SBIT vs. DEFI

Last updated Jun 5, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and DEFI (Hashdex Bitcoin Futures ETF) are both Cryptocurrency funds - SBIT tracks the Bloomberg Bitcoin Index (-200%) while DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. Both are passively managed. Over the past year, SBIT returned 72.40% vs -39.55% for DEFI. At a correlation of -0.99, they often move in opposite directions. SBIT charges 0.95%/yr vs 0.90%/yr for DEFI.

Performance

SBIT vs. DEFI - Performance Comparison

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

Returns By Period

In the year-to-date period, SBIT achieves a 44.52% return, which is significantly higher than DEFI's -27.20% return.

SBIT

• 1D: 5.47%
• 1M: 61.07%
• YTD: 44.52%
• 6M: 59.37%
• 1Y: 72.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DEFI

• 1D: -2.31%
• 1M: -22.03%
• YTD: -27.20%
• 6M: -31.16%
• 1Y: -39.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBIT vs. DEFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	44.52%	-25.11%	-73.13%
DEFI Hashdex Bitcoin Futures ETF	-27.20%	-6.87%	40.27%

Correlation

The correlation between SBIT and DEFI is -0.99, 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	-0.99
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	-0.99

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

Return for Risk

SBIT vs. DEFI — 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: 25
SBIT Sortino Ratio Rank: 30
SBIT Omega Ratio Rank: 29
SBIT Calmar Ratio Rank: 31
SBIT Martin Ratio Rank: 23

DEFI

DEFI Risk / Return Rank: 2
DEFI Sharpe Ratio Rank: 2
DEFI Sortino Ratio Rank: 2
DEFI Omega Ratio Rank: 2
DEFI Calmar Ratio Rank: 2
DEFI Martin Ratio Rank: 2

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. DEFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and Hashdex Bitcoin Futures ETF (DEFI). 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	DEFI	Difference
Sharpe ratio: Return per unit of total volatility	0.83	-0.90	+1.74
Sortino ratio: Return per unit of downside risk	1.58	-1.25	+2.83
Omega ratio: Gain probability vs. loss probability	1.19	0.86	+0.33
Calmar ratio: Return relative to maximum drawdown	1.52	-0.80	+2.32
Martin ratio: Return relative to average drawdown	2.94	-1.39	+4.33
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. DEFI - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.83, which is higher than the DEFI Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of SBIT and DEFI, 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	DEFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	-0.90	+1.74
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.07	-0.37

Drawdowns

SBIT vs. DEFI - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than DEFI's maximum drawdown of -49.60%. Use the drawdown chart below to compare losses from any high point for SBIT and DEFI.

Drawdown Indicators

	SBIT	DEFI	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-49.60%	-41.75%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-49.60%	+1.66%
Current Drawdown Current decline from peak	-77.07%	-49.32%	-27.75%
Average Drawdown Average peak-to-trough decline	-68.56%	-16.53%	-52.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.71%	28.51%	-3.80%

Volatility

SBIT vs. DEFI - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 17.43% compared to Hashdex Bitcoin Futures ETF (DEFI) at 9.25%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than DEFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	DEFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.43%	9.25%	+8.18%
Volatility (6M) Calculated over the trailing 6-month period	67.15%	34.33%	+32.82%
Volatility (1Y) Calculated over the trailing 1-year period	87.25%	43.87%	+43.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.45%	48.87%	+48.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.45%	48.87%	+48.58%

SBIT vs. DEFI - Expense Ratio Comparison

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

Dividends

SBIT vs. DEFI - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.25%, while DEFI has not paid dividends to shareholders.

Position	TTM	2025	2024
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.25%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and DEFI in my portfolio?

SBIT and DEFI have a correlation of -0.99, 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 DEFI?

SBIT has higher volatility (17.43%) compared to DEFI (9.25%). In terms of maximum drawdown, SBIT dropped -91.35% vs DEFI's -49.60%.

Which ETF is better, SBIT or DEFI?

On 1-year performance, SBIT leads with 72.40% vs -39.55% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, DEFI has been the lower-risk option at 9.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or DEFI?

Over the 1-year period, SBIT has performed better with a 72.40% return vs -39.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or DEFI?

DEFI is cheaper with a 0.90% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.25%, compared with 0.00% for DEFI.

What is the main difference between SBIT and DEFI?

SBIT tracks Bloomberg Bitcoin Index (-200%), while DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. They also come from different issuers: ProShares and Hashdex. Their fees differ too: 0.95% for SBIT and 0.90% for DEFI.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.83 vs -0.90), 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.