SBIT vs. ETHD

Last updated Jun 4, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds from ProShares. SBIT is passively managed, while ETHD is actively managed. Over the past year, SBIT returned 68.00% vs -42.18% for ETHD. Their correlation of 0.82 suggests significant overlap in exposure. SBIT charges 0.95%/yr vs 1.01%/yr for ETHD.

Performance

SBIT vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) and ProShares UltraShort Ether ETF (ETHD). 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 lower than ETHD's 63.80% return.

SBIT

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

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBIT vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	37.02%	-25.11%	-66.77%
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%

Correlation

The correlation between SBIT and ETHD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	0.82

The correlation between SBIT and ETHD has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

SBIT vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	0.78	-0.31	+1.10
Sortino ratio: Return per unit of downside risk	1.54	0.40	+1.13
Omega ratio: Gain probability vs. loss probability	1.18	1.05	+0.14
Calmar ratio: Return relative to maximum drawdown	1.43	-0.51	+1.93
Martin ratio: Return relative to average drawdown	2.76	-0.64	+3.40
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. ETHD - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 0.78, which is higher than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of SBIT and ETHD, 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	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	-0.31	+1.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	-0.35	-0.11

Drawdowns

SBIT vs. ETHD - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for SBIT and ETHD.

Drawdown Indicators

	SBIT	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-95.59%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-83.63%	+35.69%
Current Drawdown Current decline from peak	-78.26%	-87.20%	+8.94%
Average Drawdown Average peak-to-trough decline	-68.55%	-66.01%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.69%	66.00%	-41.31%

Volatility

SBIT vs. ETHD - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) and ProShares UltraShort Ether ETF (ETHD) have volatilities of 18.22% and 19.00%, 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	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.22%	19.00%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	68.46%	92.37%	-23.91%
Volatility (1Y) Calculated over the trailing 1-year period	87.18%	136.23%	-49.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.47%	142.19%	-44.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.47%	142.19%	-44.72%

SBIT vs. ETHD - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

SBIT vs. ETHD - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 3.42%, less than ETHD's 10.68% yield.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%
SBIT Proshares Ultrashort Bitcoin ETF	3.42%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and ETHD in my portfolio?

SBIT and ETHD have a correlation of 0.87, 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 ETHD?

ETHD has higher volatility (19.00%) compared to SBIT (18.22%). In terms of maximum drawdown, SBIT dropped -91.35% vs ETHD's -95.59%.

Which ETF is better, SBIT or ETHD?

On 1-year performance, SBIT leads with 68.00% vs -42.18% for ETHD. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or ETHD?

Over the 1-year period, SBIT has performed better with a 68.00% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or ETHD?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 10.68%, compared with 3.42% for SBIT.

What is the main difference between SBIT and ETHD?

Their fees differ too: 0.95% for SBIT and 1.01% for ETHD.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (0.78 vs -0.31), 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.