SBIT vs. BULZ

Last updated Jun 23, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and BULZ (MicroSectors FANG & Innovation 3X Leveraged ETNs) are both exchange-traded funds - SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%), while BULZ is a Leveraged Equities fund tracking the Solactive FANG Innovation Index (300%). Both are passively managed. Over the past year, SBIT returned 60.90% vs 175.88% for BULZ. At a correlation of -0.45, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SBIT vs. BULZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) and MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBIT achieves a 36.95% return, which is significantly lower than BULZ's 61.20% return.

SBIT

• 1D: -4.88%
• 1M: 32.33%
• YTD: 36.95%
• 6M: 39.87%
• 1Y: 60.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BULZ

• 1D: -2.95%
• 1M: -4.19%
• YTD: 61.20%
• 6M: 55.42%
• 1Y: 175.88%
• 3Y*: 82.14%
• 5Y*: —
• 10Y*: —

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

SBIT vs. BULZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	36.95%	-25.11%	-73.74%
BULZ MicroSectors FANG & Innovation 3X Leveraged ETNs	61.20%	60.09%	14.76%

Correlation

The correlation between SBIT and BULZ is -0.55, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.45

The correlation between SBIT and BULZ has been stable across timeframes, ranging from -0.55 to -0.45 - a consistent structural relationship.

Return for Risk

SBIT vs. BULZ — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 24
SBIT Sharpe Ratio Rank: 20
SBIT Sortino Ratio Rank: 27
SBIT Omega Ratio Rank: 26
SBIT Calmar Ratio Rank: 27
SBIT Martin Ratio Rank: 22

BULZ

BULZ Risk / Return Rank: 59
BULZ Sharpe Ratio Rank: 72
BULZ Sortino Ratio Rank: 52
BULZ Omega Ratio Rank: 54
BULZ Calmar Ratio Rank: 67
BULZ Martin Ratio Rank: 51

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. BULZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ). 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	BULZ	Difference
Sharpe ratio: Return per unit of total volatility	0.69	2.24	-1.54
Sortino ratio: Return per unit of downside risk	1.46	2.44	-0.99
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio: Return relative to maximum drawdown	1.28	3.26	-1.99
Martin ratio: Return relative to average drawdown	2.55	8.46	-5.91

SBIT vs. BULZ - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.69, which is lower than the BULZ Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SBIT and BULZ, 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. BULZ - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, roughly equal to the maximum BULZ drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for SBIT and BULZ.

Drawdown Indicators

	SBIT	BULZ	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-94.44%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-54.22%	+6.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.96%	—
Current Drawdown Current decline from peak	-78.27%	-24.05%	-54.22%
Average Drawdown Average peak-to-trough decline	-68.64%	-58.04%	-10.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.92%	20.87%	+3.05%

Volatility

SBIT vs. BULZ - Volatility Comparison

The current volatility for Proshares Ultrashort Bitcoin ETF (SBIT) is 25.73%, while MicroSectors FANG & Innovation 3X Leveraged ETNs (BULZ) has a volatility of 33.09%. This indicates that SBIT experiences smaller price fluctuations and is considered to be less risky than BULZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	BULZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.73%	33.09%	-7.36%
Volatility (6M) Calculated over the trailing 6-month period	68.55%	62.60%	+5.95%
Volatility (1Y) Calculated over the trailing 1-year period	88.33%	79.22%	+9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.37%	91.72%	+5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.37%	91.72%	+5.65%

SBIT vs. BULZ - Expense Ratio Comparison

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

Dividends

SBIT vs. BULZ - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.43%, while BULZ has not paid dividends to shareholders.

Position	TTM	2025	2024
BULZ MicroSectors FANG & Innovation 3X Leveraged ETNs	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.43%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and BULZ in my portfolio?

SBIT and BULZ have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBIT or BULZ?

BULZ has higher volatility (33.09%) compared to SBIT (25.73%). In terms of maximum drawdown, SBIT dropped -91.35% vs BULZ's -94.44%.

Which ETF is better, SBIT or BULZ?

On 1-year performance, BULZ leads with 175.88% vs 60.90% for SBIT. Both ETFs have the same 0.95% expense ratio. On volatility, SBIT has been the lower-risk option at 25.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or BULZ?

Over the 1-year period, BULZ has performed better with a 175.88% return vs 60.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or BULZ?

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

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

SBIT has the higher dividend yield at 3.43%, compared with 0.00% for BULZ.

What is the main difference between SBIT and BULZ?

SBIT is categorized as Cryptocurrency, while BULZ is Leveraged Equities. SBIT tracks Bloomberg Bitcoin Index (-200%), while BULZ tracks Solactive FANG Innovation Index (300%). They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

BULZ currently has the higher Sharpe Ratio (2.24 vs 0.69), 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.