BTCL vs. CEPI

Last updated Jul 17, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while CEPI is a Cryptocurrency fund actively managed by REX. Both are actively managed. Over the past year, BTCL returned -80.36% vs 15.95% for CEPI. A 0.67 correlation means they provide meaningful diversification when combined. BTCL charges 0.95%/yr vs 0.85%/yr for CEPI.

Performance

BTCL vs. CEPI - 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 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, BTCL achieves a -56.59% return, which is significantly lower than CEPI's 15.26% return.

BTCL

• 1D: -2.14%
• 1M: -6.38%
• 6M: -63.03%
• YTD: -56.59%
• 1Y: -80.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -2.43%
• 1M: -6.32%
• 6M: 10.34%
• YTD: 15.26%
• 1Y: 15.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-56.59%	-39.52%	-8.14%
CEPI REX Crypto Equity Premium Income ETF	15.26%	10.75%	-7.02%

Correlation

The correlation between BTCL 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.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.67

The correlation between BTCL and CEPI has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

BTCL vs. CEPI — 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

CEPI

CEPI Risk / Return Rank: 20
CEPI Sharpe Ratio Rank: 21
CEPI Sortino Ratio Rank: 20
CEPI Omega Ratio Rank: 21
CEPI Calmar Ratio Rank: 20
CEPI Martin Ratio Rank: 19

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. CEPI - 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 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.

	BTCL	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	0.57	-1.48
Sortino ratio: Return per unit of downside risk	-1.85	0.94	-2.80
Omega ratio: Gain probability vs. loss probability	0.80	1.12	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.96	0.71	-1.67
Martin ratio: Return relative to average drawdown	-1.40	1.68	-3.07

BTCL vs. CEPI - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.91, which is lower than the CEPI Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of BTCL 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

BTCL vs. CEPI - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BTCL and CEPI.

Drawdown Indicators

	BTCL	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-29.48%	-54.53%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	-22.47%	-61.54%
Current Drawdown Current decline from peak	-81.13%	-7.50%	-73.63%
Average Drawdown Average peak-to-trough decline	-36.82%	-8.27%	-28.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.56%	9.54%	+48.02%

Volatility

BTCL vs. CEPI - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a higher volatility of 21.40% compared to REX Crypto Equity Premium Income ETF (CEPI) at 7.36%. This indicates that BTCL'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

	BTCL	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.40%	7.36%	+14.04%
Volatility (6M) Calculated over the trailing 6-month period	70.39%	22.23%	+48.16%
Volatility (1Y) Calculated over the trailing 1-year period	88.52%	28.01%	+60.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.02%	31.46%	+65.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.02%	31.46%	+65.56%

BTCL vs. CEPI - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BTCL vs. CEPI - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.91%, less than CEPI's 47.82% yield.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.91%	1.70%	4.35%
CEPI REX Crypto Equity Premium Income ETF	47.82%	50.78%	0.00%

Frequently Asked Questions

Can I hold both BTCL and CEPI in my portfolio?

BTCL and CEPI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCL or CEPI?

BTCL has higher volatility (21.40%) compared to CEPI (7.36%). In terms of maximum drawdown, BTCL dropped -84.01% vs CEPI's -29.48%.

Which ETF is better, BTCL or CEPI?

On 1-year performance, CEPI leads with 15.95% vs -80.36% for BTCL. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or CEPI?

Over the 1-year period, CEPI has performed better with a 15.95% return vs -80.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.95% for BTCL.

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

CEPI has the higher dividend yield at 47.82%, compared with 3.91% for BTCL.

What is the main difference between BTCL and CEPI?

BTCL is categorized as Leveraged Cryptocurrency, while CEPI is Cryptocurrency. Their fees differ too: 0.95% for BTCL and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.57 vs -0.91), 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.