BITX vs. MARA

Last updated Jun 4, 2026

BITX (2x Bitcoin Strategy ETF) is Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MARA (Marathon Digital Holdings, Inc.) is a stock. Over the past year, BITX returned -73.21% vs -8.94% for MARA. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

BITX vs. MARA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and Marathon Digital Holdings, Inc. (MARA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITX achieves a -52.31% return, which is significantly lower than MARA's 55.46% return.

BITX

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

MARA

• 1D: -2.24%
• 1M: 18.01%
• YTD: 55.46%
• 6M: 11.95%
• 1Y: -8.94%
• 3Y*: 11.65%
• 5Y*: -10.53%
• 10Y*: -10.91%

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

BITX vs. MARA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITX 2x Bitcoin Strategy ETF	-52.31%	-38.71%	163.41%	47.23%
MARA Marathon Digital Holdings, Inc.	55.46%	-46.45%	-28.61%	75.56%

Correlation

The correlation between BITX and MARA is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.67

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

Return for Risk

BITX vs. MARA — 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

MARA

MARA Risk / Return Rank: 37
MARA Sharpe Ratio Rank: 36
MARA Sortino Ratio Rank: 39
MARA Omega Ratio Rank: 38
MARA Calmar Ratio Rank: 36
MARA Martin Ratio Rank: 36

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. MARA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Marathon Digital Holdings, Inc. (MARA). 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	MARA	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.12	-0.73
Sortino ratio: Return per unit of downside risk	-1.45	0.39	-1.84
Omega ratio: Gain probability vs. loss probability	0.84	1.05	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.13	-0.80
Martin ratio: Return relative to average drawdown	-1.46	-0.21	-1.25
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. MARA - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.85, which is lower than the MARA Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of BITX and MARA, 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	MARA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.12	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.09	+0.13

Drawdowns

BITX vs. MARA - Drawdown Comparison

The maximum BITX drawdown since its inception was -78.92%, smaller than the maximum MARA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for BITX and MARA.

Drawdown Indicators

	BITX	MARA	Difference
Max Drawdown Largest peak-to-trough decline	-78.92%	-99.74%	+20.82%
Max Drawdown (1Y) Largest decline over 1 year	-78.92%	-70.53%	-8.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-78.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-95.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.20%	—
Current Drawdown Current decline from peak	-78.92%	-90.98%	+12.06%
Average Drawdown Average peak-to-trough decline	-31.70%	-78.00%	+46.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.03%	42.03%	+8.00%

Volatility

BITX vs. MARA - Volatility Comparison

2x Bitcoin Strategy ETF (BITX) has a higher volatility of 19.24% compared to Marathon Digital Holdings, Inc. (MARA) at 16.33%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than MARA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	MARA	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	16.33%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	69.07%	58.00%	+11.07%
Volatility (1Y) Calculated over the trailing 1-year period	86.83%	77.65%	+9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.27%	105.79%	-7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.27%	144.06%	-45.79%

Dividends

BITX vs. MARA - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 33.24%, while MARA has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	33.24%	21.69%	10.70%
MARA Marathon Digital Holdings, Inc.	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and MARA in my portfolio?

BITX and MARA have a correlation of 0.67, 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 MARA?

BITX has higher volatility (19.24%) compared to MARA (16.33%). In terms of maximum drawdown, BITX dropped -78.92% vs MARA's -99.74%.

Which has better risk-adjusted returns?

MARA currently has the higher Sharpe Ratio (-0.12 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.