OVS vs. SBIT

Last updated Aug 2, 2026

OVS (Overlay Shares Small Cap Equity ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). OVS is actively managed, while SBIT is passively managed. Over the past year, OVS returned 38.98% vs 98.77% for SBIT. Their -0.40 correlation means they have often moved in opposite directions in the past. OVS charges 0.83%/yr vs 0.95%/yr for SBIT.

Performance

OVS vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) 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, OVS achieves a 23.16% return, which is significantly lower than SBIT's 39.44% return.

OVS

• 1D: 0.06%
• 1M: -0.72%
• 6M: 16.06%
• YTD: 23.16%
• 1Y: 38.98%
• 3Y*: 14.61%
• 5Y*: 7.56%
• 10Y*: —
• ALL TIME*: 12.04%

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)
OVS Overlay Shares Small Cap Equity ETF	$632.13K	$526.77K	$451.76K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

OVS vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVS Overlay Shares Small Cap Equity ETF	23.16%	6.15%	7.14%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%

Correlation

The correlation between OVS 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	-0.40

Return for Risk

OVS vs. SBIT — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 85
OVS Sharpe Ratio Rank: 82
OVS Sortino Ratio Rank: 84
OVS Omega Ratio Rank: 79
OVS Calmar Ratio Rank: 92
OVS Martin Ratio Rank: 90

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.

OVS vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) 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.

	OVS	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.27	+0.64
Sortino ratio: Return per unit of downside risk	2.74	1.95	+0.79
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	4.30	2.35	+1.95
Martin ratio: Return relative to average drawdown	14.13	5.19	+8.94

OVS vs. SBIT - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.91, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of OVS 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

OVS vs. SBIT - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for OVS and SBIT.

Drawdown Indicators

	OVS	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-91.35%	+46.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-47.94%	+39.43%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	—	—
Current Drawdown Current decline from peak	-2.23%	-77.87%	+75.64%
Average Drawdown Average peak-to-trough decline	-11.12%	-69.07%	+57.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	21.67%	-19.08%

Volatility

OVS vs. SBIT - Volatility Comparison

The current volatility for Overlay Shares Small Cap Equity ETF (OVS) is 4.16%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that OVS 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

	OVS	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	18.09%	-13.93%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	67.10%	-54.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	88.65%	-69.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	96.10%	-73.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	96.10%	-68.84%

OVS vs. SBIT - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

OVS vs. SBIT - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 7.69%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	7.69%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVS and SBIT in my portfolio?

OVS 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, OVS or SBIT?

SBIT has higher volatility (18.09%) compared to OVS (4.16%). In terms of maximum drawdown, OVS dropped -45.09% vs SBIT's -91.35%.

Which ETF is better, OVS or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 38.98% for OVS. On fees, OVS is cheaper at 0.83% per year. On volatility, OVS has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 38.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or SBIT?

OVS is cheaper with a 0.83% expense ratio, compared with 0.95% for SBIT.

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

OVS has the higher dividend yield at 7.69%, compared with 4.03% for SBIT.

What is the main difference between OVS and SBIT?

OVS is categorized as Small Cap Blend Equities, while SBIT is Cryptocurrency. They also come from different issuers: Liquid Strategies and ProShares. Their fees differ too: 0.83% for OVS and 0.95% for SBIT.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.91 vs 1.27), 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.