BITX vs. BTC-USD
BITX (2x Bitcoin Strategy ETF) is Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, BITX returned 7.04%/yr vs 29.33%/yr for BTC-USD. Their 0.72 correlation means they have sometimes moved together and sometimes differently.
Performance
BITX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -54.81% return, which is significantly lower than BTC-USD's -27.52% return.
BITX
- 1D
- 2.13%
- 1M
- 16.17%
- 6M
- -53.98%
- YTD
- -54.81%
- 1Y
- -78.17%
- 3Y*
- 7.04%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.11%
BTC-USD
- 1D
- -2.94%
- 1M
- 5.82%
- 6M
- -28.14%
- YTD
- -27.52%
- 1Y
- -46.91%
- 3Y*
- 29.33%
- 5Y*
- 9.64%
- 10Y*
- 57.93%
- ALL TIME*
- 88.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $96.99M | $100.75M | $122.82M | |
BTC-USD Bitcoin | $1582.54T | $1678.87T | $2177.98T |
BITX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -54.81% | -38.71% | 163.41% | 46.18% |
BTC-USD Bitcoin | -27.52% | -6.27% | 120.76% | 39.69% |
Correlation
The correlation between BITX and BTC-USD is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.72 |
The correlation between BITX and BTC-USD has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
BITX vs. BTC-USD — Risk / Return Rank
BITX
BTC-USD
BITX vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 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.
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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.83 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.88 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.38 | +0.05 |
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Drawdowns
BITX vs. BTC-USD - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, roughly equal to 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.
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Drawdown Indicators
| BITX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -85.30% | +1.85% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -53.08% | -30.37% |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | -53.08% | -30.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -80.03% | -49.15% | -30.88% |
Average DrawdownAverage peak-to-trough decline | -33.95% | -42.67% | +8.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.56% | 24.39% | +34.17% |
Volatility
BITX vs. BTC-USD - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.49% compared to Bitcoin (BTC-USD) at 9.31%. 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.
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Volatility by Period
| BITX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.49% | 9.31% | +8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 68.46% | 34.71% | +33.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.07% | 35.87% | +52.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.33% | 43.72% | +53.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.33% | 56.34% | +40.99% |
Frequently Asked Questions
BITX and BTC-USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (17.49%) compared to BTC-USD (9.31%). In terms of maximum drawdown, BITX dropped -83.45% vs BTC-USD's -85.30%.
BITX currently has the higher Sharpe Ratio (-0.89 vs -1.09), 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.
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