BITO vs. CEPI

Last updated Jun 25, 2026

BITO (ProShares Bitcoin Strategy ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BITO returned -45.57% vs 25.84% for CEPI. A 0.68 correlation means they provide meaningful diversification when combined. BITO charges 0.95%/yr vs 0.85%/yr for CEPI.

Performance

BITO vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) 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, BITO achieves a -32.58% return, which is significantly lower than CEPI's 18.87% return.

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -2.69%
• 1M: 0.67%
• YTD: 18.87%
• 6M: 16.68%
• 1Y: 25.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	-3.31%
CEPI REX Crypto Equity Premium Income ETF	18.87%	10.75%	-7.02%

Correlation

The correlation between BITO and CEPI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.68

The correlation between BITO and CEPI has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

BITO vs. CEPI — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

CEPI

CEPI Risk / Return Rank: 27
CEPI Sharpe Ratio Rank: 28
CEPI Sortino Ratio Rank: 27
CEPI Omega Ratio Rank: 29
CEPI Calmar Ratio Rank: 25
CEPI Martin Ratio Rank: 24

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.

BITO vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.

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.

	BITO	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	0.95	-1.98
Sortino ratio: Return per unit of downside risk	-1.56	1.39	-2.95
Omega ratio: Gain probability vs. loss probability	0.83	1.19	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.85	1.16	-2.01
Martin ratio: Return relative to average drawdown	-1.45	2.74	-4.19

BITO vs. CEPI - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.04, which is lower than the CEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of BITO 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.

Drawdowns

BITO vs. CEPI - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BITO and CEPI.

Drawdown Indicators

	BITO	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-29.48%	-48.38%
Max Drawdown (1Y) Largest decline over 1 year	-53.50%	-22.47%	-31.03%
Max Drawdown (3Y) Largest decline over 3 years	-53.50%	—	—
Current Drawdown Current decline from peak	-53.50%	-4.60%	-48.90%
Average Drawdown Average peak-to-trough decline	-36.87%	-8.40%	-28.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	9.45%	+22.02%

Volatility

BITO vs. CEPI - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 13.03% compared to REX Crypto Equity Premium Income ETF (CEPI) at 8.61%. This indicates that BITO'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

	BITO	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	8.61%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	21.64%	+12.68%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	27.53%	+16.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	31.65%	+23.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.03%	31.65%	+23.38%

BITO vs. CEPI - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BITO vs. CEPI - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 73.86%, more than CEPI's 41.65% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%
CEPI REX Crypto Equity Premium Income ETF	41.65%	50.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and CEPI in my portfolio?

BITO and CEPI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or CEPI?

BITO has higher volatility (13.03%) compared to CEPI (8.61%). In terms of maximum drawdown, BITO dropped -77.86% vs CEPI's -29.48%.

Which ETF is better, BITO or CEPI?

On 1-year performance, CEPI leads with 25.84% vs -45.57% for BITO. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 8.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or CEPI?

Over the 1-year period, CEPI has performed better with a 25.84% return vs -45.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 73.86%, compared with 41.65% for CEPI.

What is the main difference between BITO and CEPI?

They also come from different issuers: ProShares and REX. Their fees differ too: 0.95% for BITO and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.95 vs -1.04), 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.