BITX vs. USML
BITX (2x Bitcoin Strategy ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, BITX returned -76.33% vs 1.50% for USML. At a 0.21 correlation, their price movements are largely independent. BITX charges 2.38%/yr vs 0.95%/yr for USML.
Performance
BITX vs. USML - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BITX achieves a -59.63% return, which is significantly lower than USML's 1.71% return.
BITX
- 1D
- -10.38%
- 1M
- -44.71%
- YTD
- -59.63%
- 6M
- -62.06%
- 1Y
- -76.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USML
- 1D
- -1.73%
- 1M
- 3.16%
- YTD
- 1.71%
- 6M
- 1.67%
- 1Y
- 1.50%
- 3Y*
- 16.28%
- 5Y*
- 7.85%
- 10Y*
- —
BITX vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -59.63% | -38.71% | 163.41% | 47.23% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.71% | 9.33% | 23.97% | 9.43% |
Correlation
The correlation between BITX and USML is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.21 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BITX vs. USML — Risk / Return Rank
BITX
USML
BITX vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.04 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.22 | -1.14 |
| Martin ratioReturn relative to average drawdown | -1.49 | 0.67 | -2.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BITX | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 0.18 | -1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.42 | -0.44 |
Drawdowns
BITX vs. USML - Drawdown Comparison
The maximum BITX drawdown since its inception was -82.16%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for BITX and USML.
Loading charts...
Drawdown Indicators
| BITX | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.16% | -35.34% | -46.82% |
Max Drawdown (1Y)Largest decline over 1 year | -82.16% | -13.09% | -69.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.14% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.34% | — |
Current DrawdownCurrent decline from peak | -82.16% | -4.86% | -77.30% |
Average DrawdownAverage peak-to-trough decline | -31.83% | -10.40% | -21.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.55% | 4.35% | +46.20% |
Volatility
BITX vs. USML - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 20.21% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.58%. This indicates that BITX's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BITX | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.21% | 4.58% | +15.63% |
Volatility (6M)Calculated over the trailing 6-month period | 68.69% | 11.57% | +57.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.44% | 16.45% | +70.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 98.39% | 24.47% | +73.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 98.39% | 24.29% | +74.10% |
BITX vs. USML - Expense Ratio Comparison
BITX has a 2.38% expense ratio, which is higher than USML's 0.95% expense ratio.
Dividends
BITX vs. USML - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 39.27%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 39.27% | 21.69% | 10.70% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITX and USML have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (20.21%) compared to USML (4.58%). In terms of maximum drawdown, BITX dropped -82.16% vs USML's -35.34%.
On 1-year performance, USML leads with 1.50% vs -76.33% for BITX. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USML has performed better with a 1.50% return vs -76.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 39.27%, compared with 0.00% for USML.
BITX is categorized as Cryptocurrency, while USML is Leveraged Equities. BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Volatility Shares and UBS. Their fees differ too: 2.38% for BITX and 0.95% for USML.
USML currently has the higher Sharpe Ratio (0.18 vs -0.86), 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.
Find the right allocation for BITX and USML
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer