KBUF vs. SBIT

Last updated Aug 2, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). KBUF is actively managed, while SBIT is passively managed. Over the past year, KBUF returned -3.91% vs 98.77% for SBIT. Their -0.26 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

KBUF vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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, KBUF achieves a -9.79% return, which is significantly lower than SBIT's 39.44% return.

KBUF

• 1D: 0.58%
• 1M: 5.82%
• 6M: -11.81%
• YTD: -9.79%
• 1Y: -3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.85%

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)
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.48K	$73.40K	$165.07K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

KBUF vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.79%	18.04%	11.31%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between KBUF and SBIT is -0.35, 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.	-0.35
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.26

Return for Risk

KBUF vs. SBIT — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 7
KBUF Sortino Ratio Rank: 6
KBUF Omega Ratio Rank: 6
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

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.

KBUF vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.27	-1.62
Sortino ratio: Return per unit of downside risk	-0.40	1.95	-2.35
Omega ratio: Gain probability vs. loss probability	0.95	1.23	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.22	2.35	-2.57
Martin ratio: Return relative to average drawdown	-0.45	5.19	-5.63

KBUF vs. SBIT - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.35, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of KBUF 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

KBUF vs. SBIT - Drawdown Comparison

The maximum KBUF drawdown since its inception was -21.14%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for KBUF and SBIT.

Drawdown Indicators

	KBUF	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-91.35%	+70.21%
Max Drawdown (1Y) Largest decline over 1 year	-21.14%	-47.94%	+26.80%
Current Drawdown Current decline from peak	-15.12%	-77.87%	+62.75%
Average Drawdown Average peak-to-trough decline	-5.05%	-69.07%	+64.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	21.67%	-11.25%

Volatility

KBUF vs. SBIT - Volatility Comparison

The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 3.57%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that KBUF 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

	KBUF	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	18.09%	-14.52%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	67.10%	-56.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	88.65%	-75.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	96.10%	-81.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.19%	96.10%	-81.91%

KBUF vs. SBIT - Expense Ratio Comparison

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

Dividends

KBUF vs. SBIT - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.33%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.33%	7.51%	3.53%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both KBUF and SBIT in my portfolio?

KBUF and SBIT have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBUF or SBIT?

SBIT has higher volatility (18.09%) compared to KBUF (3.57%). In terms of maximum drawdown, KBUF dropped -21.14% vs SBIT's -91.35%.

Which ETF is better, KBUF or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -3.91% for KBUF. Both ETFs have the same 0.95% expense ratio. On volatility, KBUF has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBUF or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBUF or SBIT?

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

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

KBUF has the higher dividend yield at 8.33%, compared with 4.03% for SBIT.

What is the main difference between KBUF and SBIT?

KBUF is categorized as Options Trading, while SBIT is Cryptocurrency. They also come from different issuers: KraneShares and ProShares.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.35), 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.