BITO vs. MSTZ

Last updated Jul 17, 2026

BITO (ProShares Bitcoin Strategy ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, BITO returned -48.16% vs 299.04% for MSTZ. At a correlation of -0.78, they often move in opposite directions. BITO charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

BITO vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BITO having a -27.77% return and MSTZ slightly higher at -27.52%.

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 6.51%
• 1M: 38.88%
• 6M: -2.59%
• YTD: -27.52%
• 1Y: 299.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	52.25%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.52%	-38.95%	-94.43%

Correlation

The correlation between BITO and MSTZ is -0.84, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.78

The correlation between BITO and MSTZ has been stable across timeframes, ranging from -0.84 to -0.78 - a consistent structural relationship.

Return for Risk

BITO vs. MSTZ — 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: 1
BITO Martin Ratio Rank: 1

MSTZ

MSTZ Risk / Return Rank: 70
MSTZ Sharpe Ratio Rank: 80
MSTZ Sortino Ratio Rank: 69
MSTZ Omega Ratio Rank: 69
MSTZ Calmar Ratio Rank: 83
MSTZ Martin Ratio Rank: 51

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	2.03	-3.13
Sortino ratio: Return per unit of downside risk	-1.70	2.49	-4.20
Omega ratio: Gain probability vs. loss probability	0.81	1.33	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.89	3.55	-4.44
Martin ratio: Return relative to average drawdown	-1.42	6.84	-8.26

BITO vs. MSTZ - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.10, which is lower than the MSTZ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of BITO and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for BITO and MSTZ.

Drawdown Indicators

	BITO	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-99.38%	+21.52%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-84.89%	+30.42%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	—	—
Current Drawdown Current decline from peak	-50.18%	-97.53%	+47.35%
Average Drawdown Average peak-to-trough decline	-37.06%	-94.55%	+57.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.91%	43.95%	-10.04%

Volatility

BITO vs. MSTZ - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 10.49%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 55.03%. This indicates that BITO experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	55.03%	-44.54%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	134.45%	-99.97%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	148.58%	-104.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.80%	170.73%	-115.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	170.73%	-115.93%

BITO vs. MSTZ - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

BITO vs. MSTZ - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 60.24%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and MSTZ in my portfolio?

BITO and MSTZ have a correlation of -0.84, 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 MSTZ?

MSTZ has higher volatility (55.03%) compared to BITO (10.49%). In terms of maximum drawdown, BITO dropped -77.86% vs MSTZ's -99.38%.

Which ETF is better, BITO or MSTZ?

On 1-year performance, MSTZ leads with 299.04% vs -48.16% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or MSTZ?

Over the 1-year period, MSTZ has performed better with a 299.04% return vs -48.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or MSTZ?

BITO is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

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

BITO has the higher dividend yield at 60.24%, compared with 0.00% for MSTZ.

What is the main difference between BITO and MSTZ?

BITO is categorized as Cryptocurrency, while MSTZ is Inverse Equities. They also come from different issuers: ProShares and REX. Their fees differ too: 0.95% for BITO and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (2.03 vs -1.10), 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.