SPYT vs. SBIT

Last updated Jul 14, 2026

SPYT (Defiance S&P 500 Income Target ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - SPYT is a Derivative Income fund actively managed by Defiance, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). SPYT is actively managed, while SBIT is passively managed. Over the past year, SPYT returned 18.06% vs 124.12% for SBIT. At a correlation of -0.41, they often move in opposite directions. SPYT charges 0.87%/yr vs 0.95%/yr for SBIT.

Performance

SPYT vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 9.52% return, which is significantly lower than SBIT's 44.00% return.

SPYT

• 1D: -0.69%
• 1M: 1.51%
• 6M: 7.86%
• YTD: 9.52%
• 1Y: 18.06%
• 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)

SPYT vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.52%	12.41%	11.20%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-73.74%

Correlation

The correlation between SPYT 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 Apr 2, 2024	-0.41

Return for Risk

SPYT vs. SBIT — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 62
SPYT Sharpe Ratio Rank: 59
SPYT Sortino Ratio Rank: 58
SPYT Omega Ratio Rank: 65
SPYT Calmar Ratio Rank: 57
SPYT Martin Ratio Rank: 68

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.

SPYT vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.41	+0.17
Sortino ratio: Return per unit of downside risk	2.19	2.05	+0.14
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.27	2.60	-0.34
Martin ratio: Return relative to average drawdown	9.85	5.92	+3.92

SPYT vs. SBIT - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.58, which is comparable to the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of SPYT 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

SPYT vs. SBIT - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for SPYT and SBIT.

Drawdown Indicators

	SPYT	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-91.35%	+73.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-47.94%	+39.94%
Current Drawdown Current decline from peak	-0.84%	-77.15%	+76.31%
Average Drawdown Average peak-to-trough decline	-1.99%	-68.83%	+66.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	21.04%	-19.20%

Volatility

SPYT vs. SBIT - Volatility Comparison

The current volatility for Defiance S&P 500 Income Target ETF (SPYT) is 3.64%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that SPYT 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

	SPYT	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	22.98%	-19.34%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	68.89%	-59.58%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	88.51%	-77.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.79%	96.89%	-82.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	96.89%	-82.10%

SPYT vs. SBIT - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

SPYT vs. SBIT - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 21.01%, more than SBIT's 3.97% yield.

Position	TTM	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%
SPYT Defiance S&P 500 Income Target ETF	21.01%	21.40%	17.37%

Frequently Asked Questions

Can I hold both SPYT and SBIT in my portfolio?

SPYT 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, SPYT or SBIT?

SBIT has higher volatility (22.98%) compared to SPYT (3.64%). In terms of maximum drawdown, SPYT dropped -18.25% vs SBIT's -91.35%.

Which ETF is better, SPYT or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 18.06% for SPYT. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 18.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or SBIT?

SPYT is cheaper with a 0.87% expense ratio, compared with 0.95% for SBIT.

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

SPYT has the higher dividend yield at 21.01%, compared with 3.97% for SBIT.

What is the main difference between SPYT and SBIT?

SPYT is categorized as Derivative Income, while SBIT is Cryptocurrency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 0.87% for SPYT and 0.95% for SBIT.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (1.58 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.