BITX vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Volatility Shares 2x Bitcoin Strategy ETF (BITX) and Bitcoin (BTC-USD).

BITX is an actively managed fund by Volatility Shares. It was launched on Jun 27, 2023.

Performance

BITX vs. BTC-USD - Performance Comparison

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

BITX vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX Volatility Shares 2x Bitcoin Strategy ETF	-47.95%	-38.71%	163.41%	47.23%
BTC-USD Bitcoin	-23.70%	-6.27%	120.76%	37.76%

Returns By Period

In the year-to-date period, BITX achieves a -47.95% return, which is significantly lower than BTC-USD's -23.70% return.

BITX

• 1D: -3.42%
• 1M: -6.23%
• YTD: -47.95%
• 6M: -75.23%
• 1Y: -58.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

Return for Risk

BITX vs. BTC-USD — 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: 2
BITX Sortino Ratio Rank: 3
BITX Omega Ratio Rank: 3
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Bitcoin Strategy ETF (BITX) and Bitcoin (BTC-USD). 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.

	BITX	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.43	-0.22
Sortino ratio Return per unit of downside risk	-0.73	-0.36	-0.37
Omega ratio Gain probability vs. loss probability	0.92	0.96	-0.04
Calmar ratio Return relative to maximum drawdown	-0.73	-1.14	+0.40
Martin ratio Return relative to average drawdown	-1.39	-2.03	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITX vs. BTC-USD - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.66, which is lower than the BTC-USD Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of BITX and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITX	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.43	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.18	-1.10

Correlation

The correlation between BITX and BTC-USD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

BITX vs. BTC-USD - Drawdown Comparison

The maximum BITX drawdown since its inception was -77.88%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BITX and BTC-USD.

Drawdown Indicators

	BITX	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-77.88%	-85.30%	+7.42%
Max Drawdown (1Y) Largest decline over 1 year	-77.88%	-49.65%	-28.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-77.00%	-46.47%	-30.53%
Average Drawdown Average peak-to-trough decline	-29.33%	-42.00%	+12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.02%	27.75%	+13.27%

Volatility

BITX vs. BTC-USD - Volatility Comparison

Volatility Shares 2x Bitcoin Strategy ETF (BITX) has a higher volatility of 21.95% compared to Bitcoin (BTC-USD) at 13.70%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.95%	13.70%	+8.25%
Volatility (6M) Calculated over the trailing 6-month period	73.49%	35.96%	+37.53%
Volatility (1Y) Calculated over the trailing 1-year period	90.04%	36.69%	+53.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.78%	46.91%	+52.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.78%	56.71%	+43.07%