BITX vs. BTCL

Last updated Jun 4, 2026

BITX (2x Bitcoin Strategy ETF) and BTCL (T-REX 2X Long Bitcoin Daily Target ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while BTCL is a Leveraged Cryptocurrency fund actively managed by REX. BITX is passively managed, while BTCL is actively managed. Over the past year, BITX returned -73.21% vs -74.22% for BTCL. With a 1.00 correlation, they move nearly in lockstep. BITX charges 2.38%/yr vs 0.95%/yr for BTCL.

Performance

BITX vs. BTCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BITX having a -52.31% return and BTCL slightly lower at -53.22%.

BITX

• 1D: -5.39%
• 1M: -34.65%
• YTD: -52.31%
• 6M: -58.66%
• 1Y: -73.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCL

• 1D: -5.48%
• 1M: -35.14%
• YTD: -53.22%
• 6M: -59.97%
• 1Y: -74.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. BTCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-52.31%	-38.71%	99.20%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-53.22%	-39.52%	105.78%

Correlation

The correlation between BITX and BTCL 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 Jul 11, 2024	1.00

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

Return for Risk

BITX vs. BTCL — 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: 2
BITX Omega Ratio Rank: 2
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

BTCL

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

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. BTCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). 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	BTCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.85	+0.01
Sortino ratio: Return per unit of downside risk	-1.45	-1.49	+0.05
Omega ratio: Gain probability vs. loss probability	0.84	0.83	0.00
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.93	0.00
Martin ratio: Return relative to average drawdown	-1.46	-1.47	+0.01
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. BTCL - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.85, which is comparable to the BTCL Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BITX and BTCL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITX	BTCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.85	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.25	+0.30

Drawdowns

BITX vs. BTCL - Drawdown Comparison

The maximum BITX drawdown since its inception was -78.92%, roughly equal to the maximum BTCL drawdown of -79.66%. Use the drawdown chart below to compare losses from any high point for BITX and BTCL.

Drawdown Indicators

	BITX	BTCL	Difference
Max Drawdown Largest peak-to-trough decline	-78.92%	-79.66%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-78.92%	-79.66%	+0.74%
Current Drawdown Current decline from peak	-78.92%	-79.66%	+0.74%
Average Drawdown Average peak-to-trough decline	-31.70%	-34.15%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.03%	50.49%	-0.46%

Volatility

BITX vs. BTCL - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL) have volatilities of 19.24% and 19.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	BTCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	19.12%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	69.07%	69.76%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	86.83%	87.35%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.27%	97.87%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.27%	97.87%	+0.40%

BITX vs. BTCL - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than BTCL's 0.95% expense ratio.

Dividends

BITX vs. BTCL - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 33.24%, more than BTCL's 3.62% yield.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	33.24%	21.69%	10.70%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.62%	1.70%	4.35%

Frequently Asked Questions

Can I hold both BITX and BTCL in my portfolio?

With a correlation of 1.00, BITX and BTCL 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 BTCL?

BITX has higher volatility (19.24%) compared to BTCL (19.12%). In terms of maximum drawdown, BITX dropped -78.92% vs BTCL's -79.66%.

Which ETF is better, BITX or BTCL?

On 1-year performance, BITX leads with -73.21% vs -74.22% for BTCL. On fees, BTCL is cheaper at 0.95% per year. On volatility, BTCL has been the lower-risk option at 19.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or BTCL?

Over the 1-year period, BITX has performed better with a -73.21% return vs -74.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or BTCL?

BTCL is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 33.24%, compared with 3.62% for BTCL.

What is the main difference between BITX and BTCL?

BITX is categorized as Cryptocurrency, while BTCL is Leveraged Cryptocurrency. They also come from different issuers: Volatility Shares and REX. Their fees differ too: 2.38% for BITX and 0.95% for BTCL.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.85 vs -0.85), 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.