BMAX vs. IBTO

Last updated Apr 1, 2026

Compare and contrast key facts about REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO).

BMAX and IBTO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BMAX is an actively managed fund by REX. It was launched on Mar 13, 2025. IBTO is a passively managed fund by iShares that tracks the performance of the ICE 2033 Maturity US Treasury Index. It was launched on Jun 27, 2023.

Performance

BMAX vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

BMAX vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	-0.71%	-13.05%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.02%	5.19%

Returns By Period

In the year-to-date period, BMAX achieves a -0.71% return, which is significantly lower than IBTO's -0.02% return.

BMAX

• 1D: 0.21%
• 1M: 0.84%
• YTD: -0.71%
• 6M: -19.51%
• 1Y: -9.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTO

• 1D: 0.27%
• 1M: -2.09%
• YTD: -0.02%
• 6M: 0.95%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BMAX vs. IBTO - Expense Ratio Comparison

BMAX has a 1.14% expense ratio, which is higher than IBTO's 0.07% expense ratio.

BMAX

REX Bitcoin Corporate Treasury Convertible Bond ETF

IBTO

iShares iBonds Dec 2033 Term Treasury ETF

Return for Risk

BMAX vs. IBTO — Risk / Return Rank

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

BMAX

BMAX Risk / Return Rank: 7
BMAX Sharpe Ratio Rank: 6
BMAX Sortino Ratio Rank: 6
BMAX Omega Ratio Rank: 7
BMAX Calmar Ratio Rank: 6
BMAX Martin Ratio Rank: 7

IBTO

IBTO Risk / Return Rank: 42
IBTO Sharpe Ratio Rank: 41
IBTO Sortino Ratio Rank: 41
IBTO Omega Ratio Rank: 33
IBTO Calmar Ratio Rank: 56
IBTO Martin Ratio Rank: 40

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. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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.

	BMAX	IBTO	Difference
Sharpe ratio Return per unit of total volatility	-0.30	0.80	-1.10
Sortino ratio Return per unit of downside risk	-0.24	1.19	-1.43
Omega ratio Gain probability vs. loss probability	0.97	1.14	-0.17
Calmar ratio Return relative to maximum drawdown	-0.36	1.46	-1.82
Martin ratio Return relative to average drawdown	-0.61	3.82	-4.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMAX vs. IBTO - Sharpe Ratio Comparison

The current BMAX Sharpe Ratio is -0.30, which is lower than the IBTO Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of BMAX and IBTO, 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

	BMAX	IBTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	0.80	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	0.48	-0.89

Correlation

The correlation between BMAX and IBTO is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BMAX vs. IBTO - Dividend Comparison

BMAX has not paid dividends to shareholders, while IBTO's dividend yield for the trailing twelve months is around 4.10%.

	TTM	2025	2024	2023
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%	0.00%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.10%	4.05%	4.23%	1.66%

Drawdowns

BMAX vs. IBTO - Drawdown Comparison

The maximum BMAX drawdown since its inception was -31.32%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for BMAX and IBTO.

Drawdown Indicators

	BMAX	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-31.32%	-8.36%	-22.96%
Max Drawdown (1Y) Largest decline over 1 year	-31.32%	-3.08%	-28.24%
Current Drawdown Current decline from peak	-29.17%	-2.09%	-27.08%
Average Drawdown Average peak-to-trough decline	-15.04%	-2.37%	-12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.44%	1.18%	+17.26%

Volatility

BMAX vs. IBTO - Volatility Comparison

REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) has a higher volatility of 6.06% compared to iShares iBonds Dec 2033 Term Treasury ETF (IBTO) at 1.75%. This indicates that BMAX's price experiences larger fluctuations and is considered to be riskier than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAX	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	1.75%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	19.08%	3.01%	+16.07%
Volatility (1Y) Calculated over the trailing 1-year period	31.78%	5.19%	+26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.32%	6.74%	+25.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.32%	6.74%	+25.58%