MTUL vs. SBIT

Last updated Aug 1, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, MTUL returned 49.92% vs 98.77% for SBIT. Their -0.39 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

MTUL vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MTUL having a 38.03% return and SBIT slightly higher at 39.44%.

MTUL

• 1D: 1.89%
• 1M: -13.31%
• 6M: 35.38%
• YTD: 38.03%
• 1Y: 49.92%
• 3Y*: 45.94%
• 5Y*: 15.55%
• 10Y*: —
• ALL TIME*: 14.25%

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)
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	$228.72K	$153.30K	$113.30K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

MTUL vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	38.03%	27.42%	13.93%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between MTUL and SBIT is -0.40, 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.	-0.40
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.39

Return for Risk

MTUL vs. SBIT — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 42
MTUL Sharpe Ratio Rank: 35
MTUL Sortino Ratio Rank: 40
MTUL Omega Ratio Rank: 41
MTUL Calmar Ratio Rank: 42
MTUL Martin Ratio Rank: 52

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.

MTUL vs. SBIT - Risk-Adjusted Trends Comparison

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

	MTUL	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.27	-0.42
Sortino ratio: Return per unit of downside risk	1.47	1.95	-0.48
Omega ratio: Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.49	2.35	-0.86
Martin ratio: Return relative to average drawdown	6.15	5.19	+0.97

MTUL vs. SBIT - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 0.85, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MTUL 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

MTUL vs. SBIT - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for MTUL and SBIT.

Drawdown Indicators

	MTUL	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-91.35%	+34.52%
Max Drawdown (1Y) Largest decline over 1 year	-32.27%	-47.94%	+15.67%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-22.74%	-77.87%	+55.13%
Average Drawdown Average peak-to-trough decline	-22.29%	-69.07%	+46.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.79%	21.67%	-13.88%

Volatility

MTUL vs. SBIT - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 26.81% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.09%. This indicates that MTUL'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

	MTUL	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.81%	18.09%	+8.72%
Volatility (6M) Calculated over the trailing 6-month period	50.13%	67.10%	-16.97%
Volatility (1Y) Calculated over the trailing 1-year period	56.27%	88.65%	-32.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.40%	96.10%	-50.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.65%	96.10%	-50.45%

MTUL vs. SBIT - Expense Ratio Comparison

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

Dividends

MTUL vs. SBIT - Dividend Comparison

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

Position	TTM	2025	2024
MTUL ETRACS 2x Leveraged MSCI US Momentum 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 MTUL and SBIT in my portfolio?

MTUL and SBIT have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUL or SBIT?

MTUL has higher volatility (26.81%) compared to SBIT (18.09%). In terms of maximum drawdown, MTUL dropped -56.83% vs SBIT's -91.35%.

Which ETF is better, MTUL or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 49.92% for MTUL. Both ETFs have the same 0.95% expense ratio. 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, MTUL or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 49.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUL or SBIT?

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

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

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

What is the main difference between MTUL and SBIT?

MTUL is categorized as Momentum, while SBIT is Cryptocurrency. MTUL tracks MSCI USA Momentum Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: UBS and ProShares.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs 0.85), 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.