SBIT vs. IBIT

Last updated Aug 2, 2026

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 98.77% vs -44.50% for IBIT. Their -1.00 correlation means they have often moved in opposite directions in the past. SBIT charges 0.95%/yr vs 0.25%/yr for IBIT.

Performance

SBIT vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, SBIT achieves a 39.44% return, which is significantly higher than IBIT's -28.22% return.

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

IBIT

• 1D: -2.89%
• 1M: 2.21%
• 6M: -24.95%
• YTD: -28.22%
• 1Y: -44.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.01%

*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)
IBIT iShares Bitcoin Trust ETF	$1.30B	$1.34B	$1.68B
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

SBIT vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-73.74%
IBIT iShares Bitcoin Trust ETF	-28.22%	-6.41%	33.46%

Correlation

The correlation between SBIT and IBIT is -1.00, 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.	-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 -1.00 - a consistent structural relationship.

Return for Risk

SBIT vs. IBIT — Risk / Return Rank

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

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

IBIT

IBIT Risk / Return Rank: 1
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 1
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 1

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. 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 ratio: Return per unit of total volatility	1.27	-1.04	+2.31
Sortino ratio: Return per unit of downside risk	1.95	-1.57	+3.52
Omega ratio: Gain probability vs. loss probability	1.23	0.83	+0.41
Calmar ratio: Return relative to maximum drawdown	2.35	-0.87	+3.22
Martin ratio: Return relative to average drawdown	5.19	-1.34	+6.52

SBIT vs. IBIT - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 1.27, which is higher than the IBIT Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of SBIT and IBIT, 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. IBIT - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for SBIT and IBIT.

Drawdown Indicators

	SBIT	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-53.30%	-38.05%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-53.30%	+5.36%
Current Drawdown Current decline from peak	-77.87%	-50.01%	-27.86%
Average Drawdown Average peak-to-trough decline	-69.07%	-18.24%	-50.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.67%	34.66%	-12.99%

Volatility

SBIT vs. IBIT - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 18.09% compared to iShares Bitcoin Trust ETF (IBIT) at 9.21%. 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.

Volatility by Period

	SBIT	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.09%	9.21%	+8.88%
Volatility (6M) Calculated over the trailing 6-month period	67.10%	33.74%	+33.36%
Volatility (1Y) Calculated over the trailing 1-year period	88.65%	44.46%	+44.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.10%	49.60%	+46.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.10%	49.60%	+46.50%

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 4.10%, 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	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both SBIT and IBIT in my portfolio?

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.

Which is riskier, SBIT or IBIT?

SBIT has higher volatility (18.09%) compared to IBIT (9.21%). In terms of maximum drawdown, SBIT dropped -91.35% vs IBIT's -53.30%.

Which ETF is better, SBIT or IBIT?

On 1-year performance, SBIT leads with 98.77% vs -44.50% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or IBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -44.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.00% for IBIT.

What is the main difference between SBIT and 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.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -1.04), 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.