SBIT vs. AETH

Last updated Apr 2, 2026

Compare and contrast key facts about Proshares Ultrashort Bitcoin ETF (SBIT) and Bitwise Ethereum Strategy ETF (AETH).

SBIT and AETH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SBIT is a passively managed fund by ProShares that tracks the performance of the Bloomberg Bitcoin Index (-200%). It was launched on Apr 1, 2024. AETH is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

SBIT vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) and Bitwise Ethereum Strategy ETF (AETH). The values are adjusted to include any dividend payments, if applicable.

SBIT vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	31.57%	-25.11%	-73.13%
AETH Bitwise Ethereum Strategy ETF	-5.52%	-0.11%	-2.30%

Returns By Period

In the year-to-date period, SBIT achieves a 31.57% return, which is significantly higher than AETH's -5.52% return.

SBIT

• 1D: -1.03%
• 1M: -1.33%
• YTD: 31.57%
• 6M: 111.14%
• 1Y: -5.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AETH

• 1D: 0.01%
• 1M: -2.71%
• YTD: -5.52%
• 6M: -27.06%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SBIT vs. AETH - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is higher than AETH's 0.90% expense ratio.

SBIT

Proshares Ultrashort Bitcoin ETF

AETH

Bitwise Ethereum Strategy ETF

Return for Risk

SBIT vs. AETH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBIT

SBIT Risk / Return Rank: 13
SBIT Sharpe Ratio Rank: 10
SBIT Sortino Ratio Rank: 20
SBIT Omega Ratio Rank: 18
SBIT Calmar Ratio Rank: 9
SBIT Martin Ratio Rank: 10

AETH

AETH Risk / Return Rank: 32
AETH Sharpe Ratio Rank: 28
AETH Sortino Ratio Rank: 43
AETH Omega Ratio Rank: 45
AETH Calmar Ratio Rank: 27
AETH Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SBIT vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and Bitwise Ethereum Strategy ETF (AETH). 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.

	SBIT	AETH	Difference
Sharpe ratio Return per unit of total volatility	-0.06	0.55	-0.61
Sortino ratio Return per unit of downside risk	0.57	1.25	-0.69
Omega ratio Gain probability vs. loss probability	1.07	1.18	-0.12
Calmar ratio Return relative to maximum drawdown	-0.17	0.67	-0.84
Martin ratio Return relative to average drawdown	-0.24	1.07	-1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBIT vs. AETH - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is -0.06, which is lower than the AETH Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SBIT and AETH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SBIT	AETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	0.55	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.43	-0.92

Correlation

The correlation between SBIT and AETH is -0.58. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SBIT vs. AETH - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.42%, more than AETH's 2.55% yield.

	TTM	2025	2024	2023
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%	0.00%
AETH Bitwise Ethereum Strategy ETF	2.55%	2.41%	14.73%	6.64%

Drawdowns

SBIT vs. AETH - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than AETH's maximum drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for SBIT and AETH.

Drawdown Indicators

	SBIT	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-47.78%	-43.57%
Max Drawdown (1Y) Largest decline over 1 year	-67.11%	-41.40%	-25.71%
Current Drawdown Current decline from peak	-79.12%	-41.19%	-37.93%
Average Drawdown Average peak-to-trough decline	-67.28%	-23.51%	-43.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.12%	25.81%	+21.31%

Volatility

SBIT vs. AETH - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 26.24% compared to Bitwise Ethereum Strategy ETF (AETH) at 18.61%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.24%	18.61%	+7.63%
Volatility (6M) Calculated over the trailing 6-month period	72.98%	28.66%	+44.32%
Volatility (1Y) Calculated over the trailing 1-year period	90.40%	51.00%	+39.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.58%	56.15%	+43.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.58%	56.15%	+43.43%