BTCL vs. IBIT

Last updated Jun 23, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. BTCL is actively managed, while IBIT is passively managed. Over the past year, BTCL returned -73.64% vs -37.79% for IBIT. With a 1.00 correlation, they move nearly in lockstep. BTCL charges 0.95%/yr vs 0.25%/yr for IBIT.

Performance

BTCL vs. IBIT - 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 Bitcoin Trust ETF (IBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCL achieves a -55.51% return, which is significantly lower than IBIT's -26.49% return.

BTCL

• 1D: 4.80%
• 1M: -29.98%
• YTD: -55.51%
• 6M: -56.73%
• 1Y: -73.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 2.47%
• 1M: -15.04%
• YTD: -26.49%
• 6M: -27.13%
• 1Y: -37.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-55.51%	-39.52%	101.29%
IBIT iShares Bitcoin Trust ETF	-26.49%	-6.41%	60.95%

Correlation

The correlation between BTCL and IBIT is 1.00 - 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 (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	1.00

The correlation between BTCL and IBIT has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BTCL vs. IBIT — Risk / Return Rank

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

BTCL

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

IBIT

IBIT Risk / Return Rank: 3
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 3
IBIT Omega Ratio Rank: 3
IBIT Calmar Ratio Rank: 3
IBIT Martin Ratio Rank: 3

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. IBIT - 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 Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.86	+0.02
Sortino ratio: Return per unit of downside risk	-1.44	-1.16	-0.28
Omega ratio: Gain probability vs. loss probability	0.84	0.87	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.73	-0.16
Martin ratio: Return relative to average drawdown	-1.38	-1.24	-0.13

BTCL vs. IBIT - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.84, which is comparable to the IBIT Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BTCL and IBIT, 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. IBIT - Drawdown Comparison

The maximum BTCL drawdown since its inception was -82.70%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for BTCL and IBIT.

Drawdown Indicators

	BTCL	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-82.70%	-52.11%	-30.59%
Max Drawdown (1Y) Largest decline over 1 year	-82.70%	-52.11%	-30.59%
Current Drawdown Current decline from peak	-80.66%	-48.80%	-31.86%
Average Drawdown Average peak-to-trough decline	-35.24%	-16.79%	-18.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.46%	30.41%	+23.05%

Volatility

BTCL vs. IBIT - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a higher volatility of 25.78% compared to iShares Bitcoin Trust ETF (IBIT) at 13.00%. This indicates that BTCL's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.78%	13.00%	+12.78%
Volatility (6M) Calculated over the trailing 6-month period	69.86%	34.53%	+35.33%
Volatility (1Y) Calculated over the trailing 1-year period	88.36%	44.29%	+44.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.73%	50.21%	+47.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.73%	50.21%	+47.52%

BTCL vs. IBIT - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

BTCL vs. IBIT - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.81%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.81%	1.70%	4.35%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCL and IBIT in my portfolio?

With a correlation of 1.00, BTCL and IBIT 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 is riskier, BTCL or IBIT?

BTCL has higher volatility (25.78%) compared to IBIT (13.00%). In terms of maximum drawdown, BTCL dropped -82.70% vs IBIT's -52.11%.

Which ETF is better, BTCL or IBIT?

On 1-year performance, IBIT leads with -37.79% vs -73.64% for BTCL. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or IBIT?

Over the 1-year period, IBIT has performed better with a -37.79% return vs -73.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for BTCL.

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

BTCL has the higher dividend yield at 3.81%, compared with 0.00% for IBIT.

What is the main difference between BTCL and IBIT?

BTCL is categorized as Leveraged Cryptocurrency, while IBIT is Cryptocurrency. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for BTCL and 0.25% for IBIT.

Which has better risk-adjusted returns?

BTCL currently has the higher Sharpe Ratio (-0.84 vs -0.86), 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.