BITX vs. BRRR

Last updated Jun 12, 2026

BITX (2x Bitcoin Strategy ETF) and BRRR (Valkyrie Bitcoin ETF) are both Cryptocurrency funds - BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%) while BRRR tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BITX returned -75.90% vs -41.75% for BRRR. With a 1.00 correlation, they move nearly in lockstep. BITX charges 2.38%/yr vs 0.25%/yr for BRRR.

Performance

BITX vs. BRRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Valkyrie Bitcoin ETF (BRRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITX achieves a -55.42% return, which is significantly lower than BRRR's -27.50% return.

BITX

• 1D: 5.31%
• 1M: -39.81%
• YTD: -55.42%
• 6M: -60.16%
• 1Y: -75.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BRRR

• 1D: 2.75%
• 1M: -21.36%
• YTD: -27.50%
• 6M: -30.88%
• 1Y: -41.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. BRRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-55.42%	-38.71%	124.62%
BRRR Valkyrie Bitcoin ETF	-27.50%	-6.50%	87.59%

Correlation

The correlation between BITX and BRRR is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

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

Return for Risk

BITX vs. BRRR — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 2
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

BRRR

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

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.

BITX vs. BRRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Valkyrie Bitcoin ETF (BRRR). 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.

	BITX	BRRR	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.95	+0.08
Sortino ratio: Return per unit of downside risk	-1.58	-1.37	-0.22
Omega ratio: Gain probability vs. loss probability	0.82	0.85	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.80	-0.12
Martin ratio: Return relative to average drawdown	-1.47	-1.42	-0.05

BITX vs. BRRR - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.87, which is comparable to the BRRR Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of BITX and BRRR, 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

BITX vs. BRRR - Drawdown Comparison

The maximum BITX drawdown since its inception was -82.16%, which is greater than BRRR's maximum drawdown of -52.09%. Use the drawdown chart below to compare losses from any high point for BITX and BRRR.

Drawdown Indicators

	BITX	BRRR	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-52.09%	-30.07%
Max Drawdown (1Y) Largest decline over 1 year	-82.16%	-52.09%	-30.07%
Current Drawdown Current decline from peak	-80.30%	-49.44%	-30.86%
Average Drawdown Average peak-to-trough decline	-32.06%	-16.50%	-15.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.55%	29.44%	+22.11%

Volatility

BITX vs. BRRR - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 23.98% compared to Valkyrie Bitcoin ETF (BRRR) at 12.04%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than BRRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	BRRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.98%	12.04%	+11.94%
Volatility (6M) Calculated over the trailing 6-month period	69.16%	34.44%	+34.72%
Volatility (1Y) Calculated over the trailing 1-year period	87.51%	43.98%	+43.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.30%	50.06%	+48.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.30%	50.06%	+48.24%

BITX vs. BRRR - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than BRRR's 0.25% expense ratio.

Dividends

BITX vs. BRRR - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 35.57%, while BRRR has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	35.57%	21.69%	10.70%
BRRR Valkyrie Bitcoin ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and BRRR in my portfolio?

With a correlation of 1.00, BITX and BRRR 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, BITX or BRRR?

BITX has higher volatility (23.98%) compared to BRRR (12.04%). In terms of maximum drawdown, BITX dropped -82.16% vs BRRR's -52.09%.

Which ETF is better, BITX or BRRR?

On 1-year performance, BRRR leads with -41.75% vs -75.90% for BITX. On fees, BRRR is cheaper at 0.25% per year. On volatility, BRRR has been the lower-risk option at 12.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or BRRR?

Over the 1-year period, BRRR has performed better with a -41.75% return vs -75.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or BRRR?

BRRR is cheaper with a 0.25% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, BITX or BRRR?

BITX has the higher dividend yield at 35.57%, compared with 0.00% for BRRR.

What is the main difference between BITX and BRRR?

BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while BRRR tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Volatility Shares and Valkyrie Digital Assets. Their fees differ too: 2.38% for BITX and 0.25% for BRRR.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.87 vs -0.95), 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.