BTC vs. CEPI

Last updated Aug 6, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, BTC returned -43.02% vs 21.32% for CEPI. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BTC charges 0.15%/yr vs 0.85%/yr for CEPI.

Performance

BTC vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -25.97% return, which is significantly lower than CEPI's 18.05% return.

BTC

• 1D: 0.95%
• 1M: 1.74%
• 6M: -11.68%
• YTD: -25.97%
• 1Y: -43.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.41%

CEPI

• 1D: -0.73%
• 1M: -1.51%
• 6M: 23.24%
• YTD: 18.05%
• 1Y: 21.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTC Grayscale Bitcoin Mini Trust ETF	$40.80M	$38.89M	$54.30M
CEPI REX Crypto Equity Premium Income ETF	$1.32M	$1.29M	$1.61M

BTC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-25.97%	-7.50%	-1.30%
CEPI REX Crypto Equity Premium Income ETF	18.05%	10.75%	-7.02%

Correlation

The correlation between BTC and CEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.67

The correlation between BTC and CEPI has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

BTC vs. CEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTC

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

CEPI

CEPI Risk / Return Rank: 27
CEPI Sharpe Ratio Rank: 27
CEPI Sortino Ratio Rank: 28
CEPI Omega Ratio Rank: 28
CEPI Calmar Ratio Rank: 27
CEPI Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTC vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and REX Crypto Equity Premium Income ETF (CEPI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTC	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	0.73	-1.71
Sortino ratio: Return per unit of downside risk	-1.41	1.17	-2.58
Omega ratio: Gain probability vs. loss probability	0.84	1.15	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.81	0.95	-1.76
Martin ratio: Return relative to average drawdown	-1.23	2.21	-3.44

BTC vs. CEPI - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.97, which is lower than the CEPI Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of BTC and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTC vs. CEPI - Drawdown Comparison

The maximum BTC drawdown since its inception was -53.30%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BTC and CEPI.

Drawdown Indicators

	BTC	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-29.48%	-23.82%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-22.47%	-30.83%
Current Drawdown Current decline from peak	-48.41%	-5.26%	-43.15%
Average Drawdown Average peak-to-trough decline	-19.56%	-8.22%	-11.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.01%	9.66%	+25.35%

Volatility

BTC vs. CEPI - Volatility Comparison

The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 8.18%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 10.74%. This indicates that BTC experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.18%	10.74%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	32.98%	23.69%	+9.29%
Volatility (1Y) Calculated over the trailing 1-year period	44.30%	29.25%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.41%	31.85%	+15.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.41%	31.85%	+15.56%

BTC vs. CEPI - Expense Ratio Comparison

BTC has a 0.15% expense ratio, which is lower than CEPI's 0.85% expense ratio.

Dividends

BTC vs. CEPI - Dividend Comparison

BTC has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 45.64%.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	45.64%	50.78%

Frequently Asked Questions

Can I hold both BTC and CEPI in my portfolio?

BTC and CEPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC or CEPI?

CEPI has higher volatility (10.74%) compared to BTC (8.18%). In terms of maximum drawdown, BTC dropped -53.30% vs CEPI's -29.48%.

Which ETF is better, BTC or CEPI?

On 1-year performance, CEPI leads with 21.32% vs -43.02% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or CEPI?

Over the 1-year period, CEPI has performed better with a 21.32% return vs -43.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or CEPI?

BTC is cheaper with a 0.15% expense ratio, compared with 0.85% for CEPI.

Which ETF pays a higher dividend yield, BTC or CEPI?

CEPI has the higher dividend yield at 45.64%, compared with 0.00% for BTC.

What is the main difference between BTC and CEPI?

BTC is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Grayscale and REX. Their fees differ too: 0.15% for BTC and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.73 vs -0.97), 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.