BITW vs. MSTZ

Last updated Jul 15, 2026

BITW (Bitwise 10 Crypto Index ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while MSTZ is a Inverse Equities fund actively managed by REX. BITW is passively managed, while MSTZ is actively managed. Over the past year, BITW returned -43.70% vs 266.72% for MSTZ. At a correlation of -0.71, they often move in opposite directions. BITW charges 0.75%/yr vs 1.05%/yr for MSTZ.

Performance

BITW vs. MSTZ - Performance Comparison

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

Returns By Period

In the year-to-date period, BITW achieves a -29.09% return, which is significantly higher than MSTZ's -31.90% return.

BITW

• 1D: 4.33%
• 1M: 3.34%
• 6M: -34.97%
• YTD: -29.09%
• 1Y: -43.70%
• 3Y*: 46.32%
• 5Y*: 3.55%
• 10Y*: —

MSTZ

• 1D: -11.25%
• 1M: 29.92%
• 6M: -7.52%
• YTD: -31.90%
• 1Y: 266.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITW Bitwise 10 Crypto Index ETF	-29.09%	-2.63%	122.37%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-31.90%	-38.95%	-94.43%

Correlation

The correlation between BITW and MSTZ is -0.82, 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	-0.82
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.71

The correlation between BITW and MSTZ shifts across timeframes, from -0.82 (1 year) to -0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITW vs. MSTZ — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 3
BITW Sharpe Ratio Rank: 2
BITW Sortino Ratio Rank: 3
BITW Omega Ratio Rank: 3
BITW Calmar Ratio Rank: 3
BITW Martin Ratio Rank: 3

MSTZ

MSTZ Risk / Return Rank: 65
MSTZ Sharpe Ratio Rank: 71
MSTZ Sortino Ratio Rank: 65
MSTZ Omega Ratio Rank: 66
MSTZ Calmar Ratio Rank: 77
MSTZ Martin Ratio Rank: 46

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.

BITW vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.81	-2.69
Sortino ratio: Return per unit of downside risk	-1.24	2.41	-3.65
Omega ratio: Gain probability vs. loss probability	0.86	1.31	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.78	3.16	-3.94
Martin ratio: Return relative to average drawdown	-1.25	6.14	-7.39

BITW vs. MSTZ - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.88, which is lower than the MSTZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. MSTZ - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for BITW and MSTZ.

Drawdown Indicators

	BITW	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-99.38%	+2.92%
Max Drawdown (1Y) Largest decline over 1 year	-56.45%	-84.89%	+28.44%
Max Drawdown (3Y) Largest decline over 3 years	-56.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.03%	-97.68%	+27.65%
Average Drawdown Average peak-to-trough decline	-69.58%	-94.54%	+24.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.97%	43.66%	-8.69%

Volatility

BITW vs. MSTZ - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 12.84%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 57.19%. This indicates that BITW 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

	BITW	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.84%	57.19%	-44.35%
Volatility (6M) Calculated over the trailing 6-month period	37.64%	135.18%	-97.54%
Volatility (1Y) Calculated over the trailing 1-year period	49.77%	148.74%	-98.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.31%	171.04%	-105.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.89%	171.04%	-63.15%

BITW vs. MSTZ - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

BITW vs. MSTZ - Dividend Comparison

Neither BITW nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITW and MSTZ in my portfolio?

BITW and MSTZ have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or MSTZ?

MSTZ has higher volatility (57.19%) compared to BITW (12.84%). In terms of maximum drawdown, BITW dropped -96.46% vs MSTZ's -99.38%.

Which ETF is better, BITW or MSTZ?

On 1-year performance, MSTZ leads with 266.72% vs -43.70% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 12.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or MSTZ?

Over the 1-year period, MSTZ has performed better with a 266.72% return vs -43.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or MSTZ?

BITW is cheaper with a 0.75% expense ratio, compared with 1.05% for MSTZ.

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

BITW and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between BITW and MSTZ?

BITW is categorized as Cryptocurrency, while MSTZ is Inverse Equities. They also come from different issuers: Bitwise and REX. Their fees differ too: 0.75% for BITW and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.81 vs -0.88), 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.