BITX vs. ETHU

Last updated Jun 26, 2026

BITX (2x Bitcoin Strategy ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. BITX is passively managed, while ETHU is actively managed. Over the past year, BITX returned -78.67% vs -78.84% for ETHU. Their correlation of 0.82 suggests significant overlap in exposure. BITX charges 2.38%/yr vs 2.67%/yr for ETHU.

Performance

BITX vs. ETHU - Performance Comparison

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

Returns By Period

In the year-to-date period, BITX achieves a -61.72% return, which is significantly higher than ETHU's -79.57% return.

BITX

• 1D: -2.13%
• 1M: -40.88%
• YTD: -61.72%
• 6M: -61.62%
• 1Y: -78.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHU

• 1D: -3.56%
• 1M: -46.59%
• YTD: -79.57%
• 6M: -79.19%
• 1Y: -78.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-61.72%	-38.71%	30.13%
ETHU Volatility Shares 2x Ether ETF	-79.57%	-64.38%	-48.73%

Correlation

The correlation between BITX and ETHU is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.82

The correlation between BITX and ETHU has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

BITX vs. ETHU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITX

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 5
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 4

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. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.57	-0.33
Sortino ratio: Return per unit of downside risk	-1.75	-0.60	-1.14
Omega ratio: Gain probability vs. loss probability	0.81	0.93	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.84	-0.11
Martin ratio: Return relative to average drawdown	-1.46	-1.19	-0.27

BITX vs. ETHU - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is lower than the ETHU Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of BITX and ETHU, 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. ETHU - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.08%, smaller than the maximum ETHU drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BITX and ETHU.

Drawdown Indicators

	BITX	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-83.08%	-96.46%	+13.38%
Max Drawdown (1Y) Largest decline over 1 year	-83.08%	-93.99%	+10.91%
Max Drawdown (3Y) Largest decline over 3 years	-83.08%	—	—
Current Drawdown Current decline from peak	-83.08%	-96.46%	+13.38%
Average Drawdown Average peak-to-trough decline	-32.64%	-70.04%	+37.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.73%	66.04%	-12.31%

Volatility

BITX vs. ETHU - Volatility Comparison

The current volatility for 2x Bitcoin Strategy ETF (BITX) is 26.48%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 39.99%. This indicates that BITX experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.48%	39.99%	-13.51%
Volatility (6M) Calculated over the trailing 6-month period	69.36%	94.89%	-25.53%
Volatility (1Y) Calculated over the trailing 1-year period	88.09%	138.64%	-50.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.17%	143.18%	-45.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.17%	143.18%	-45.01%

BITX vs. ETHU - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

BITX vs. ETHU - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 41.63%, more than ETHU's 7.17% yield.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	41.63%	21.69%	10.70%
ETHU Volatility Shares 2x Ether ETF	7.17%	2.31%	0.41%

Frequently Asked Questions

Can I hold both BITX and ETHU in my portfolio?

BITX and ETHU have a correlation of 0.89, 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 ETHU?

ETHU has higher volatility (39.99%) compared to BITX (26.48%). In terms of maximum drawdown, BITX dropped -83.08% vs ETHU's -96.46%.

Which ETF is better, BITX or ETHU?

On 1-year performance, BITX leads with -78.67% vs -78.84% for ETHU. On fees, BITX is cheaper at 2.38% per year. On volatility, BITX has been the lower-risk option at 26.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or ETHU?

Over the 1-year period, BITX has performed better with a -78.67% return vs -78.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or ETHU?

BITX is cheaper with a 2.38% expense ratio, compared with 2.67% for ETHU.

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

BITX has the higher dividend yield at 41.63%, compared with 7.17% for ETHU.

What is the main difference between BITX and ETHU?

BITX is categorized as Cryptocurrency, while ETHU is Leveraged Cryptocurrency. Their fees differ too: 2.38% for BITX and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.57 vs -0.90), 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.