BITU vs. MSTU

Last updated Aug 5, 2026

BITU (Proshares Ultra Bitcoin ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both exchange-traded funds - BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross, while MSTU is a Leveraged Equities fund actively managed by T-Rex. BITU is passively managed, while MSTU is actively managed. Over the past year, BITU returned -77.91% vs -97.45% for MSTU. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BITU charges 0.95%/yr vs 1.05%/yr for MSTU.

Performance

BITU vs. MSTU - 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 MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITU achieves a -56.85% return, which is significantly higher than MSTU's -77.02% return.

BITU

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

MSTU

• 1D: 5.52%
• 1M: -11.16%
• 6M: -67.68%
• YTD: -77.02%
• 1Y: -97.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.56%

*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
MSTU T-Rex 2X Long MSTR Daily Target ETF	$192.81M	$179.85M	$196.87M

BITU vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITU Proshares Ultra Bitcoin ETF	-56.85%	-37.07%	111.94%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-77.02%	-89.07%	205.47%

Correlation

The correlation between BITU and MSTU is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.78

The correlation between BITU and MSTU has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

BITU vs. MSTU — 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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

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. MSTU - 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 MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.66	-0.22
Sortino ratio: Return per unit of downside risk	-1.68	-2.42	+0.74
Omega ratio: Gain probability vs. loss probability	0.82	0.75	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.99	+0.06
Martin ratio: Return relative to average drawdown	-1.30	-1.20	-0.10

BITU vs. MSTU - Sharpe Ratio Comparison

The current BITU Sharpe Ratio is -0.89, which is lower than the MSTU Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BITU and MSTU, 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. MSTU - Drawdown Comparison

The maximum BITU drawdown since its inception was -83.45%, smaller than the maximum MSTU drawdown of -99.43%. Use the drawdown chart below to compare losses from any high point for BITU and MSTU.

Drawdown Indicators

	BITU	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-99.43%	+15.98%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-98.15%	+14.70%
Current Drawdown Current decline from peak	-80.70%	-99.26%	+18.56%
Average Drawdown Average peak-to-trough decline	-37.76%	-74.21%	+36.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.73%	81.07%	-21.34%

Volatility

BITU vs. MSTU - Volatility Comparison

The current volatility for Proshares Ultra Bitcoin ETF (BITU) is 16.04%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 33.42%. This indicates that BITU experiences smaller price fluctuations and is considered to be less risky than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITU	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	33.42%	-17.38%
Volatility (6M) Calculated over the trailing 6-month period	66.33%	118.68%	-52.35%
Volatility (1Y) Calculated over the trailing 1-year period	88.24%	147.65%	-59.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.93%	168.24%	-72.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.93%	168.24%	-72.31%

BITU vs. MSTU - Expense Ratio Comparison

BITU has a 0.95% expense ratio, which is lower than MSTU's 1.05% expense ratio.

Dividends

BITU vs. MSTU - Dividend Comparison

BITU's dividend yield for the trailing twelve months is around 79.54%, while MSTU has not paid dividends to shareholders.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	79.54%	50.23%	0.12%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITU and MSTU in my portfolio?

BITU and MSTU have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITU or MSTU?

MSTU has higher volatility (33.42%) compared to BITU (16.04%). In terms of maximum drawdown, BITU dropped -83.45% vs MSTU's -99.43%.

Which ETF is better, BITU or MSTU?

On 1-year performance, BITU leads with -77.91% vs -97.45% for MSTU. On fees, BITU is cheaper at 0.95% per year. 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 MSTU?

Over the 1-year period, BITU has performed better with a -77.91% return vs -97.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITU or MSTU?

BITU is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTU.

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

BITU has the higher dividend yield at 79.54%, compared with 0.00% for MSTU.

What is the main difference between BITU and MSTU?

BITU is categorized as Cryptocurrency, while MSTU is Leveraged Equities. They also come from different issuers: ProShares and T-Rex. Their fees differ too: 0.95% for BITU and 1.05% for MSTU.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.66 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.