SBIT vs. BTCZ

Last updated Jun 4, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. SBIT is passively managed, while BTCZ is actively managed. Over the past year, SBIT returned 68.00% vs 55.67% for BTCZ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

SBIT vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBIT achieves a 37.02% return, which is significantly higher than BTCZ's 32.54% return.

SBIT

• 1D: 5.42%
• 1M: 46.58%
• YTD: 37.02%
• 6M: 52.37%
• 1Y: 68.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCZ

• 1D: 5.28%
• 1M: 46.26%
• YTD: 32.54%
• 6M: 46.67%
• 1Y: 55.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBIT vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	37.02%	-25.11%	-75.98%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	32.54%	-29.11%	-76.58%

Correlation

The correlation between SBIT and BTCZ 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 Jul 11, 2024	1.00

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

Return for Risk

SBIT vs. BTCZ — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 26
SBIT Sharpe Ratio Rank: 22
SBIT Sortino Ratio Rank: 28
SBIT Omega Ratio Rank: 27
SBIT Calmar Ratio Rank: 29
SBIT Martin Ratio Rank: 22

BTCZ

BTCZ Risk / Return Rank: 23
BTCZ Sharpe Ratio Rank: 19
BTCZ Sortino Ratio Rank: 26
BTCZ Omega Ratio Rank: 25
BTCZ Calmar Ratio Rank: 25
BTCZ 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. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.64	+0.14
Sortino ratio: Return per unit of downside risk	1.54	1.40	+0.14
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	1.43	1.14	+0.28
Martin ratio: Return relative to average drawdown	2.76	2.17	+0.59
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. BTCZ - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.78, which is comparable to the BTCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of SBIT and BTCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SBIT	BTCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	0.64	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	-0.57	+0.11

Drawdowns

SBIT vs. BTCZ - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, roughly equal to the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for SBIT and BTCZ.

Drawdown Indicators

	SBIT	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-91.06%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-49.02%	+1.08%
Current Drawdown Current decline from peak	-78.26%	-78.63%	+0.37%
Average Drawdown Average peak-to-trough decline	-68.55%	-73.72%	+5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.69%	25.74%	-1.05%

Volatility

SBIT vs. BTCZ - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) have volatilities of 18.22% and 17.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.22%	17.94%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	68.46%	68.50%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	87.18%	87.46%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.47%	97.12%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.47%	97.12%	+0.35%

SBIT vs. BTCZ - Expense Ratio Comparison

Both SBIT and BTCZ have an expense ratio of 0.95%.

Dividends

SBIT vs. BTCZ - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.42%, more than BTCZ's 0.01% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and BTCZ in my portfolio?

With a correlation of 1.00, SBIT and BTCZ 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 BTCZ?

SBIT has higher volatility (18.22%) compared to BTCZ (17.94%). In terms of maximum drawdown, SBIT dropped -91.35% vs BTCZ's -91.06%.

Which ETF is better, SBIT or BTCZ?

On 1-year performance, SBIT leads with 68.00% vs 55.67% for BTCZ. Both ETFs have the same 0.95% expense ratio. On volatility, BTCZ has been the lower-risk option at 17.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or BTCZ?

Over the 1-year period, SBIT has performed better with a 68.00% return vs 55.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or BTCZ?

SBIT and BTCZ have the same expense ratio: 0.95% per year.

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

SBIT has the higher dividend yield at 3.42%, compared with 0.01% for BTCZ.

What is the main difference between SBIT and BTCZ?

They also come from different issuers: ProShares and T-Rex.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.78 vs 0.64), 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.