BTCC vs. CEPI

Last updated Aug 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BTCC 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, BTCC returned -35.68% vs 23.11% for CEPI. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BTCC charges 0.66%/yr vs 0.85%/yr for CEPI.

Performance

BTCC vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) 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, BTCC achieves a -20.22% return, which is significantly lower than CEPI's 17.46% return.

BTCC

• 1D: -0.34%
• 1M: 5.11%
• 6M: -11.21%
• YTD: -20.22%
• 1Y: -35.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -19.41%

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

*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)
BTCC Grayscale Bitcoin Covered Call ETF	$242.21K	$239.26K	$255.92K
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M

BTCC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.22%	-6.05%
CEPI REX Crypto Equity Premium Income ETF	17.46%	22.40%

Correlation

The correlation between BTCC and CEPI is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.64

The correlation between BTCC and CEPI has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

BTCC vs. CEPI — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 2
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 2

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

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.

BTCC vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) 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.

	BTCC	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	0.79	-1.84
Sortino ratio: Return per unit of downside risk	-1.40	1.24	-2.64
Omega ratio: Gain probability vs. loss probability	0.82	1.16	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.81	1.03	-1.84
Martin ratio: Return relative to average drawdown	-1.27	2.40	-3.67

BTCC vs. CEPI - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.04, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of BTCC 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

BTCC vs. CEPI - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BTCC and CEPI.

Drawdown Indicators

	BTCC	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-29.48%	-14.92%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-22.47%	-21.93%
Current Drawdown Current decline from peak	-38.98%	-5.73%	-33.25%
Average Drawdown Average peak-to-trough decline	-18.58%	-8.23%	-10.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.12%	9.65%	+18.47%

Volatility

BTCC vs. CEPI - Volatility Comparison

The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 5.09%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.47%. This indicates that BTCC 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

	BTCC	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	11.47%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	27.56%	23.71%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	34.35%	29.38%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	31.91%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.30%	31.91%	-0.61%

BTCC vs. CEPI - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than CEPI's 0.85% expense ratio.

Dividends

BTCC vs. CEPI - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 90.87%, more than CEPI's 44.70% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	90.87%	63.86%
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%

Frequently Asked Questions

Can I hold both BTCC and CEPI in my portfolio?

BTCC and CEPI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCC or CEPI?

CEPI has higher volatility (11.47%) compared to BTCC (5.09%). In terms of maximum drawdown, BTCC dropped -44.40% vs CEPI's -29.48%.

Which ETF is better, BTCC or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -35.68% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BTCC has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -35.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or CEPI?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.85% for CEPI.

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

BTCC has the higher dividend yield at 90.87%, compared with 44.70% for CEPI.

What is the main difference between BTCC and CEPI?

BTCC is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Grayscale and REX. Their fees differ too: 0.66% for BTCC and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 vs -1.04), 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.