BAVA vs. BTCZ

Last updated Jul 1, 2026

BAVA (Bitwise Avalanche ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.75, they often move in opposite directions.

Performance

BAVA vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Avalanche ETF (BAVA) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BAVA

• 1D: -2.24%
• 1M: -25.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCZ

• 1D: 5.40%
• 1M: 47.56%
• YTD: 57.72%
• 6M: 58.85%
• 1Y: 94.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAVA vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)
BAVA Bitwise Avalanche ETF	-29.45%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	46.90%

Correlation

The correlation between BAVA and BTCZ is -0.75, 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 (All Time) Calculated using the full available price history since Apr 15, 2026	-0.75

Return for Risk

BAVA vs. BTCZ — Risk / Return Rank

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

BAVA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BTCZ

BTCZ Risk / Return Rank: 36
BTCZ Sharpe Ratio Rank: 32
BTCZ Sortino Ratio Rank: 38
BTCZ Omega Ratio Rank: 35
BTCZ Calmar Ratio Rank: 44
BTCZ Martin Ratio Rank: 31

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.

BAVA vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Avalanche ETF (BAVA) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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.

	BAVA	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.78	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.93	—
Martin ratio: Return relative to average drawdown	—	3.97	—

Drawdowns

BAVA vs. BTCZ - Drawdown Comparison

The maximum BAVA drawdown since its inception was -40.15%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for BAVA and BTCZ.

Drawdown Indicators

	BAVA	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.15%	-91.06%	+50.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.02%	—
Current Drawdown Current decline from peak	-35.39%	-74.57%	+39.18%
Average Drawdown Average peak-to-trough decline	-16.47%	-73.69%	+57.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.83%	—

Volatility

Volatility by Period

	BAVA	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	27.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	69.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	53.55%	89.04%	-35.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	96.89%	-43.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	96.89%	-43.34%

Dividends

BAVA vs. BTCZ - Dividend Comparison

BAVA has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BAVA Bitwise Avalanche ETF	0.00%	0.00%	0.00%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%

Frequently Asked Questions

Can I hold both BAVA and BTCZ in my portfolio?

BAVA and BTCZ have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, BAVA or BTCZ?

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for BAVA.

What is the main difference between BAVA and BTCZ?

They also come from different issuers: Bitwise and T-Rex.