BTC vs. CEPI

Last updated Apr 7, 2026

Compare and contrast key facts about Grayscale Bitcoin Mini Trust ETF (BTC) and REX Crypto Equity Premium Income ETF (CEPI).

BTC and CEPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTC is an actively managed fund by Grayscale. It was launched on Jul 31, 2024. CEPI is an actively managed fund by REX. It was launched on Dec 4, 2024.

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 -20.35% return, which is significantly lower than CEPI's -2.87% return.

BTC

• 1D: 4.05%
• 1M: 2.42%
• YTD: -20.35%
• 6M: -44.48%
• 1Y: -17.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEPI

• 1D: 1.65%
• 1M: 1.42%
• YTD: -2.87%
• 6M: -14.16%
• 1Y: 32.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-20.35%	-7.50%	-4.71%
CEPI REX Crypto Equity Premium Income ETF	-2.87%	10.75%	-9.02%

Correlation

The correlation between BTC and CEPI is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

BTC vs. CEPI - Expense Ratio Comparison

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

CEPI

REX Crypto Equity Premium Income ETF

BTC

Grayscale Bitcoin Mini Trust ETF

Return for Risk

BTC vs. CEPI — Risk / Return Rank

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

BTC

BTC Risk / Return Rank: 5
BTC Sharpe Ratio Rank: 5
BTC Sortino Ratio Rank: 5
BTC Omega Ratio Rank: 6
BTC Calmar Ratio Rank: 4
BTC Martin Ratio Rank: 4

CEPI

CEPI Risk / Return Rank: 42
CEPI Sharpe Ratio Rank: 55
CEPI Sortino Ratio Rank: 57
CEPI Omega Ratio Rank: 53
CEPI Calmar Ratio Rank: 23
CEPI Martin Ratio Rank: 21

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.

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.

	BTC	CEPI	Difference
Sharpe ratio Return per unit of total volatility	-0.38	1.09	-1.47
Sortino ratio Return per unit of downside risk	-0.27	1.67	-1.93
Omega ratio Gain probability vs. loss probability	0.97	1.22	-0.25
Calmar ratio Return relative to maximum drawdown	-0.40	0.75	-1.15
Martin ratio Return relative to average drawdown	-0.85	1.84	-2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC vs. CEPI - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.38, which is lower than the CEPI Sharpe Ratio of 1.09. 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.

Sharpe Ratios by Period

	BTC	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	1.09	-1.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.05	+0.13

Drawdowns

BTC vs. CEPI - Drawdown Comparison

The maximum BTC drawdown since its inception was -49.34%, 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	-49.34%	-29.48%	-19.86%
Max Drawdown (1Y) Largest decline over 1 year	-49.34%	-22.47%	-26.87%
Current Drawdown Current decline from peak	-44.48%	-16.66%	-27.82%
Average Drawdown Average peak-to-trough decline	-14.39%	-9.18%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.55%	9.14%	+14.41%

Volatility

BTC vs. CEPI - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) has a higher volatility of 11.42% compared to REX Crypto Equity Premium Income ETF (CEPI) at 10.36%. This indicates that BTC's price experiences larger fluctuations and is considered to be riskier 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	11.42%	10.36%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	36.83%	23.16%	+13.67%
Volatility (1Y) Calculated over the trailing 1-year period	45.17%	29.79%	+15.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.53%	32.56%	+16.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.53%	32.56%	+16.97%

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 53.74%.

	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	53.74%	50.78%