MXI vs. SBIT
MXI (iShares Global Materials ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - MXI is a Materials fund tracking the S&P Global Materials Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, MXI returned 21.70% vs 124.12% for SBIT. At a correlation of -0.30, they often move in opposite directions. MXI charges 0.46%/yr vs 0.95%/yr for SBIT.
Performance
MXI vs. SBIT - Performance Comparison
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Returns By Period
In the year-to-date period, MXI achieves a 9.37% return, which is significantly lower than SBIT's 44.00% return.
MXI
- 1D
- -1.29%
- 1M
- -5.71%
- 6M
- 2.67%
- YTD
- 9.37%
- 1Y
- 21.70%
- 3Y*
- 10.33%
- 5Y*
- 6.07%
- 10Y*
- 10.30%
SBIT
- 1D
- 5.38%
- 1M
- 1.44%
- 6M
- 58.27%
- YTD
- 44.00%
- 1Y
- 124.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MXI vs. SBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MXI iShares Global Materials ETF | 9.37% | 27.43% | -10.37% |
SBIT Proshares Ultrashort Bitcoin ETF | 44.00% | -25.11% | -73.74% |
Correlation
The correlation between MXI and SBIT is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.30 |
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Return for Risk
MXI vs. SBIT — Risk / Return Rank
MXI
SBIT
MXI vs. SBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Materials ETF (MXI) 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.
| MXI | SBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.60 | -1.26 |
| Martin ratioReturn relative to average drawdown | 4.76 | 5.92 | -1.17 |
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Drawdowns
MXI vs. SBIT - Drawdown Comparison
The maximum MXI drawdown since its inception was -68.44%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for MXI and SBIT.
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Drawdown Indicators
| MXI | SBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.44% | -91.35% | +22.91% |
Max Drawdown (1Y)Largest decline over 1 year | -16.18% | -47.94% | +31.76% |
Max Drawdown (3Y)Largest decline over 3 years | -22.25% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.52% | — | — |
Current DrawdownCurrent decline from peak | -9.31% | -77.15% | +67.84% |
Average DrawdownAverage peak-to-trough decline | -18.01% | -68.83% | +50.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 21.04% | -16.46% |
Volatility
MXI vs. SBIT - Volatility Comparison
The current volatility for iShares Global Materials ETF (MXI) is 7.36%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that MXI 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.
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Volatility by Period
| MXI | SBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 22.98% | -15.62% |
Volatility (6M)Calculated over the trailing 6-month period | 18.06% | 68.89% | -50.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.88% | 88.51% | -67.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.89% | 96.89% | -77.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 96.89% | -76.50% |
MXI vs. SBIT - Expense Ratio Comparison
MXI has a 0.46% expense ratio, which is lower than SBIT's 0.95% expense ratio.
Dividends
MXI vs. SBIT - Dividend Comparison
MXI's dividend yield for the trailing twelve months is around 1.75%, less than SBIT's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MXI iShares Global Materials ETF | 1.75% | 2.22% | 3.24% | 2.92% | 4.84% | 3.51% | 1.21% | 3.64% | 2.77% | 1.76% | 1.31% | 3.64% |
SBIT Proshares Ultrashort Bitcoin ETF | 3.97% | 0.52% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MXI and SBIT have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (22.98%) compared to MXI (7.36%). In terms of maximum drawdown, MXI dropped -68.44% vs SBIT's -91.35%.
On 1-year performance, SBIT leads with 124.12% vs 21.70% for MXI. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 124.12% return vs 21.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MXI is cheaper with a 0.46% expense ratio, compared with 0.95% for SBIT.
SBIT has the higher dividend yield at 3.97%, compared with 1.75% for MXI.
MXI is categorized as Materials, while SBIT is Cryptocurrency. MXI tracks S&P Global Materials Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.46% for MXI and 0.95% for SBIT.
SBIT currently has the higher Sharpe Ratio (1.41 vs 1.05), 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.
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