BTCL vs. BITU

Last updated Jun 24, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and BITU (Proshares Ultra Bitcoin ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while BITU is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index - Benchmark TR Gross. BTCL is actively managed, while BITU is passively managed. Over the past year, BTCL returned -75.26% vs -74.19% for BITU. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

BTCL vs. BITU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and Proshares Ultra Bitcoin ETF (BITU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BTCL having a -58.31% return and BITU slightly higher at -58.07%.

BTCL

• 1D: -6.31%
• 1M: -34.40%
• YTD: -58.31%
• 6M: -58.78%
• 1Y: -75.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITU

• 1D: -6.41%
• 1M: -34.27%
• YTD: -58.07%
• 6M: -58.34%
• 1Y: -74.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. BITU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-58.31%	-39.52%	101.29%
BITU Proshares Ultra Bitcoin ETF	-58.07%	-37.07%	101.54%

Correlation

The correlation between BTCL and BITU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	1.00

The correlation between BTCL and BITU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BTCL vs. BITU — Risk / Return Rank

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

BTCL

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

BITU

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

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.

BTCL vs. BITU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and Proshares Ultra Bitcoin ETF (BITU). 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.

	BTCL	BITU	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.84	-0.01
Sortino ratio: Return per unit of downside risk	-1.52	-1.46	-0.06
Omega ratio: Gain probability vs. loss probability	0.83	0.84	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.90	-0.01
Martin ratio: Return relative to average drawdown	-1.40	-1.40	0.00

BTCL vs. BITU - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.85, which is comparable to the BITU Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of BTCL and BITU, 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

BTCL vs. BITU - Drawdown Comparison

The maximum BTCL drawdown since its inception was -82.70%, roughly equal to the maximum BITU drawdown of -82.21%. Use the drawdown chart below to compare losses from any high point for BTCL and BITU.

Drawdown Indicators

	BTCL	BITU	Difference
Max Drawdown Largest peak-to-trough decline	-82.70%	-82.21%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-82.70%	-82.21%	-0.49%
Current Drawdown Current decline from peak	-81.88%	-81.25%	-0.63%
Average Drawdown Average peak-to-trough decline	-35.34%	-35.50%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.71%	53.05%	+0.66%

Volatility

BTCL vs. BITU - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and Proshares Ultra Bitcoin ETF (BITU) have volatilities of 26.09% and 26.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	BITU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.09%	26.20%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	70.06%	69.81%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	88.39%	88.13%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.74%	97.37%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.74%	97.37%	+0.37%

BTCL vs. BITU - Expense Ratio Comparison

Both BTCL and BITU have an expense ratio of 0.95%.

Dividends

BTCL vs. BITU - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 4.07%, less than BITU's 93.59% yield.

Position	TTM	2025	2024
BITU Proshares Ultra Bitcoin ETF	93.59%	50.23%	0.12%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	4.07%	1.70%	4.35%

Frequently Asked Questions

Can I hold both BTCL and BITU in my portfolio?

With a correlation of 1.00, BTCL and BITU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCL or BITU?

BITU has higher volatility (26.20%) compared to BTCL (26.09%). In terms of maximum drawdown, BTCL dropped -82.70% vs BITU's -82.21%.

Which ETF is better, BTCL or BITU?

On 1-year performance, BITU leads with -74.19% vs -75.26% for BTCL. Both ETFs have the same 0.95% expense ratio. On volatility, BTCL has been the lower-risk option at 26.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or BITU?

Over the 1-year period, BITU has performed better with a -74.19% return vs -75.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or BITU?

BTCL and BITU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BTCL or BITU?

BITU has the higher dividend yield at 93.59%, compared with 4.07% for BTCL.

What is the main difference between BTCL and BITU?

BTCL is categorized as Leveraged Cryptocurrency, while BITU is Cryptocurrency. They also come from different issuers: REX and ProShares.

Which has better risk-adjusted returns?

BITU currently has the higher Sharpe Ratio (-0.84 vs -0.85), 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.