BTCL vs. FLYU

Last updated Jul 11, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and FLYU (MicroSectors Travel 3X Leveraged ETNs) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel Index. BTCL is actively managed, while FLYU is passively managed. Over the past year, BTCL returned -80.17% vs -17.22% for FLYU. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BTCL vs. FLYU - 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 MicroSectors Travel 3X Leveraged ETNs (FLYU). 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 FLYU's -11.68% return.

BTCL

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

FLYU

• 1D: -0.25%
• 1M: 7.90%
• 6M: -20.77%
• YTD: -11.68%
• 1Y: -17.22%
• 3Y*: 1.39%
• 5Y*: —
• 10Y*: —

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

BTCL vs. FLYU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-56.85%	-39.52%	101.29%
FLYU MicroSectors Travel 3X Leveraged ETNs	-11.68%	-2.29%	35.06%

Correlation

The correlation between BTCL and FLYU is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.36

Return for Risk

BTCL vs. FLYU — 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

FLYU

FLYU Risk / Return Rank: 7
FLYU Sharpe Ratio Rank: 7
FLYU Sortino Ratio Rank: 9
FLYU Omega Ratio Rank: 8
FLYU Calmar Ratio Rank: 6
FLYU Martin Ratio Rank: 5

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. FLYU - 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 MicroSectors Travel 3X Leveraged ETNs (FLYU). 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	FLYU	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.28	-0.60
Sortino ratio: Return per unit of downside risk	-1.72	0.08	-1.79
Omega ratio: Gain probability vs. loss probability	0.81	1.01	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.40	-0.53
Martin ratio: Return relative to average drawdown	-1.39	-0.82	-0.56

BTCL vs. FLYU - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.89, which is lower than the FLYU Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of BTCL and FLYU, 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. FLYU - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, which is greater than FLYU's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for BTCL and FLYU.

Drawdown Indicators

	BTCL	FLYU	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-69.00%	-15.01%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	-52.33%	-31.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.00%	—
Current Drawdown Current decline from peak	-81.24%	-29.94%	-51.30%
Average Drawdown Average peak-to-trough decline	-36.47%	-26.54%	-9.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.65%	25.63%	+31.02%

Volatility

BTCL vs. FLYU - Volatility Comparison

The current volatility for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) is 22.10%, while MicroSectors Travel 3X Leveraged ETNs (FLYU) has a volatility of 24.97%. This indicates that BTCL experiences smaller price fluctuations and is considered to be less risky than FLYU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	FLYU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	24.97%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	70.22%	60.98%	+9.24%
Volatility (1Y) Calculated over the trailing 1-year period	88.74%	75.15%	+13.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	83.07%	+14.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	83.07%	+14.12%

BTCL vs. FLYU - Expense Ratio Comparison

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

Dividends

BTCL vs. FLYU - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.93%, while FLYU has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.93%	1.70%	4.35%
FLYU MicroSectors Travel 3X Leveraged ETNs	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCL and FLYU in my portfolio?

BTCL and FLYU have a correlation of 0.27, 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 FLYU?

FLYU has higher volatility (24.97%) compared to BTCL (22.10%). In terms of maximum drawdown, BTCL dropped -84.01% vs FLYU's -69.00%.

Which ETF is better, BTCL or FLYU?

On 1-year performance, FLYU leads with -17.22% vs -80.17% for BTCL. Both ETFs have the same 0.95% expense ratio. On volatility, BTCL has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or FLYU?

Over the 1-year period, FLYU has performed better with a -17.22% 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 FLYU?

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

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

BTCL has the higher dividend yield at 3.93%, compared with 0.00% for FLYU.

What is the main difference between BTCL and FLYU?

BTCL is categorized as Leveraged Cryptocurrency, while FLYU is Leveraged Equities.

Which has better risk-adjusted returns?

FLYU currently has the higher Sharpe Ratio (-0.28 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.