NVDG vs. SBIT

Last updated Aug 1, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - NVDG is a Leveraged Equities fund actively managed by Leverage Shares, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). NVDG is actively managed, while SBIT is passively managed. Over the past year, NVDG returned 4.49% vs 98.77% for SBIT. Their -0.31 correlation means they have often moved in opposite directions in the past. NVDG charges 0.75%/yr vs 0.95%/yr for SBIT.

Performance

NVDG vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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, NVDG achieves a -0.36% return, which is significantly lower than SBIT's 39.44% return.

NVDG

• 1D: 5.91%
• 1M: 4.55%
• 6M: -3.62%
• YTD: -0.36%
• 1Y: 4.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.19%

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)
NVDG Leverage Shares 2X Long NVDA Daily ETF	$3.01M	$3.98M	$6.31M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

NVDG vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	-0.36%	32.45%	-0.52%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	11.32%

Correlation

The correlation between NVDG and SBIT is -0.32, 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.	-0.32
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.31

Return for Risk

NVDG vs. SBIT — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 13
NVDG Sharpe Ratio Rank: 11
NVDG Sortino Ratio Rank: 16
NVDG Omega Ratio Rank: 16
NVDG Calmar Ratio Rank: 11
NVDG Martin Ratio Rank: 10

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.

NVDG vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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.

	NVDG	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	1.27	-1.28
Sortino ratio: Return per unit of downside risk	0.50	1.95	-1.45
Omega ratio: Gain probability vs. loss probability	1.06	1.23	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.02	2.35	-2.37
Martin ratio: Return relative to average drawdown	-0.04	5.19	-5.23

NVDG vs. SBIT - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is -0.01, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of NVDG 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

NVDG vs. SBIT - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for NVDG and SBIT.

Drawdown Indicators

	NVDG	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-91.35%	+25.16%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-47.94%	+5.22%
Current Drawdown Current decline from peak	-31.58%	-77.87%	+46.29%
Average Drawdown Average peak-to-trough decline	-23.52%	-69.07%	+45.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.96%	21.67%	+0.29%

Volatility

NVDG vs. SBIT - Volatility Comparison

Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a higher volatility of 24.57% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.09%. This indicates that NVDG'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

	NVDG	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.57%	18.09%	+6.48%
Volatility (6M) Calculated over the trailing 6-month period	55.94%	67.10%	-11.16%
Volatility (1Y) Calculated over the trailing 1-year period	72.25%	88.65%	-16.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.76%	96.10%	-6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.76%	96.10%	-6.34%

NVDG vs. SBIT - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

NVDG vs. SBIT - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 11.85%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	11.85%	11.81%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both NVDG and SBIT in my portfolio?

NVDG and SBIT have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDG or SBIT?

NVDG has higher volatility (24.57%) compared to SBIT (18.09%). In terms of maximum drawdown, NVDG dropped -66.19% vs SBIT's -91.35%.

Which ETF is better, NVDG or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 4.49% for NVDG. On fees, NVDG is cheaper at 0.75% 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, NVDG or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or SBIT?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.95% for SBIT.

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

NVDG has the higher dividend yield at 11.85%, compared with 4.03% for SBIT.

What is the main difference between NVDG and SBIT?

NVDG is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for NVDG and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.01), 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.