BITX vs. MIDU
BITX (2x Bitcoin Strategy ETF) and MIDU (Direxion Daily Mid Cap Bull 3X Shares) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%). Both are passively managed. Over the past year, BITX returned -73.99% vs 55.79% for MIDU. At a 0.36 correlation, their price movements are largely independent. BITX charges 2.38%/yr vs 1.06%/yr for MIDU.
Performance
BITX vs. MIDU - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -55.64% return, which is significantly lower than MIDU's 31.63% return.
BITX
- 1D
- 9.87%
- 1M
- -39.25%
- YTD
- -55.64%
- 6M
- -59.53%
- 1Y
- -73.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MIDU
- 1D
- 0.47%
- 1M
- -0.83%
- YTD
- 31.63%
- 6M
- 31.16%
- 1Y
- 55.79%
- 3Y*
- 22.83%
- 5Y*
- 1.62%
- 10Y*
- 11.46%
BITX vs. MIDU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -55.64% | -38.71% | 163.41% | 46.18% |
MIDU Direxion Daily Mid Cap Bull 3X Shares | 31.63% | -2.75% | 20.32% | 21.92% |
Correlation
The correlation between BITX and MIDU is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.36 |
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Return for Risk
BITX vs. MIDU — Risk / Return Rank
BITX
MIDU
BITX vs. MIDU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and Direxion Daily Mid Cap Bull 3X Shares (MIDU). 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 | MIDU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.17 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.46 | 7.20 | -8.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BITX | MIDU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | 1.20 | -2.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.34 | -0.33 |
Drawdowns
BITX vs. MIDU - Drawdown Comparison
The maximum BITX drawdown since its inception was -82.16%, roughly equal to the maximum MIDU drawdown of -86.26%. Use the drawdown chart below to compare losses from any high point for BITX and MIDU.
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Drawdown Indicators
| BITX | MIDU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.16% | -86.26% | +4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -82.16% | -25.80% | -56.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -60.41% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -64.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.26% | — |
Current DrawdownCurrent decline from peak | -80.39% | -8.37% | -72.02% |
Average DrawdownAverage peak-to-trough decline | -31.90% | -22.43% | -9.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.80% | 7.77% | +43.03% |
Volatility
BITX vs. MIDU - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 23.70% compared to Direxion Daily Mid Cap Bull 3X Shares (MIDU) at 12.33%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than MIDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITX | MIDU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.70% | 12.33% | +11.37% |
Volatility (6M)Calculated over the trailing 6-month period | 69.45% | 34.19% | +35.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.88% | 46.69% | +41.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 98.49% | 59.49% | +39.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 98.49% | 63.63% | +34.86% |
BITX vs. MIDU - Expense Ratio Comparison
BITX has a 2.38% expense ratio, which is higher than MIDU's 1.06% expense ratio.
Dividends
BITX vs. MIDU - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 35.74%, more than MIDU's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 35.74% | 21.69% | 10.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.67% | 1.04% | 1.10% | 1.43% | 0.11% | 0.00% | 0.06% | 0.71% | 0.70% | 2.67% | 1.89% |
Frequently Asked Questions
BITX and MIDU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (23.70%) compared to MIDU (12.33%). In terms of maximum drawdown, BITX dropped -82.16% vs MIDU's -86.26%.
On 1-year performance, MIDU leads with 55.79% vs -73.99% for BITX. On fees, MIDU is cheaper at 1.06% per year. On volatility, MIDU has been the lower-risk option at 12.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MIDU has performed better with a 55.79% return vs -73.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MIDU is cheaper with a 1.06% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 35.74%, compared with 0.67% for MIDU.
BITX is categorized as Cryptocurrency, while MIDU is Leveraged Equities. BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while MIDU tracks S&P MidCap 400 Index (300%). They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 2.38% for BITX and 1.06% for MIDU.
MIDU currently has the higher Sharpe Ratio (1.20 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.
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