SBIT vs. ICVT
SBIT (Proshares Ultrashort Bitcoin ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%), while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. Both are passively managed. Over the past year, SBIT returned 71.04% vs 40.17% for ICVT. At a correlation of -0.53, they often move in opposite directions. SBIT charges 0.95%/yr vs 0.20%/yr for ICVT.
Performance
SBIT vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, SBIT achieves a 45.97% return, which is significantly higher than ICVT's 24.42% return.
SBIT
- 1D
- 6.59%
- 1M
- 41.04%
- YTD
- 45.97%
- 6M
- 46.69%
- 1Y
- 71.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT
- 1D
- -1.95%
- 1M
- 3.04%
- YTD
- 24.42%
- 6M
- 22.70%
- 1Y
- 40.17%
- 3Y*
- 20.04%
- 5Y*
- 6.76%
- 10Y*
- 14.18%
SBIT vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SBIT Proshares Ultrashort Bitcoin ETF | 45.97% | -25.11% | -73.74% |
ICVT iShares Convertible Bond ETF | 24.42% | 18.10% | 8.69% |
Correlation
The correlation between SBIT and ICVT is -0.56, 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 | -0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024 | -0.53 |
The correlation between SBIT and ICVT has been stable across timeframes, ranging from -0.56 to -0.53 - a consistent structural relationship.
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Return for Risk
SBIT vs. ICVT — Risk / Return Rank
SBIT
ICVT
SBIT vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and iShares Convertible Bond ETF (ICVT). 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 | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.46 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 5.35 | -3.86 |
| Martin ratioReturn relative to average drawdown | 3.11 | 18.22 | -15.11 |
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Drawdowns
SBIT vs. ICVT - Drawdown Comparison
The maximum SBIT drawdown since its inception was -91.35%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for SBIT and ICVT.
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Drawdown Indicators
| SBIT | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.35% | -33.25% | -58.10% |
Max Drawdown (1Y)Largest decline over 1 year | -47.94% | -7.55% | -40.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -76.84% | -1.95% | -74.89% |
Average DrawdownAverage peak-to-trough decline | -68.66% | -9.46% | -59.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.93% | 2.21% | +21.72% |
Volatility
SBIT vs. ICVT - Volatility Comparison
Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 26.11% compared to iShares Convertible Bond ETF (ICVT) at 7.08%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBIT | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.11% | 7.08% | +19.03% |
Volatility (6M)Calculated over the trailing 6-month period | 68.77% | 13.10% | +55.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.37% | 15.68% | +72.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.39% | 13.51% | +83.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.39% | 15.61% | +81.78% |
SBIT vs. ICVT - Expense Ratio Comparison
SBIT has a 0.95% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
SBIT vs. ICVT - Dividend Comparison
SBIT's dividend yield for the trailing twelve months is around 3.21%, more than ICVT's 1.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.30% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
SBIT Proshares Ultrashort Bitcoin ETF | 3.21% | 0.52% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBIT and ICVT have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBIT has higher volatility (26.11%) compared to ICVT (7.08%). In terms of maximum drawdown, SBIT dropped -91.35% vs ICVT's -33.25%.
On 1-year performance, SBIT leads with 71.04% vs 40.17% for ICVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 7.08%. 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 71.04% return vs 40.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 0.95% for SBIT.
SBIT has the higher dividend yield at 3.21%, compared with 1.30% for ICVT.
SBIT is categorized as Cryptocurrency, while ICVT is Preferred Stock/Convertible Bonds. SBIT tracks Bloomberg Bitcoin Index (-200%), while ICVT tracks Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SBIT and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.57 vs 0.81), 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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