SBIT vs. ETHU

Last updated Aug 4, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%), while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. SBIT is passively managed, while ETHU is actively managed. Over the past year, SBIT returned 93.05% vs -84.67% for ETHU. Their -0.82 correlation means they have often moved in opposite directions in the past. SBIT charges 0.95%/yr vs 2.67%/yr for ETHU.

Performance

SBIT vs. ETHU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Bitcoin ETF (SBIT) and Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBIT achieves a 35.42% return, which is significantly higher than ETHU's -71.31% return.

SBIT

• 1D: -2.88%
• 1M: -8.74%
• 6M: 12.84%
• YTD: 35.42%
• 1Y: 93.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -43.26%

ETHU

• 1D: 0.13%
• 1M: 18.20%
• 6M: -49.62%
• YTD: -71.31%
• 1Y: -84.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHU Volatility Shares 2x Ether ETF	$84.08M	$87.05M	$93.41M
SBIT Proshares Ultrashort Bitcoin ETF	$30.10M	$32.07M	$46.36M

SBIT vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	35.42%	-25.11%	-66.87%
ETHU Volatility Shares 2x Ether ETF	-71.31%	-64.38%	-48.73%

Correlation

The correlation between SBIT and ETHU is -0.91, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.91
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.82

The correlation between SBIT and ETHU has been stable across timeframes, ranging from -0.91 to -0.82 - a consistent structural relationship.

Return for Risk

SBIT vs. ETHU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SBIT

SBIT Risk / Return Rank: 45
SBIT Sharpe Ratio Rank: 41
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 53
SBIT Martin Ratio Rank: 40

ETHU

ETHU Risk / Return Rank: 3
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 3
ETHU Omega Ratio Rank: 4
ETHU Calmar Ratio Rank: 1
ETHU Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SBIT vs. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.63	+1.69
Sortino ratio: Return per unit of downside risk	1.78	-1.00	+2.78
Omega ratio: Gain probability vs. loss probability	1.21	0.89	+0.32
Calmar ratio: Return relative to maximum drawdown	1.95	-0.90	+2.85
Martin ratio: Return relative to average drawdown	4.30	-1.17	+5.47

SBIT vs. ETHU - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 1.06, which is higher than the ETHU Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of SBIT and ETHU, 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. ETHU - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, smaller than the maximum ETHU drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for SBIT and ETHU.

Drawdown Indicators

	SBIT	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-96.46%	+5.11%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-93.99%	+46.05%
Current Drawdown Current decline from peak	-78.51%	-95.03%	+16.52%
Average Drawdown Average peak-to-trough decline	-69.09%	-71.24%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.71%	72.32%	-50.61%

Volatility

SBIT vs. ETHU - Volatility Comparison

The current volatility for Proshares Ultrashort Bitcoin ETF (SBIT) is 17.65%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 24.02%. This indicates that SBIT experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.65%	24.02%	-6.37%
Volatility (6M) Calculated over the trailing 6-month period	67.17%	92.91%	-25.74%
Volatility (1Y) Calculated over the trailing 1-year period	88.67%	134.85%	-46.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.04%	141.05%	-45.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.04%	141.05%	-45.01%

SBIT vs. ETHU - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

SBIT vs. ETHU - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 5.09%, more than ETHU's 4.49% yield.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	4.49%	2.31%	0.41%
SBIT Proshares Ultrashort Bitcoin ETF	5.09%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and ETHU in my portfolio?

SBIT and ETHU have a correlation of -0.91, 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 ETHU?

ETHU has higher volatility (24.02%) compared to SBIT (17.65%). In terms of maximum drawdown, SBIT dropped -91.35% vs ETHU's -96.46%.

Which ETF is better, SBIT or ETHU?

On 1-year performance, SBIT leads with 93.05% vs -84.67% for ETHU. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 17.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or ETHU?

Over the 1-year period, SBIT has performed better with a 93.05% return vs -84.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or ETHU?

SBIT is cheaper with a 0.95% expense ratio, compared with 2.67% for ETHU.

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

SBIT has the higher dividend yield at 5.09%, compared with 4.49% for ETHU.

What is the main difference between SBIT and ETHU?

SBIT is categorized as Cryptocurrency, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for SBIT and 2.67% for ETHU.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.06 vs -0.63), 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.