SPYQ vs. SBIT

Last updated Jul 14, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). SPYQ is actively managed, while SBIT is passively managed. Over the past year, SPYQ returned 34.69% vs 124.12% for SBIT. At a correlation of -0.44, they often move in opposite directions. SPYQ charges 1.30%/yr vs 0.95%/yr for SBIT.

Performance

SPYQ vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 15.71% return, which is significantly lower than SBIT's 44.00% return.

SPYQ

• 1D: -1.46%
• 1M: 1.91%
• 6M: 11.64%
• YTD: 15.71%
• 1Y: 34.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYQ vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	15.71%	26.22%	4.73%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-62.98%

Correlation

The correlation between SPYQ and SBIT is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.44

Return for Risk

SPYQ vs. SBIT — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 51
SPYQ Sharpe Ratio Rank: 52
SPYQ Sortino Ratio Rank: 48
SPYQ Omega Ratio Rank: 49
SPYQ Calmar Ratio Rank: 47
SPYQ Martin Ratio Rank: 58

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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.

SPYQ vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.41	0.00
Sortino ratio: Return per unit of downside risk	1.95	2.05	-0.10
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.86	2.60	-0.74
Martin ratio: Return relative to average drawdown	7.96	5.92	+2.03

SPYQ vs. SBIT - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.41, which is comparable to the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of SPYQ 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

SPYQ vs. SBIT - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for SPYQ and SBIT.

Drawdown Indicators

	SPYQ	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-91.35%	+55.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-47.94%	+29.24%
Current Drawdown Current decline from peak	-2.62%	-77.15%	+74.53%
Average Drawdown Average peak-to-trough decline	-4.82%	-68.83%	+64.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	21.04%	-16.67%

Volatility

SPYQ vs. SBIT - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 7.14%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that SPYQ experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYQ	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	22.98%	-15.84%
Volatility (6M) Calculated over the trailing 6-month period	19.51%	68.89%	-49.38%
Volatility (1Y) Calculated over the trailing 1-year period	24.68%	88.51%	-63.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.21%	96.89%	-62.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.21%	96.89%	-62.68%

SPYQ vs. SBIT - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

SPYQ vs. SBIT - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, less than SBIT's 3.97% yield.

Position	TTM	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SPYQ and SBIT in my portfolio?

SPYQ and SBIT have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or SBIT?

SBIT has higher volatility (22.98%) compared to SPYQ (7.14%). In terms of maximum drawdown, SPYQ dropped -35.88% vs SBIT's -91.35%.

Which ETF is better, SPYQ or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 34.69% for SPYQ. On fees, SBIT is cheaper at 0.95% per year. On volatility, SPYQ has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 34.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.30% for SPYQ.

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

SBIT has the higher dividend yield at 3.97%, compared with 0.14% for SPYQ.

What is the main difference between SPYQ and SBIT?

SPYQ is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: AXS and ProShares. Their fees differ too: 1.30% for SPYQ and 0.95% for SBIT.

Which has better risk-adjusted returns?

SPYQ currently has the higher Sharpe Ratio (1.41 vs 1.41), 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.