BITX vs. MSTU

Last updated Aug 2, 2026

BITX (2x Bitcoin Strategy ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MSTU is a Leveraged Equities fund actively managed by T-Rex. BITX is passively managed, while MSTU is actively managed. Over the past year, BITX returned -77.94% vs -97.37% for MSTU. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BITX charges 2.38%/yr vs 1.05%/yr for MSTU.

Performance

BITX vs. MSTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Bitcoin Strategy ETF (BITX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITX achieves a -57.64% return, which is significantly higher than MSTU's -78.82% return.

BITX

• 1D: -5.89%
• 1M: 3.21%
• 6M: -52.61%
• YTD: -57.64%
• 1Y: -77.94%
• 3Y*: 5.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.01%

MSTU

• 1D: -8.33%
• 1M: -18.14%
• 6M: -76.72%
• YTD: -78.82%
• 1Y: -97.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITX 2x Bitcoin Strategy ETF	$90.28M	$99.74M	$121.60M
MSTU T-Rex 2X Long MSTR Daily Target ETF	$207.37M	$183.22M	$204.16M

BITX vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-57.64%	-38.71%	108.68%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.82%	-89.07%	205.47%

Correlation

The correlation between BITX and MSTU is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.78

The correlation between BITX and MSTU has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

BITX vs. MSTU — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITX vs. MSTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.66	-0.24
Sortino ratio: Return per unit of downside risk	-1.78	-2.52	+0.74
Omega ratio: Gain probability vs. loss probability	0.81	0.74	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.95	-1.00	+0.04
Martin ratio: Return relative to average drawdown	-1.34	-1.21	-0.12

BITX vs. MSTU - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.90, which is lower than the MSTU Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BITX and MSTU, 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. MSTU - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum MSTU drawdown of -99.43%. Use the drawdown chart below to compare losses from any high point for BITX and MSTU.

Drawdown Indicators

	BITX	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-83.45%	-99.43%	+15.98%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-98.15%	+14.70%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-81.28%	-99.31%	+18.03%
Average Drawdown Average peak-to-trough decline	-34.19%	-74.11%	+39.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.44%	80.95%	-21.51%

Volatility

BITX vs. MSTU - Volatility Comparison

The current volatility for 2x Bitcoin Strategy ETF (BITX) is 17.98%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 36.34%. This indicates that BITX experiences smaller price fluctuations and is considered to be less risky than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITX	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.98%	36.34%	-18.36%
Volatility (6M) Calculated over the trailing 6-month period	67.72%	119.58%	-51.86%
Volatility (1Y) Calculated over the trailing 1-year period	88.19%	148.47%	-60.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	168.54%	-71.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	168.54%	-71.35%

BITX vs. MSTU - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than MSTU's 1.05% expense ratio.

Dividends

BITX vs. MSTU - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 27.89%, while MSTU has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	27.89%	21.69%	10.70%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITX and MSTU in my portfolio?

BITX and MSTU have a correlation of 0.85, 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 MSTU?

MSTU has higher volatility (36.34%) compared to BITX (17.98%). In terms of maximum drawdown, BITX dropped -83.45% vs MSTU's -99.43%.

Which ETF is better, BITX or MSTU?

On 1-year performance, BITX leads with -77.94% vs -97.37% for MSTU. On fees, MSTU is cheaper at 1.05% per year. On volatility, BITX has been the lower-risk option at 17.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or MSTU?

Over the 1-year period, BITX has performed better with a -77.94% return vs -97.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or MSTU?

MSTU is cheaper with a 1.05% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 27.89%, compared with 0.00% for MSTU.

What is the main difference between BITX and MSTU?

BITX is categorized as Cryptocurrency, while MSTU is Leveraged Equities. They also come from different issuers: Volatility Shares and T-Rex. Their fees differ too: 2.38% for BITX and 1.05% for MSTU.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.66 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.