SBIT vs. BITI

Last updated Jun 24, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds from ProShares - SBIT tracks the Bloomberg Bitcoin Index (-200%) while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past year, SBIT returned 71.04% vs 47.64% for BITI. With a 0.99 correlation, they move nearly in lockstep. SBIT charges 0.95%/yr vs 1.03%/yr for BITI.

Performance

SBIT vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, SBIT achieves a 45.97% return, which is significantly higher than BITI's 29.11% return.

SBIT

• 1D: 6.59%
• 1M: 41.04%
• YTD: 45.97%
• 6M: 46.69%
• 1Y: 71.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 3.32%
• 1M: 20.07%
• YTD: 29.11%
• 6M: 29.34%
• 1Y: 47.64%
• 3Y*: -29.87%
• 5Y*: —
• 10Y*: —

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

SBIT vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	45.97%	-25.11%	-73.74%
BITI ProShares Shrt Bitcoin ETF	29.11%	-1.76%	-34.70%

Correlation

The correlation between SBIT and BITI is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.99

The correlation between SBIT and BITI has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

SBIT vs. BITI — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 28
SBIT Sharpe Ratio Rank: 24
SBIT Sortino Ratio Rank: 31
SBIT Omega Ratio Rank: 29
SBIT Calmar Ratio Rank: 31
SBIT Martin Ratio Rank: 25

BITI

BITI Risk / Return Rank: 33
BITI Sharpe Ratio Rank: 31
BITI Sortino Ratio Rank: 32
BITI Omega Ratio Rank: 30
BITI Calmar Ratio Rank: 39
BITI Martin Ratio Rank: 31

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. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and ProShares Shrt Bitcoin ETF (BITI). 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.

	SBIT	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.09	-0.28
Sortino ratio: Return per unit of downside risk	1.56	1.65	-0.08
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.49	1.89	-0.40
Martin ratio: Return relative to average drawdown	3.11	4.36	-1.25

SBIT vs. BITI - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.81, which is comparable to the BITI Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SBIT and BITI, 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

SBIT vs. BITI - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for SBIT and BITI.

Drawdown Indicators

	SBIT	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-92.16%	+0.81%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-25.28%	-22.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-76.84%	-85.90%	+9.06%
Average Drawdown Average peak-to-trough decline	-68.66%	-68.12%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.93%	11.39%	+12.54%

Volatility

SBIT vs. BITI - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 26.11% compared to ProShares Shrt Bitcoin ETF (BITI) at 12.93%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.11%	12.93%	+13.18%
Volatility (6M) Calculated over the trailing 6-month period	68.77%	34.15%	+34.62%
Volatility (1Y) Calculated over the trailing 1-year period	88.37%	44.06%	+44.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.39%	52.46%	+44.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.39%	52.46%	+44.93%

SBIT vs. BITI - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

SBIT vs. BITI - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.21%, less than BITI's 9.15% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Shrt Bitcoin ETF	9.15%	1.60%	3.91%	3.33%	0.06%
SBIT Proshares Ultrashort Bitcoin ETF	3.21%	0.52%	1.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBIT and BITI in my portfolio?

With a correlation of 1.00, SBIT and BITI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SBIT or BITI?

SBIT has higher volatility (26.11%) compared to BITI (12.93%). In terms of maximum drawdown, SBIT dropped -91.35% vs BITI's -92.16%.

Which ETF is better, SBIT or BITI?

On 1-year performance, SBIT leads with 71.04% vs 47.64% for BITI. On fees, SBIT is cheaper at 0.95% per year. On volatility, BITI has been the lower-risk option at 12.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or BITI?

Over the 1-year period, SBIT has performed better with a 71.04% return vs 47.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or BITI?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 9.15%, compared with 3.21% for SBIT.

What is the main difference between SBIT and BITI?

SBIT tracks Bloomberg Bitcoin Index (-200%), while BITI tracks Bloomberg Bitcoin Index (-100%). Their fees differ too: 0.95% for SBIT and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.09 vs 0.81), 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.