BTCL vs. CSHP

Last updated Jun 25, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, BTCL returned -78.32% vs 3.89% for CSHP. At a 0.07 correlation, their price movements are largely independent. BTCL charges 0.95%/yr vs 0.20%/yr for CSHP.

Performance

BTCL vs. CSHP - 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 iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCL achieves a -61.71% return, which is significantly lower than CSHP's 1.79% return.

BTCL

• 1D: -8.15%
• 1M: -39.74%
• YTD: -61.71%
• 6M: -61.82%
• 1Y: -78.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: -0.04%
• 1M: 0.23%
• YTD: 1.79%
• 6M: 1.85%
• 1Y: 3.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-61.71%	-39.52%	64.54%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.79%	4.10%	2.24%

Correlation

The correlation between BTCL and CSHP is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.08

The correlation between BTCL and CSHP shifts across timeframes, from -0.08 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTCL vs. CSHP — 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: 1

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 99
CSHP Martin Ratio Rank: 100

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. CSHP - 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 iShares Enhanced Short-Term Bond Active ETF (CSHP). 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	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	10.81	-11.69
Sortino ratio: Return per unit of downside risk	-1.71	26.16	-27.87
Omega ratio: Gain probability vs. loss probability	0.81	6.09	-5.28
Calmar ratio: Return relative to maximum drawdown	-0.94	48.60	-49.54
Martin ratio: Return relative to average drawdown	-1.45	338.28	-339.73

BTCL vs. CSHP - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.89, which is lower than the CSHP Sharpe Ratio of 10.81. The chart below compares the historical Sharpe Ratios of BTCL and CSHP, 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. CSHP - Drawdown Comparison

The maximum BTCL drawdown since its inception was -83.35%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BTCL and CSHP.

Drawdown Indicators

	BTCL	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-83.35%	-0.08%	-83.27%
Max Drawdown (1Y) Largest decline over 1 year	-83.35%	-0.08%	-83.27%
Current Drawdown Current decline from peak	-83.35%	-0.08%	-83.27%
Average Drawdown Average peak-to-trough decline	-35.44%	-0.00%	-35.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.97%	0.01%	+53.96%

Volatility

BTCL vs. CSHP - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a higher volatility of 26.68% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that BTCL's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.68%	0.16%	+26.52%
Volatility (6M) Calculated over the trailing 6-month period	70.04%	0.27%	+69.77%
Volatility (1Y) Calculated over the trailing 1-year period	88.73%	0.36%	+88.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.81%	0.41%	+97.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.81%	0.41%	+97.40%

BTCL vs. CSHP - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

BTCL vs. CSHP - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 4.43%, more than CSHP's 3.92% yield.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	4.43%	1.70%	4.35%
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%

Frequently Asked Questions

Can I hold both BTCL and CSHP in my portfolio?

BTCL and CSHP have a correlation of -0.08, 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 CSHP?

BTCL has higher volatility (26.68%) compared to CSHP (0.16%). In terms of maximum drawdown, BTCL dropped -83.35% vs CSHP's -0.08%.

Which ETF is better, BTCL or CSHP?

On 1-year performance, CSHP leads with 3.89% vs -78.32% for BTCL. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or CSHP?

Over the 1-year period, CSHP has performed better with a 3.89% return vs -78.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.95% for BTCL.

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

BTCL has the higher dividend yield at 4.43%, compared with 3.92% for CSHP.

What is the main difference between BTCL and CSHP?

BTCL is categorized as Leveraged Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for BTCL and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (10.81 vs -0.89), 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.