XXXX vs. SBIT

Last updated Jul 15, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%), while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, XXXX returned 52.03% vs 113.21% for SBIT. At a correlation of -0.42, they often move in opposite directions. XXXX charges 2.95%/yr vs 0.95%/yr for SBIT.

Performance

XXXX vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 23.78% return, which is significantly lower than SBIT's 33.13% return.

XXXX

• 1D: 1.77%
• 1M: 4.14%
• 6M: 16.57%
• YTD: 23.78%
• 1Y: 52.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

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

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

XXXX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	23.78%	17.36%	20.41%
SBIT Proshares Ultrashort Bitcoin ETF	33.13%	-25.11%	-73.74%

Correlation

The correlation between XXXX 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	-0.42

Return for Risk

XXXX vs. SBIT — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 36
XXXX Sharpe Ratio Rank: 35
XXXX Sortino Ratio Rank: 35
XXXX Omega Ratio Rank: 37
XXXX Calmar Ratio Rank: 34
XXXX Martin Ratio Rank: 40

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

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.

XXXX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.28	-0.23
Sortino ratio: Return per unit of downside risk	1.57	1.96	-0.39
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio: Return relative to maximum drawdown	1.40	2.37	-0.97
Martin ratio: Return relative to average drawdown	5.06	5.39	-0.33

XXXX vs. SBIT - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.05, which is comparable to the SBIT Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. SBIT - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for XXXX and SBIT.

Drawdown Indicators

	XXXX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-91.35%	+29.08%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-47.94%	+10.69%
Current Drawdown Current decline from peak	-7.04%	-78.87%	+71.83%
Average Drawdown Average peak-to-trough decline	-11.52%	-68.85%	+57.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.31%	21.08%	-10.77%

Volatility

XXXX vs. SBIT - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 15.22%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 23.66%. This indicates that XXXX 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

	XXXX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.22%	23.66%	-8.44%
Volatility (6M) Calculated over the trailing 6-month period	39.72%	69.36%	-29.64%
Volatility (1Y) Calculated over the trailing 1-year period	49.66%	88.70%	-39.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.81%	96.93%	-36.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.81%	96.93%	-36.12%

XXXX vs. SBIT - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

XXXX vs. SBIT - Dividend Comparison

XXXX has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 4.30%.

Position	TTM	2025	2024
SBIT Proshares Ultrashort Bitcoin ETF	4.30%	0.52%	1.00%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and SBIT in my portfolio?

XXXX 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, XXXX or SBIT?

SBIT has higher volatility (23.66%) compared to XXXX (15.22%). In terms of maximum drawdown, XXXX dropped -62.27% vs SBIT's -91.35%.

Which ETF is better, XXXX or SBIT?

On 1-year performance, SBIT leads with 113.21% vs 52.03% for XXXX. On fees, SBIT is cheaper at 0.95% per year. On volatility, XXXX has been the lower-risk option at 15.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or SBIT?

Over the 1-year period, SBIT has performed better with a 113.21% return vs 52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 2.95% for XXXX.

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

SBIT has the higher dividend yield at 4.30%, compared with 0.00% for XXXX.

What is the main difference between XXXX and SBIT?

XXXX is categorized as Leveraged Equities, while SBIT is Cryptocurrency. XXXX tracks S&P 500 Index (400%), while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Max and ProShares. Their fees differ too: 2.95% for XXXX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.28 vs 1.05), 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.