SMCY vs. SBIT

Last updated Aug 2, 2026

SMCY (YieldMax SMCI Option Income Strategy ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - SMCY is a Derivative Income fund actively managed by YieldMax, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). SMCY is actively managed, while SBIT is passively managed. Over the past year, SMCY returned -48.73% vs 98.77% for SBIT. Their -0.29 correlation means they have often moved in opposite directions in the past. SMCY charges 1.01%/yr vs 0.95%/yr for SBIT.

Performance

SMCY vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SMCI Option Income Strategy ETF (SMCY) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCY achieves a -10.43% return, which is significantly lower than SBIT's 39.44% return.

SMCY

• 1D: 2.27%
• 1M: 3.11%
• 6M: -9.99%
• YTD: -10.43%
• 1Y: -48.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -30.46%

SBIT

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

*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)
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M
SMCY YieldMax SMCI Option Income Strategy ETF	$4.23M	$3.64M	$6.33M

SMCY vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCY YieldMax SMCI Option Income Strategy ETF	-10.43%	-15.41%	-33.36%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-69.99%

Correlation

The correlation between SMCY and SBIT is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.29

Return for Risk

SMCY vs. SBIT — Risk / Return Rank

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

SMCY

SMCY Risk / Return Rank: 3
SMCY Sharpe Ratio Rank: 4
SMCY Sortino Ratio Rank: 4
SMCY Omega Ratio Rank: 4
SMCY Calmar Ratio Rank: 2
SMCY Martin Ratio Rank: 2

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

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.

SMCY vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SMCI Option Income Strategy ETF (SMCY) and Proshares Ultrashort Bitcoin ETF (SBIT). 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.

	SMCY	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.27	-1.94
Sortino ratio: Return per unit of downside risk	-0.68	1.95	-2.63
Omega ratio: Gain probability vs. loss probability	0.90	1.23	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.85	2.35	-3.20
Martin ratio: Return relative to average drawdown	-1.32	5.19	-6.50

SMCY vs. SBIT - Sharpe Ratio Comparison

The current SMCY Sharpe Ratio is -0.67, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of SMCY and SBIT, 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

SMCY vs. SBIT - Drawdown Comparison

The maximum SMCY drawdown since its inception was -64.75%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for SMCY and SBIT.

Drawdown Indicators

	SMCY	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-64.75%	-91.35%	+26.60%
Max Drawdown (1Y) Largest decline over 1 year	-59.21%	-47.94%	-11.27%
Current Drawdown Current decline from peak	-56.82%	-77.87%	+21.05%
Average Drawdown Average peak-to-trough decline	-38.39%	-69.07%	+30.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.68%	21.67%	+17.01%

Volatility

SMCY vs. SBIT - Volatility Comparison

YieldMax SMCI Option Income Strategy ETF (SMCY) has a higher volatility of 23.42% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.09%. This indicates that SMCY's price experiences larger fluctuations and is considered to be riskier than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCY	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.42%	18.09%	+5.33%
Volatility (6M) Calculated over the trailing 6-month period	70.65%	67.10%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	75.26%	88.65%	-13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.52%	96.10%	-15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.52%	96.10%	-15.58%

SMCY vs. SBIT - Expense Ratio Comparison

SMCY has a 1.01% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

SMCY vs. SBIT - Dividend Comparison

SMCY's dividend yield for the trailing twelve months is around 180.05%, more than SBIT's 4.10% yield.

Position	TTM	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%
SMCY YieldMax SMCI Option Income Strategy ETF	180.05%	231.43%	38.43%

Frequently Asked Questions

Can I hold both SMCY and SBIT in my portfolio?

SMCY and SBIT have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCY or SBIT?

SMCY has higher volatility (23.42%) compared to SBIT (18.09%). In terms of maximum drawdown, SMCY dropped -64.75% vs SBIT's -91.35%.

Which ETF is better, SMCY or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -48.73% for SMCY. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 18.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCY or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCY or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.01% for SMCY.

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

SMCY has the higher dividend yield at 180.05%, compared with 4.03% for SBIT.

What is the main difference between SMCY and SBIT?

SMCY is categorized as Derivative Income, while SBIT is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.01% for SMCY and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.67), 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.