BITX vs. MARA
BITX (2x Bitcoin Strategy ETF) is Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MARA (MARA Holdings, Inc.) is a stock. Over the past 3 years, BITX returned 4.38%/yr vs -12.37%/yr for MARA. A 0.66 correlation means they provide meaningful diversification when combined.
Performance
BITX vs. MARA - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -55.00% return, which is significantly lower than MARA's 35.41% return.
BITX
- 1D
- 7.45%
- 1M
- 0.87%
- 6M
- -61.05%
- YTD
- -55.00%
- 1Y
- -79.48%
- 3Y*
- 4.38%
- 5Y*
- —
- 10Y*
- —
MARA
- 1D
- -0.25%
- 1M
- -13.64%
- 6M
- 11.05%
- YTD
- 35.41%
- 1Y
- -36.70%
- 3Y*
- -12.37%
- 5Y*
- -13.06%
- 10Y*
- -13.11%
BITX vs. MARA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -55.00% | -38.71% | 163.41% | 46.18% |
MARA MARA Holdings, Inc. | 35.41% | -46.45% | -28.61% | 99.24% |
Correlation
The correlation between BITX and MARA is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.66 |
The correlation between BITX and MARA has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.
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Return for Risk
BITX vs. MARA — Risk / Return Rank
BITX
MARA
BITX vs. MARA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and MARA 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.
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 | MARA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.97 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.52 | -0.43 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.83 | -0.57 |
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Drawdowns
BITX vs. MARA - Drawdown Comparison
The maximum BITX drawdown since its inception was -83.45%, 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.
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Drawdown Indicators
| BITX | MARA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.45% | -99.74% | +16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -83.45% | -70.53% | -12.92% |
Max Drawdown (3Y)Largest decline over 3 years | -83.45% | -78.34% | -5.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.20% | — |
Current DrawdownCurrent decline from peak | -80.11% | -92.14% | +12.03% |
Average DrawdownAverage peak-to-trough decline | -33.41% | -78.07% | +44.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.60% | 44.09% | +12.51% |
Volatility
BITX vs. MARA - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 23.23% compared to MARA Holdings, Inc. (MARA) at 20.14%. 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.
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Volatility by Period
| BITX | MARA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.23% | 20.14% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 70.21% | 60.70% | +9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.21% | 79.34% | +8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 97.81% | 106.01% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 97.81% | 144.24% | -46.43% |
Dividends
BITX vs. MARA - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 31.05%, while MARA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 31.05% | 21.69% | 10.70% |
MARA MARA Holdings, Inc. | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITX and MARA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (23.23%) compared to MARA (20.14%). In terms of maximum drawdown, BITX dropped -83.45% vs MARA's -99.74%.
MARA currently has the higher Sharpe Ratio (-0.46 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.
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