BMAX vs. BTCL

Last updated Jun 5, 2026

BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) and BTCL (T-REX 2X Long Bitcoin Daily Target ETF) are both exchange-traded funds - BMAX is a Convertible Bonds fund actively managed by REX, while BTCL is a Leveraged Cryptocurrency fund actively managed by REX. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. BMAX charges 1.14%/yr vs 0.95%/yr for BTCL.

Performance

BMAX vs. BTCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCL

• 1D: -5.31%
• 1M: -40.66%
• YTD: -55.71%
• 6M: -61.59%
• 1Y: -74.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BMAX vs. BTCL - Yearly Performance Comparison

	2026 (YTD)	2025
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	4.03%	-13.05%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-55.71%	-19.89%

Correlation

The correlation between BMAX and BTCL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.56

The correlation between BMAX and BTCL has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

BMAX vs. BTCL — Risk / Return Rank

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

BTCL

BTCL Risk / Return Rank: 2
BTCL Sharpe Ratio Rank: 2
BTCL Sortino Ratio Rank: 1
BTCL Omega Ratio Rank: 2
BTCL Calmar Ratio Rank: 1
BTCL Martin Ratio Rank: 1

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.

BMAX vs. BTCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BMAX	BTCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.28	—

Drawdowns

Drawdown Indicators

	BMAX	BTCL	Difference
Max Drawdown Largest peak-to-trough decline	—	-80.75%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-80.75%	—
Current Drawdown Current decline from peak	—	-80.75%	—
Average Drawdown Average peak-to-trough decline	—	-34.25%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	50.74%	—

Volatility

Volatility by Period

	BMAX	BTCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	68.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	87.41%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	97.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	97.85%	—

BMAX vs. BTCL - Expense Ratio Comparison

BMAX has a 1.14% expense ratio, which is higher than BTCL's 0.95% expense ratio.

Dividends

BMAX vs. BTCL - Dividend Comparison

BMAX has not paid dividends to shareholders, while BTCL's dividend yield for the trailing twelve months is around 3.83%.

Position	TTM	2025	2024
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.83%	1.70%	4.35%

Frequently Asked Questions

Can I hold both BMAX and BTCL in my portfolio?

BMAX and BTCL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMAX or BTCL?

On fees, BTCL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMAX or BTCL?

BTCL is cheaper with a 0.95% expense ratio, compared with 1.14% for BMAX.

Which ETF pays a higher dividend yield, BMAX or BTCL?

BTCL has the higher dividend yield at 3.83%, compared with 0.00% for BMAX.

What is the main difference between BMAX and BTCL?

BMAX is categorized as Convertible Bonds, while BTCL is Leveraged Cryptocurrency. Their fees differ too: 1.14% for BMAX and 0.95% for BTCL.