MSFL vs. SBIT

Last updated Aug 2, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - MSFL is a Leveraged Equities fund actively managed by GraniteShares, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). MSFL is actively managed, while SBIT is passively managed. Over the past year, MSFL returned -33.16% vs 98.77% for SBIT. Their -0.25 correlation means they have often moved in opposite directions in the past. MSFL charges 1.15%/yr vs 0.95%/yr for SBIT.

Performance

MSFL vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) 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, MSFL achieves a -18.68% return, which is significantly lower than SBIT's 39.44% return.

MSFL

• 1D: 5.79%
• 1M: 37.76%
• 6M: 5.09%
• YTD: -18.68%
• 1Y: -33.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.56%

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)
MSFL GraniteShares 2x Long MSFT Daily ETF	$37.77M	$32.36M	$34.28M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

MSFL vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-18.68%	16.99%	-10.11%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between MSFL and SBIT is -0.24, 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.	-0.24
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.25

Return for Risk

MSFL vs. SBIT — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 5
MSFL Sharpe Ratio Rank: 5
MSFL Sortino Ratio Rank: 5
MSFL Omega Ratio Rank: 5
MSFL Calmar Ratio Rank: 5
MSFL Martin Ratio Rank: 5

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.

MSFL vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) 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.

	MSFL	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.27	-1.84
Sortino ratio: Return per unit of downside risk	-0.59	1.95	-2.53
Omega ratio: Gain probability vs. loss probability	0.93	1.23	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.57	2.35	-2.92
Martin ratio: Return relative to average drawdown	-0.95	5.19	-6.14

MSFL vs. SBIT - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.57, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MSFL 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

MSFL vs. SBIT - Drawdown Comparison

The maximum MSFL drawdown since its inception was -62.08%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for MSFL and SBIT.

Drawdown Indicators

	MSFL	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-91.35%	+29.27%
Max Drawdown (1Y) Largest decline over 1 year	-62.08%	-47.94%	-14.14%
Current Drawdown Current decline from peak	-36.63%	-77.87%	+41.24%
Average Drawdown Average peak-to-trough decline	-23.68%	-69.07%	+45.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.31%	21.67%	+15.64%

Volatility

MSFL vs. SBIT - Volatility Comparison

GraniteShares 2x Long MSFT Daily ETF (MSFL) has a higher volatility of 29.71% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.09%. This indicates that MSFL's price experiences larger fluctuations and is considered to be riskier than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.71%	18.09%	+11.62%
Volatility (6M) Calculated over the trailing 6-month period	51.38%	67.10%	-15.72%
Volatility (1Y) Calculated over the trailing 1-year period	63.24%	88.65%	-25.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.34%	96.10%	-41.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.34%	96.10%	-41.76%

MSFL vs. SBIT - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

MSFL vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both MSFL and SBIT in my portfolio?

MSFL and SBIT have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFL or SBIT?

MSFL has higher volatility (29.71%) compared to SBIT (18.09%). In terms of maximum drawdown, MSFL dropped -62.08% vs SBIT's -91.35%.

Which ETF is better, MSFL or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -33.16% for MSFL. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 18.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -33.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.15% for MSFL.

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

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

What is the main difference between MSFL and SBIT?

MSFL is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.15% for MSFL and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.57), 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.