BTC vs. BTCZ
BTC (Grayscale Bitcoin Mini Trust ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTC returned -38.61% vs 55.67% for BTCZ. At a correlation of -1.00, they often move in opposite directions. BTC charges 0.15%/yr vs 0.95%/yr for BTCZ.
Performance
BTC vs. BTCZ - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -25.36% return, which is significantly lower than BTCZ's 32.54% return.
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTCZ
- 1D
- 5.28%
- 1M
- 46.26%
- YTD
- 32.54%
- 6M
- 46.67%
- 1Y
- 55.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. BTCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -7.50% | 44.64% |
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF | 32.54% | -29.11% | -68.08% |
Correlation
The correlation between BTC and BTCZ is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | -1.00 |
The correlation between BTC and BTCZ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
BTC vs. BTCZ — Risk / Return Rank
BTC
BTCZ
BTC vs. BTCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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.
| BTC | BTCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.17 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.14 | -1.93 |
| Martin ratioReturn relative to average drawdown | -1.36 | 2.17 | -3.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC | BTCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 0.64 | -1.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.57 | +0.57 |
Drawdowns
BTC vs. BTCZ - Drawdown Comparison
The maximum BTC drawdown since its inception was -49.34%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for BTC and BTCZ.
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Drawdown Indicators
| BTC | BTCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.34% | -91.06% | +41.72% |
Max Drawdown (1Y)Largest decline over 1 year | -49.34% | -49.02% | -0.32% |
Current DrawdownCurrent decline from peak | -47.98% | -78.63% | +30.65% |
Average DrawdownAverage peak-to-trough decline | -16.61% | -73.72% | +57.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.38% | 25.74% | +2.64% |
Volatility
BTC vs. BTCZ - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 9.40%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 17.94%. This indicates that BTC experiences smaller price fluctuations and is considered to be less risky than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTC | BTCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.40% | 17.94% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 68.50% | -34.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 87.46% | -43.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.30% | 97.12% | -48.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.30% | 97.12% | -48.82% |
BTC vs. BTCZ - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than BTCZ's 0.95% expense ratio.
Dividends
BTC vs. BTCZ - Dividend Comparison
BTC has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% | 0.00% |
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF | 0.01% | 0.02% | 0.08% |
Frequently Asked Questions
BTC and BTCZ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCZ has higher volatility (17.94%) compared to BTC (9.40%). In terms of maximum drawdown, BTC dropped -49.34% vs BTCZ's -91.06%.
On 1-year performance, BTCZ leads with 55.67% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTCZ has performed better with a 55.67% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 0.95% for BTCZ.
BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for BTC.
They also come from different issuers: Grayscale and T-Rex. Their fees differ too: 0.15% for BTC and 0.95% for BTCZ.
BTCZ currently has the higher Sharpe Ratio (0.64 vs -0.89), 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.
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