SBIT vs. IBIT
SBIT (Proshares Ultrashort Bitcoin ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - SBIT tracks the Bloomberg Bitcoin Index (-200%) while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SBIT returned 60.90% vs -37.79% for IBIT. At a correlation of -0.99, they often move in opposite directions. SBIT charges 0.95%/yr vs 0.25%/yr for IBIT.
Performance
SBIT vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, SBIT achieves a 36.95% return, which is significantly higher than IBIT's -26.49% return.
SBIT
- 1D
- -4.88%
- 1M
- 32.33%
- YTD
- 36.95%
- 6M
- 39.87%
- 1Y
- 60.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- 2.47%
- 1M
- -15.04%
- YTD
- -26.49%
- 6M
- -27.13%
- 1Y
- -37.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBIT vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SBIT Proshares Ultrashort Bitcoin ETF | 36.95% | -25.11% | -73.74% |
IBIT iShares Bitcoin Trust ETF | -26.49% | -6.41% | 33.46% |
Correlation
The correlation between SBIT and IBIT is -1.00, 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 | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -1.00 |
The correlation between SBIT and IBIT has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
SBIT vs. IBIT — Risk / Return Rank
SBIT
IBIT
SBIT vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.87 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | -0.73 | +2.00 |
| Martin ratioReturn relative to average drawdown | 2.55 | -1.24 | +3.80 |
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Drawdowns
SBIT vs. IBIT - Drawdown Comparison
The maximum SBIT drawdown since its inception was -91.35%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SBIT and IBIT.
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Drawdown Indicators
| SBIT | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.35% | -52.11% | -39.24% |
Max Drawdown (1Y)Largest decline over 1 year | -47.94% | -52.11% | +4.17% |
Current DrawdownCurrent decline from peak | -78.27% | -48.80% | -29.47% |
Average DrawdownAverage peak-to-trough decline | -68.64% | -16.79% | -51.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.92% | 30.41% | -6.49% |
Volatility
SBIT vs. IBIT - Volatility Comparison
Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 25.73% compared to iShares Bitcoin Trust ETF (IBIT) at 13.00%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBIT | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.73% | 13.00% | +12.73% |
Volatility (6M)Calculated over the trailing 6-month period | 68.55% | 34.53% | +34.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.33% | 44.29% | +44.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.37% | 50.21% | +47.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.37% | 50.21% | +47.16% |
SBIT vs. IBIT - Expense Ratio Comparison
SBIT has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
SBIT vs. IBIT - Dividend Comparison
SBIT's dividend yield for the trailing twelve months is around 3.43%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
SBIT Proshares Ultrashort Bitcoin ETF | 3.43% | 0.52% | 1.00% |
Frequently Asked Questions
SBIT and IBIT have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (25.73%) compared to IBIT (13.00%). In terms of maximum drawdown, SBIT dropped -91.35% vs IBIT's -52.11%.
On 1-year performance, SBIT leads with 60.90% vs -37.79% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBIT has performed better with a 60.90% return vs -37.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.
SBIT has the higher dividend yield at 3.43%, compared with 0.00% for IBIT.
SBIT tracks Bloomberg Bitcoin Index (-200%), while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SBIT and 0.25% for IBIT.
SBIT currently has the higher Sharpe Ratio (0.69 vs -0.86), 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.
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