIT?

JANP is cheaper with a 0.50% expense ratio, compared with 0.95% for SBIT.

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

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

What is the main difference between JANP and SBIT?

JANP is categorized as Options Trading, while SBIT is Cryptocurrency. They also come from different issuers: PGIM and ProShares. Their fees differ too: 0.50% for JANP and 0.95% for SBIT.

Which has better risk-adjusted returns?

JANP currently has the higher Sharpe Ratio (1.80 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.