BITU vs. BTCL

Last updated Aug 5, 2026

BITU (Proshares Ultra Bitcoin ETF) and BTCL (T-REX 2X Long Bitcoin Daily Target ETF) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while BTCL is a Leveraged Cryptocurrency fund actively managed by REX. BITU is passively managed, while BTCL is actively managed. Over the past year, BITU returned -77.91% vs -78.32% for BTCL. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.

Performance

BITU vs. BTCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultra Bitcoin ETF (BITU) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BITU having a -56.85% return and BTCL slightly lower at -57.51%.

BITU

• 1D: 1.18%
• 1M: 7.02%
• 6M: -41.26%
• YTD: -56.85%
• 1Y: -77.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.51%

BTCL

• 1D: 2.77%
• 1M: 6.13%
• 6M: -44.81%
• YTD: -57.51%
• 1Y: -78.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITU Proshares Ultra Bitcoin ETF	$36.32M	$38.70M	$45.83M
BTCL T-REX 2X Long Bitcoin Daily Target ETF	$889.14K	$881.51K	$1.26M

BITU vs. BTCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-56.85%	-37.07%	101.54%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-57.51%	-39.52%	101.29%

Correlation

The correlation between BITU and BTCL is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	1.00

The correlation between BITU and BTCL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BITU vs. BTCL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITU

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

BTCL

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITU vs. BTCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultra Bitcoin ETF (BITU) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). 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.

	BITU	BTCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.89	0.00
Sortino ratio: Return per unit of downside risk	-1.68	-1.70	+0.02
Omega ratio: Gain probability vs. loss probability	0.82	0.81	0.00
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.93	0.00
Martin ratio: Return relative to average drawdown	-1.30	-1.30	0.00

BITU vs. BTCL - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.89, which is comparable to the BTCL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITU and BTCL, 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

BITU vs. BTCL - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, roughly equal to the maximum BTCL drawdown of -84.01%. Use the drawdown chart below to compare losses from any high point for BITU and BTCL.

Drawdown Indicators

	BITU	BTCL	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-84.01%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-84.01%	+0.56%
Current Drawdown Current decline from peak	-80.70%	-81.53%	+0.83%
Average Drawdown Average peak-to-trough decline	-37.76%	-37.85%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.73%	60.20%	-0.47%

Volatility

BITU vs. BTCL - Volatility Comparison

The current volatility for Proshares Ultra Bitcoin ETF (BITU) is 16.04%, while T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a volatility of 17.53%. This indicates that BITU experiences smaller price fluctuations and is considered to be less risky than BTCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	BTCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	17.53%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	66.33%	68.21%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	88.24%	88.71%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.93%	96.18%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.93%	96.18%	-0.25%

BITU vs. BTCL - Expense Ratio Comparison

Both BITU and BTCL have an expense ratio of 0.95%.

Dividends

BITU vs. BTCL - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 79.54%, more than BTCL's 3.99% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	79.54%	50.23%	0.12%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.99%	1.70%	4.35%

Frequently Asked Questions

Can I hold both BITU and BTCL in my portfolio?

With a correlation of 1.00, BITU and BTCL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITU or BTCL?

BTCL has higher volatility (17.53%) compared to BITU (16.04%). In terms of maximum drawdown, BITU dropped -83.45% vs BTCL's -84.01%.

Which ETF is better, BITU or BTCL?

On 1-year performance, BITU leads with -77.91% vs -78.32% for BTCL. Both ETFs have the same 0.95% expense ratio. On volatility, BITU has been the lower-risk option at 16.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITU or BTCL?

Over the 1-year period, BITU has performed better with a -77.91% return vs -78.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or BTCL?

BITU and BTCL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BITU or BTCL?

BITU has the higher dividend yield at 79.54%, compared with 3.99% for BTCL.

What is the main difference between BITU and BTCL?

BITU is categorized as Cryptocurrency, while BTCL is Leveraged Cryptocurrency. They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.89 vs -0.89), 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.