BITX vs. MSTU

Last updated Apr 1, 2026

Compare and contrast key facts about Volatility Shares 2x Bitcoin Strategy ETF (BITX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU).

BITX and MSTU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITX is an actively managed fund by Volatility Shares. It was launched on Jun 27, 2023. MSTU is an actively managed fund by T-Rex. It was launched on Sep 18, 2024.

Performance

BITX vs. MSTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 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.

BITX vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX Volatility Shares 2x Bitcoin Strategy ETF	-46.69%	-38.71%	108.44%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-48.86%	-89.07%	197.84%

Returns By Period

The year-to-date returns for both stocks are quite close, with BITX having a -46.69% return and MSTU slightly lower at -48.86%.

BITX

• 1D: 3.88%
• 1M: 3.53%
• YTD: -46.69%
• 6M: -71.66%
• 1Y: -53.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTU

• 1D: 5.59%
• 1M: -13.09%
• YTD: -48.86%
• 6M: -90.86%
• 1Y: -92.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. MSTU - Expense Ratio Comparison

BITX has a 1.85% expense ratio, which is higher than MSTU's 1.05% expense ratio.

BITX

Volatility Shares 2x Bitcoin Strategy ETF

MSTU

T-Rex 2X Long MSTR Daily Target ETF

Return for Risk

BITX vs. MSTU — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 3
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 4
BITX Omega Ratio Rank: 4
BITX Calmar Ratio Rank: 2
BITX Martin Ratio Rank: 2

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 3
MSTU Sortino Ratio Rank: 1
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 2

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. MSTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 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.

	BITX	MSTU	Difference
Sharpe ratio Return per unit of total volatility	-0.59	-0.63	+0.04
Sortino ratio Return per unit of downside risk	-0.53	-1.49	+0.96
Omega ratio Gain probability vs. loss probability	0.94	0.83	+0.11
Calmar ratio Return relative to maximum drawdown	-0.70	-0.96	+0.26
Martin ratio Return relative to average drawdown	-1.35	-1.43	+0.08
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. MSTU - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.59, which is comparable to the MSTU Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of BITX and MSTU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITX	MSTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	-0.63	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	-0.40	+0.49

Correlation

The correlation between BITX and MSTU is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITX vs. MSTU - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 36.66%, while MSTU has not paid dividends to shareholders.

	TTM	2025	2024
BITX Volatility Shares 2x Bitcoin Strategy ETF	36.66%	21.69%	10.70%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Drawdowns

BITX vs. MSTU - Drawdown Comparison

The maximum BITX drawdown since its inception was -77.88%, smaller than the maximum MSTU drawdown of -98.58%. 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	-77.88%	-98.58%	+20.70%
Max Drawdown (1Y) Largest decline over 1 year	-77.88%	-96.58%	+18.70%
Current Drawdown Current decline from peak	-76.44%	-98.34%	+21.90%
Average Drawdown Average peak-to-trough decline	-29.19%	-69.01%	+39.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.45%	64.73%	-24.28%

Volatility

BITX vs. MSTU - Volatility Comparison

The current volatility for Volatility Shares 2x Bitcoin Strategy ETF (BITX) is 26.02%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 37.12%. 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	26.02%	37.12%	-11.10%
Volatility (6M) Calculated over the trailing 6-month period	73.70%	110.15%	-36.45%
Volatility (1Y) Calculated over the trailing 1-year period	90.25%	145.82%	-55.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.89%	171.76%	-71.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.89%	171.76%	-71.87%