BTCL vs. BTCU

Last updated Jul 11, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and BTCU (Direxion Daily Bitcoin Bull 2X ETF) are both Leveraged Cryptocurrency funds. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep.

Performance

BTCL vs. BTCU - 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 Direxion Daily Bitcoin Bull 2X ETF (BTCU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTCL

• 1D: 1.63%
• 1M: -1.34%
• 6M: -59.23%
• YTD: -56.85%
• 1Y: -80.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCU

• 1D: 2.11%
• 1M: -1.16%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. BTCU - Yearly Performance Comparison

	2026 (YTD)
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-32.25%
BTCU Direxion Daily Bitcoin Bull 2X ETF	-30.06%

Correlation

The correlation between BTCL and BTCU is 0.99 - 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 (All Time) Calculated using the full available price history since May 27, 2026	0.99

Return for Risk

BTCL vs. BTCU — Risk / Return Rank

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

BTCL

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

BTCU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. BTCU - 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 Direxion Daily Bitcoin Bull 2X ETF (BTCU). 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	BTCU	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.72	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.39	—	—

Drawdowns

BTCL vs. BTCU - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, which is greater than BTCU's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for BTCL and BTCU.

Drawdown Indicators

	BTCL	BTCU	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-40.67%	-43.34%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	—	—
Current Drawdown Current decline from peak	-81.24%	-30.20%	-51.04%
Average Drawdown Average peak-to-trough decline	-36.47%	-28.17%	-8.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.65%	—	—

Volatility

Volatility by Period

	BTCL	BTCU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	70.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.74%	87.84%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	87.84%	+9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	87.84%	+9.35%

Dividends

BTCL vs. BTCU - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.93%, more than BTCU's 0.25% yield.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.93%	1.70%	4.35%
BTCU Direxion Daily Bitcoin Bull 2X ETF	0.25%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCL and BTCU in my portfolio?

With a correlation of 0.99, BTCL and BTCU 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 ETF pays a higher dividend yield, BTCL or BTCU?

BTCL has the higher dividend yield at 3.93%, compared with 0.25% for BTCU.

What is the main difference between BTCL and BTCU?

They also come from different issuers: REX and Direxion.