BTCL vs. FEPI

Last updated Jul 11, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while FEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, BTCL returned -80.17% vs 18.61% for FEPI. At a 0.48 correlation, their price movements are largely independent. BTCL charges 0.95%/yr vs 0.65%/yr for FEPI.

Performance

BTCL vs. FEPI - 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 FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCL achieves a -56.85% return, which is significantly lower than FEPI's 5.53% return.

BTCL

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

FEPI

• 1D: 0.19%
• 1M: 0.12%
• 6M: 5.33%
• YTD: 5.53%
• 1Y: 18.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-56.85%	-39.52%	101.29%
FEPI REX FANG & Innovation Equity Premium Income ETF	5.53%	18.33%	0.44%

Correlation

The correlation between BTCL and FEPI is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.48

The correlation between BTCL and FEPI has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

BTCL vs. FEPI — 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

FEPI

FEPI Risk / Return Rank: 35
FEPI Sharpe Ratio Rank: 35
FEPI Sortino Ratio Rank: 33
FEPI Omega Ratio Rank: 35
FEPI Calmar Ratio Rank: 36
FEPI Martin Ratio Rank: 35

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. FEPI - 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 FANG & Innovation Equity Premium Income ETF (FEPI). 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	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.04	-1.93
Sortino ratio: Return per unit of downside risk	-1.72	1.48	-3.19
Omega ratio: Gain probability vs. loss probability	0.81	1.19	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.94	1.46	-2.40
Martin ratio: Return relative to average drawdown	-1.39	4.35	-5.73

BTCL vs. FEPI - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.89, which is lower than the FEPI Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of BTCL and FEPI, 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. FEPI - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for BTCL and FEPI.

Drawdown Indicators

	BTCL	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-23.56%	-60.45%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	-12.91%	-71.10%
Current Drawdown Current decline from peak	-81.24%	-5.82%	-75.42%
Average Drawdown Average peak-to-trough decline	-36.47%	-3.60%	-32.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.65%	4.34%	+52.31%

Volatility

BTCL vs. FEPI - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a higher volatility of 22.10% compared to REX FANG & Innovation Equity Premium Income ETF (FEPI) at 7.44%. This indicates that BTCL's price experiences larger fluctuations and is considered to be riskier than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	7.44%	+14.66%
Volatility (6M) Calculated over the trailing 6-month period	70.22%	14.47%	+55.75%
Volatility (1Y) Calculated over the trailing 1-year period	88.74%	18.16%	+70.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	19.33%	+77.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	19.33%	+77.86%

BTCL vs. FEPI - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is higher than FEPI's 0.65% expense ratio.

Dividends

BTCL vs. FEPI - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.93%, less than FEPI's 25.84% yield.

Position	TTM	2025	2024	2023
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.93%	1.70%	4.35%	0.00%
FEPI REX FANG & Innovation Equity Premium Income ETF	25.84%	25.48%	27.18%	4.21%

Frequently Asked Questions

Can I hold both BTCL and FEPI in my portfolio?

BTCL and FEPI have a correlation of 0.54, 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 FEPI?

BTCL has higher volatility (22.10%) compared to FEPI (7.44%). In terms of maximum drawdown, BTCL dropped -84.01% vs FEPI's -23.56%.

Which ETF is better, BTCL or FEPI?

On 1-year performance, FEPI leads with 18.61% vs -80.17% for BTCL. On fees, FEPI is cheaper at 0.65% per year. On volatility, FEPI has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or FEPI?

Over the 1-year period, FEPI has performed better with a 18.61% return vs -80.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or FEPI?

FEPI is cheaper with a 0.65% expense ratio, compared with 0.95% for BTCL.

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

FEPI has the higher dividend yield at 25.84%, compared with 3.93% for BTCL.

What is the main difference between BTCL and FEPI?

BTCL is categorized as Leveraged Cryptocurrency, while FEPI is Derivative Income. Their fees differ too: 0.95% for BTCL and 0.65% for FEPI.

Which has better risk-adjusted returns?

FEPI currently has the higher Sharpe Ratio (1.04 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.