BTCU vs SBIT: which held to its multiple?
Over three months against its own daily promise, BTCU finished 5.3 points short and SBIT 0.8 points over. Direxion Daily Bitcoin Bull 2X ETF and ProShares UltraShort Bitcoin ETF.
BTCU returned +81.8% while 2 times IBIT's move would have been +78.5%
SBIT returned −53.4% while −2 times IBIT's move would have been −78.5%
BTCU among the 470 leveraged ETFs, long, over three months
SBIT among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. SBIT is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | BTCU | SBIT | BTCU | SBIT | BTCU | SBIT |
| 1 month | +9.6% | −14.6% | +12.0% | −12.0% | −2.4 pts | −2.7 pts |
| 3 months | +81.8% | −53.4% | +78.5% | −78.5% | +3.3 pts | +25.1 pts |
| 6 months | not published | −44.6% | not published | −45.0% | not published | +0.4 pts |
| 1 year | not published | +10.6% | not published | +54.3% | not published | −43.7 pts |
| Since launch BTCU May 2026 · SBIT Apr 2024 | +12.8% | −85.3% | +23.0% | −51.8% | −10.2 pts | −33.5 pts |
BTCU and SBIT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
BTCU and SBIT on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BTCU in plain words
Three months to Sep 30, 2026: BTCU returned +81.8% where its own daily promise gave +87.1%, 5.3 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BTCU look 3.3 points over. 8.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BTCU aims to return +2 times IBIT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IBIT moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SBIT in plain words
Three months to Sep 30, 2026: SBIT returned −53.4% where its own daily promise gave −54.2%, 0.8 points over. Read the multiple against the whole window instead and −2 times IBIT's 39.2% implies −78.5%, which makes SBIT look 25.1 points over. 24.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SBIT aims to return -2 times IBIT's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, BTCU or SBIT?
- Over the window to Sep 30, 2026, BTCU finished 3.3 points from what its multiple implies and SBIT finished 25.1 points from its own, so BTCU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BTCU and SBIT levered on the same thing?
- Yes. Both are levered on bitcoin, BTCU at +2 times and SBIT at -2 times the daily move.
- Which one decays faster, BTCU or SBIT?
- Decay follows how much the underlying moves about. Over this window BTCU’s moved at 38% annualized and SBIT’s at 38%, so BTCU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BTCU or SBIT for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, BTCU against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcu-vs-sbit
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, BTCU against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcu-vs-sbit Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, BTCU against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcu-vs-sbit
- APA
- ETFIQ. (Sep 30, 2026). BTCU against SBIT. Retrieved from https://etfiq.com/compare/leverage/btcu-vs-sbit
- Markdown
- [BTCU against SBIT (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/btcu-vs-sbit)