BITC vs. CEPI

Last updated Jun 4, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITC returned -15.09% vs 34.07% for CEPI. At a 0.40 correlation, their price movements are largely independent. BITC charges 0.88%/yr vs 0.85%/yr for CEPI.

Performance

BITC vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITC achieves a 6.98% return, which is significantly lower than CEPI's 20.71% return.

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -1.35%
• 1M: 7.21%
• YTD: 20.71%
• 6M: 18.40%
• 1Y: 34.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	-6.84%
CEPI REX Crypto Equity Premium Income ETF	20.71%	10.75%	-9.02%

Correlation

The correlation between BITC and CEPI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.40

Return for Risk

BITC vs. CEPI — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 36
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 26

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.

BITC vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	BITC	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.28	-1.87
Sortino ratio: Return per unit of downside risk	-0.71	1.78	-2.49
Omega ratio: Gain probability vs. loss probability	0.90	1.24	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.57	1.52	-2.10
Martin ratio: Return relative to average drawdown	-0.82	3.62	-4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITC vs. CEPI - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.59, which is lower than the CEPI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of BITC and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITC	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	1.28	-1.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.45	+0.23

Drawdowns

BITC vs. CEPI - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BITC and CEPI.

Drawdown Indicators

	BITC	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-29.48%	-9.03%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-22.47%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-26.48%	-2.08%	-24.40%
Average Drawdown Average peak-to-trough decline	-16.37%	-8.65%	-7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.37%	9.43%	+8.94%

Volatility

BITC vs. CEPI - Volatility Comparison

Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) has a higher volatility of 6.39% compared to REX Crypto Equity Premium Income ETF (CEPI) at 5.92%. This indicates that BITC's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	5.92%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	20.94%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	25.54%	26.79%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.65%	31.57%	+15.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.65%	31.57%	+15.08%

BITC vs. CEPI - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BITC vs. CEPI - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.14%, less than CEPI's 42.71% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
CEPI REX Crypto Equity Premium Income ETF	42.71%	50.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and CEPI in my portfolio?

BITC and CEPI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITC or CEPI?

BITC has higher volatility (6.39%) compared to CEPI (5.92%). In terms of maximum drawdown, BITC dropped -38.51% vs CEPI's -29.48%.

Which ETF is better, BITC or CEPI?

On 1-year performance, CEPI leads with 34.07% vs -15.09% for BITC. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or CEPI?

Over the 1-year period, CEPI has performed better with a 34.07% return vs -15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.88% for BITC.

Which ETF pays a higher dividend yield, BITC or CEPI?

CEPI has the higher dividend yield at 42.71%, compared with 3.14% for BITC.

What is the main difference between BITC and CEPI?

They also come from different issuers: Bitwise and REX. Their fees differ too: 0.88% for BITC and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.28 vs -0.59), 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.