SETH vs. IBIT

Last updated Jun 24, 2026

SETH (ProShares Short Ether Strategy ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - SETH tracks the Bloomberg Galaxy Ethereum (--100%) while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SETH returned -6.86% vs -39.82% for IBIT. At a correlation of -0.81, they often move in opposite directions. SETH charges 0.95%/yr vs 0.25%/yr for IBIT.

Performance

SETH vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 48.48% return, which is significantly higher than IBIT's -28.88% return.

SETH

• 1D: 4.24%
• 1M: 19.90%
• YTD: 48.48%
• 6M: 48.59%
• 1Y: -6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: -3.26%
• 1M: -17.81%
• YTD: -28.88%
• 6M: -28.88%
• 1Y: -39.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETH vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SETH ProShares Short Ether Strategy ETF	48.48%	-29.41%	-44.82%
IBIT iShares Bitcoin Trust ETF	-28.88%	-6.41%	89.87%

Correlation

The correlation between SETH and IBIT is -0.88, 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	-0.88
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.81

The correlation between SETH and IBIT has been stable across timeframes, ranging from -0.88 to -0.81 - a consistent structural relationship.

Return for Risk

SETH vs. IBIT — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 9
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 8
SETH Martin Ratio Rank: 8

IBIT

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

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.

SETH vs. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.90	+0.80
Sortino ratio: Return per unit of downside risk	0.34	-1.25	+1.59
Omega ratio: Gain probability vs. loss probability	1.04	0.86	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.13	-0.77	+0.64
Martin ratio: Return relative to average drawdown	-0.21	-1.30	+1.10

SETH vs. IBIT - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.10, which is higher than the IBIT Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of SETH 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

SETH vs. IBIT - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SETH and IBIT.

Drawdown Indicators

	SETH	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-52.11%	-28.63%
Max Drawdown (1Y) Largest decline over 1 year	-54.14%	-52.11%	-2.03%
Current Drawdown Current decline from peak	-59.21%	-50.47%	-8.74%
Average Drawdown Average peak-to-trough decline	-54.80%	-16.85%	-37.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.80%	30.58%	+5.22%

Volatility

SETH vs. IBIT - Volatility Comparison

ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 19.43% compared to iShares Bitcoin Trust ETF (IBIT) at 13.18%. This indicates that SETH'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

	SETH	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	13.18%	+6.25%
Volatility (6M) Calculated over the trailing 6-month period	46.71%	34.64%	+12.07%
Volatility (1Y) Calculated over the trailing 1-year period	69.21%	44.31%	+24.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.66%	50.22%	+19.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.66%	50.22%	+19.44%

SETH vs. IBIT - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

SETH vs. IBIT - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.36%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	10.36%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both SETH and IBIT in my portfolio?

SETH and IBIT have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or IBIT?

SETH has higher volatility (19.43%) compared to IBIT (13.18%). In terms of maximum drawdown, SETH dropped -80.74% vs IBIT's -52.11%.

Which ETF is better, SETH or IBIT?

On 1-year performance, SETH leads with -6.86% vs -39.82% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or IBIT?

Over the 1-year period, SETH has performed better with a -6.86% return vs -39.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or IBIT?

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

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

SETH has the higher dividend yield at 10.36%, compared with 0.00% for IBIT.

What is the main difference between SETH and IBIT?

SETH tracks Bloomberg Galaxy Ethereum (--100%), 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 SETH and 0.25% for IBIT.

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (-0.10 vs -0.90), 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.