BITX vs. CTA

Last updated Jun 7, 2026

BITX (2x Bitcoin Strategy ETF) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while CTA is a Systematic Trend fund actively managed by Simplify. BITX is passively managed, while CTA is actively managed. Over the past year, BITX returned -76.33% vs 9.47% for CTA. At a 0.06 correlation, their price movements are largely independent. BITX charges 2.38%/yr vs 0.78%/yr for CTA.

Performance

BITX vs. CTA - Performance Comparison

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

Returns By Period

In the year-to-date period, BITX achieves a -59.63% return, which is significantly lower than CTA's 9.07% return.

BITX

• 1D: -10.38%
• 1M: -44.71%
• YTD: -59.63%
• 6M: -62.06%
• 1Y: -76.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTA

• 1D: -1.49%
• 1M: -5.00%
• YTD: 9.07%
• 6M: 12.10%
• 1Y: 9.47%
• 3Y*: 10.84%
• 5Y*: —
• 10Y*: —

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

BITX vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-59.63%	-38.71%	163.41%	47.23%
CTA Simplify Managed Futures Strategy ETF	9.07%	0.88%	24.15%	0.03%

Correlation

The correlation between BITX and CTA is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.06

Return for Risk

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

CTA

CTA Risk / Return Rank: 20
CTA Sharpe Ratio Rank: 18
CTA Sortino Ratio Rank: 17
CTA Omega Ratio Rank: 19
CTA Calmar Ratio Rank: 22
CTA Martin Ratio Rank: 22

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	0.55	-1.41
Sortino ratio: Return per unit of downside risk	-1.54	0.84	-2.38
Omega ratio: Gain probability vs. loss probability	0.83	1.11	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.92	1.01	-1.92
Martin ratio: Return relative to average drawdown	-1.49	2.58	-4.07
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. CTA - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.86, which is lower than the CTA Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of BITX and CTA, 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	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	0.55	-1.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.57	-0.58

Drawdowns

BITX vs. CTA - Drawdown Comparison

The maximum BITX drawdown since its inception was -82.16%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for BITX and CTA.

Drawdown Indicators

	BITX	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-18.07%	-64.09%
Max Drawdown (1Y) Largest decline over 1 year	-82.16%	-11.00%	-71.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.23%	—
Current Drawdown Current decline from peak	-82.16%	-10.51%	-71.65%
Average Drawdown Average peak-to-trough decline	-31.83%	-5.68%	-26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.55%	4.28%	+46.27%

Volatility

BITX vs. CTA - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 20.21% compared to Simplify Managed Futures Strategy ETF (CTA) at 6.69%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.21%	6.69%	+13.52%
Volatility (6M) Calculated over the trailing 6-month period	68.69%	17.42%	+51.27%
Volatility (1Y) Calculated over the trailing 1-year period	87.44%	20.23%	+67.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.39%	16.60%	+81.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.39%	16.60%	+81.79%

BITX vs. CTA - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than CTA's 0.78% expense ratio.

Dividends

BITX vs. CTA - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 39.27%, more than CTA's 4.99% yield.

Position	TTM	2025	2024	2023	2022
BITX 2x Bitcoin Strategy ETF	39.27%	21.69%	10.70%	0.00%	0.00%
CTA Simplify Managed Futures Strategy ETF	4.99%	3.19%	4.80%	7.78%	6.58%

Frequently Asked Questions

Can I hold both BITX and CTA in my portfolio?

BITX and CTA have a correlation of 0.03, 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 CTA?

BITX has higher volatility (20.21%) compared to CTA (6.69%). In terms of maximum drawdown, BITX dropped -82.16% vs CTA's -18.07%.

Which ETF is better, BITX or CTA?

On 1-year performance, CTA leads with 9.47% vs -76.33% for BITX. On fees, CTA is cheaper at 0.78% per year. On volatility, CTA has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or CTA?

Over the 1-year period, CTA has performed better with a 9.47% return vs -76.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or CTA?

CTA is cheaper with a 0.78% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 39.27%, compared with 4.99% for CTA.

What is the main difference between BITX and CTA?

BITX is categorized as Cryptocurrency, while CTA is Systematic Trend. They also come from different issuers: Volatility Shares and Simplify. Their fees differ too: 2.38% for BITX and 0.78% for CTA.

Which has better risk-adjusted returns?

CTA currently has the higher Sharpe Ratio (0.55 vs -0.86), 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.