SBIT vs. IWC

Last updated Jul 15, 2026

SBIT (Proshares Ultrashort Bitcoin ETF) and IWC (iShares Micro-Cap ETF) are both exchange-traded funds - SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%), while IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index. Both are passively managed. Over the past year, SBIT returned 113.21% vs 47.17% for IWC. At a correlation of -0.47, they often move in opposite directions. SBIT charges 0.95%/yr vs 0.60%/yr for IWC.

Performance

SBIT vs. IWC - Performance Comparison

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

Returns By Period

In the year-to-date period, SBIT achieves a 33.13% return, which is significantly higher than IWC's 23.51% return.

SBIT

• 1D: -7.55%
• 1M: -6.22%
• 6M: 56.76%
• YTD: 33.13%
• 1Y: 113.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWC

• 1D: 0.24%
• 1M: 2.75%
• 6M: 16.19%
• YTD: 23.51%
• 1Y: 47.17%
• 3Y*: 21.89%
• 5Y*: 7.44%
• 10Y*: 11.39%

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

SBIT vs. IWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	33.13%	-25.11%	-73.74%
IWC iShares Micro-Cap ETF	23.51%	22.45%	9.87%

Correlation

The correlation between SBIT and IWC is -0.52, 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	-0.52
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.47

The correlation between SBIT and IWC has been stable across timeframes, ranging from -0.52 to -0.47 - a consistent structural relationship.

Return for Risk

SBIT vs. IWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBIT

SBIT Risk / Return Rank: 48
SBIT Sharpe Ratio Rank: 45
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 60
SBIT Martin Ratio Rank: 42

IWC

IWC Risk / Return Rank: 77
IWC Sharpe Ratio Rank: 78
IWC Sortino Ratio Rank: 74
IWC Omega Ratio Rank: 65
IWC Calmar Ratio Rank: 86
IWC Martin Ratio Rank: 81

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. IWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Bitcoin ETF (SBIT) and iShares Micro-Cap ETF (IWC). 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	IWC	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.96	-0.67
Sortino ratio: Return per unit of downside risk	1.96	2.63	-0.67
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	2.37	3.81	-1.44
Martin ratio: Return relative to average drawdown	5.39	12.36	-6.97

SBIT vs. IWC - Sharpe Ratio Comparison

The current SBIT Sharpe Ratio is 1.28, which is lower than the IWC Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SBIT and IWC, 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. IWC - Drawdown Comparison

The maximum SBIT drawdown since its inception was -91.35%, which is greater than IWC's maximum drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for SBIT and IWC.

Drawdown Indicators

	SBIT	IWC	Difference
Max Drawdown Largest peak-to-trough decline	-91.35%	-64.61%	-26.74%
Max Drawdown (1Y) Largest decline over 1 year	-47.94%	-12.43%	-35.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.21%	—
Current Drawdown Current decline from peak	-78.87%	-3.17%	-75.70%
Average Drawdown Average peak-to-trough decline	-68.85%	-15.21%	-53.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.08%	3.83%	+17.25%

Volatility

SBIT vs. IWC - Volatility Comparison

Proshares Ultrashort Bitcoin ETF (SBIT) has a higher volatility of 23.66% compared to iShares Micro-Cap ETF (IWC) at 4.90%. This indicates that SBIT's price experiences larger fluctuations and is considered to be riskier than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBIT	IWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.66%	4.90%	+18.76%
Volatility (6M) Calculated over the trailing 6-month period	69.36%	18.27%	+51.09%
Volatility (1Y) Calculated over the trailing 1-year period	88.70%	24.22%	+64.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.93%	24.52%	+72.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.93%	24.47%	+72.46%

SBIT vs. IWC - Expense Ratio Comparison

SBIT has a 0.95% expense ratio, which is higher than IWC's 0.60% expense ratio.

Dividends

SBIT vs. IWC - Dividend Comparison

SBIT's dividend yield for the trailing twelve months is around 4.30%, more than IWC's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWC iShares Micro-Cap ETF	0.97%	1.10%	1.06%	1.17%	1.18%	0.78%	0.98%	1.19%	1.01%	1.09%	1.16%	1.49%
SBIT Proshares Ultrashort Bitcoin ETF	4.30%	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

Can I hold both SBIT and IWC in my portfolio?

SBIT and IWC have a correlation of -0.52, 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 IWC?

SBIT has higher volatility (23.66%) compared to IWC (4.90%). In terms of maximum drawdown, SBIT dropped -91.35% vs IWC's -64.61%.

Which ETF is better, SBIT or IWC?

On 1-year performance, SBIT leads with 113.21% vs 47.17% for IWC. On fees, IWC is cheaper at 0.60% per year. On volatility, IWC has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SBIT or IWC?

Over the 1-year period, SBIT has performed better with a 113.21% return vs 47.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBIT or IWC?

IWC is cheaper with a 0.60% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 4.30%, compared with 0.97% for IWC.

What is the main difference between SBIT and IWC?

SBIT is categorized as Cryptocurrency, while IWC is Small Cap Blend Equities. SBIT tracks Bloomberg Bitcoin Index (-200%), while IWC tracks Russell Microcap Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SBIT and 0.60% for IWC.

Which has better risk-adjusted returns?

IWC currently has the higher Sharpe Ratio (1.96 vs 1.28), 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.