BTCL vs. MSTU

Last updated Jun 5, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while MSTU is a Leveraged Equities fund actively managed by T-Rex. Both are actively managed. Over the past year, BTCL returned -74.96% vs -94.94% for MSTU. A 0.78 correlation means they provide meaningful diversification when combined. BTCL charges 0.95%/yr vs 1.05%/yr for MSTU.

Performance

BTCL vs. MSTU - 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 T-Rex 2X Long MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCL achieves a -55.71% return, which is significantly lower than MSTU's -52.47% return.

BTCL

• 1D: -5.31%
• 1M: -40.66%
• YTD: -55.71%
• 6M: -61.59%
• 1Y: -74.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTU

• 1D: 3.95%
• 1M: -55.32%
• YTD: -52.47%
• 6M: -69.89%
• 1Y: -94.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-55.71%	-39.52%	113.04%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-52.47%	-89.07%	197.84%

Correlation

The correlation between BTCL and MSTU is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024	0.78

The correlation between BTCL and MSTU has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

BTCL vs. MSTU — 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: 1
BTCL Omega Ratio Rank: 2
BTCL Calmar Ratio Rank: 1
BTCL Martin Ratio Rank: 1

MSTU

MSTU Risk / Return Rank: 2
MSTU Sharpe Ratio Rank: 3
MSTU Sortino Ratio Rank: 1
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU 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. MSTU - 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 T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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.

	BTCL	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.69	-0.17
Sortino ratio: Return per unit of downside risk	-1.53	-2.03	+0.50
Omega ratio: Gain probability vs. loss probability	0.83	0.78	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.98	+0.05
Martin ratio: Return relative to average drawdown	-1.48	-1.26	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCL vs. MSTU - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.86, which is comparable to the MSTU Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of BTCL and MSTU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTCL	MSTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-0.69	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	-0.40	+0.12

Drawdowns

BTCL vs. MSTU - Drawdown Comparison

The maximum BTCL drawdown since its inception was -80.75%, smaller than the maximum MSTU drawdown of -98.58%. Use the drawdown chart below to compare losses from any high point for BTCL and MSTU.

Drawdown Indicators

	BTCL	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-80.75%	-98.58%	+17.83%
Max Drawdown (1Y) Largest decline over 1 year	-80.75%	-96.58%	+15.83%
Current Drawdown Current decline from peak	-80.75%	-98.46%	+17.71%
Average Drawdown Average peak-to-trough decline	-34.25%	-72.00%	+37.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.74%	75.41%	-24.67%

Volatility

BTCL vs. MSTU - Volatility Comparison

The current volatility for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) is 18.49%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 39.21%. This indicates that BTCL experiences smaller price fluctuations and is considered to be less risky than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.49%	39.21%	-20.72%
Volatility (6M) Calculated over the trailing 6-month period	68.72%	111.33%	-42.61%
Volatility (1Y) Calculated over the trailing 1-year period	87.41%	138.43%	-51.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.85%	168.89%	-71.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.85%	168.89%	-71.04%

BTCL vs. MSTU - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is lower than MSTU's 1.05% expense ratio.

Dividends

BTCL vs. MSTU - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.83%, while MSTU has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.83%	1.70%	4.35%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCL and MSTU in my portfolio?

BTCL and MSTU have a correlation of 0.85, 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 MSTU?

MSTU has higher volatility (39.21%) compared to BTCL (18.49%). In terms of maximum drawdown, BTCL dropped -80.75% vs MSTU's -98.58%.

Which ETF is better, BTCL or MSTU?

On 1-year performance, BTCL leads with -74.96% vs -94.94% for MSTU. On fees, BTCL is cheaper at 0.95% per year. On volatility, BTCL has been the lower-risk option at 18.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or MSTU?

Over the 1-year period, BTCL has performed better with a -74.96% return vs -94.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or MSTU?

BTCL is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTU.

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

BTCL has the higher dividend yield at 3.83%, compared with 0.00% for MSTU.

What is the main difference between BTCL and MSTU?

BTCL is categorized as Leveraged Cryptocurrency, while MSTU is Leveraged Equities. They also come from different issuers: REX and T-Rex. Their fees differ too: 0.95% for BTCL and 1.05% for MSTU.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.69 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.