BITX vs. CEPI

Last updated Aug 4, 2026

BITX (2x Bitcoin Strategy ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while CEPI is a Derivative Income fund actively managed by REX. BITX is passively managed, while CEPI is actively managed. Over the past year, BITX returned -77.31% vs 23.11% for CEPI. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BITX charges 2.38%/yr vs 0.85%/yr for CEPI.

Performance

BITX vs. CEPI - Performance Comparison

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

Returns By Period

In the year-to-date period, BITX achieves a -56.44% return, which is significantly lower than CEPI's 17.46% return.

BITX

• 1D: 2.83%
• 1M: 6.13%
• 6M: -43.47%
• YTD: -56.44%
• 1Y: -77.31%
• 3Y*: 6.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.89%

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITX 2x Bitcoin Strategy ETF	$88.24M	$96.85M	$117.71M
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M

BITX vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-56.44%	-38.71%	-10.08%
CEPI REX Crypto Equity Premium Income ETF	17.46%	10.75%	-7.02%

Correlation

The correlation between BITX and CEPI is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.67

The correlation between BITX and CEPI has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

BITX vs. CEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITX

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

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITX vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.79	-1.67
Sortino ratio: Return per unit of downside risk	-1.65	1.24	-2.89
Omega ratio: Gain probability vs. loss probability	0.82	1.16	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.93	1.03	-1.96
Martin ratio: Return relative to average drawdown	-1.30	2.40	-3.70

BITX vs. CEPI - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.88, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of BITX and CEPI, 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. CEPI - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BITX and CEPI.

Drawdown Indicators

	BITX	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-29.48%	-53.97%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-22.47%	-60.98%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-80.75%	-5.73%	-75.02%
Average Drawdown Average peak-to-trough decline	-34.25%	-8.23%	-26.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.65%	9.65%	+50.00%

Volatility

BITX vs. CEPI - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 17.57% compared to REX Crypto Equity Premium Income ETF (CEPI) at 11.47%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	11.47%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	67.80%	23.71%	+44.09%
Volatility (1Y) Calculated over the trailing 1-year period	88.21%	29.38%	+58.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.14%	31.91%	+65.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.14%	31.91%	+65.23%

BITX vs. CEPI - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BITX vs. CEPI - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.12%, less than CEPI's 44.70% yield.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	27.12%	21.69%	10.70%
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%	0.00%

Frequently Asked Questions

Can I hold both BITX and CEPI in my portfolio?

BITX and CEPI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or CEPI?

BITX has higher volatility (17.57%) compared to CEPI (11.47%). In terms of maximum drawdown, BITX dropped -83.45% vs CEPI's -29.48%.

Which ETF is better, BITX or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -77.31% for BITX. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -77.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 2.38% for BITX.

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

CEPI has the higher dividend yield at 44.70%, compared with 27.12% for BITX.

What is the main difference between BITX and CEPI?

BITX is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Volatility Shares and REX. Their fees differ too: 2.38% for BITX and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 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.