BTCL vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

BTCL and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCL is an actively managed fund by REX. It was launched on Jul 9, 2024. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

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

BTCL vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-47.24%	-39.52%	127.10%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%

Returns By Period

The year-to-date returns for both stocks are quite close, with BTCL having a -47.24% return and MSTX slightly lower at -49.22%.

BTCL

• 1D: 3.83%
• 1M: 3.32%
• YTD: -47.24%
• 6M: -72.39%
• 1Y: -54.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. MSTX - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is lower than MSTX's 1.29% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

BTCL

T-REX 2X Long Bitcoin Daily Target ETF

Return for Risk

BTCL vs. MSTX — Risk / Return Rank

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

BTCL

BTCL Risk / Return Rank: 3
BTCL Sharpe Ratio Rank: 3
BTCL Sortino Ratio Rank: 4
BTCL Omega Ratio Rank: 4
BTCL Calmar Ratio Rank: 2
BTCL Martin Ratio Rank: 2

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 2

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. MSTX - 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 Defiance Daily Target 2X Long MSTR ETF (MSTX). 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	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.60	-0.63	+0.02
Sortino ratio Return per unit of downside risk	-0.57	-1.48	+0.91
Omega ratio Gain probability vs. loss probability	0.94	0.84	+0.10
Calmar ratio Return relative to maximum drawdown	-0.71	-0.96	+0.24
Martin ratio Return relative to average drawdown	-1.37	-1.43	+0.05
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. MSTX - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.60, which is comparable to the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of BTCL and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCL	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.63	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	-0.42	+0.21

Correlation

The correlation between BTCL and MSTX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BTCL vs. MSTX - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.21%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.21%	1.70%	4.35%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

BTCL vs. MSTX - Drawdown Comparison

The maximum BTCL drawdown since its inception was -78.41%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for BTCL and MSTX.

Drawdown Indicators

	BTCL	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-78.41%	-98.66%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	-78.41%	-96.62%	+18.21%
Current Drawdown Current decline from peak	-77.06%	-98.44%	+21.38%
Average Drawdown Average peak-to-trough decline	-30.30%	-66.95%	+36.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.75%	64.85%	-24.10%

Volatility

BTCL vs. MSTX - Volatility Comparison

The current volatility for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) is 25.79%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. This indicates that BTCL experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.79%	37.25%	-11.46%
Volatility (6M) Calculated over the trailing 6-month period	74.36%	111.13%	-36.77%
Volatility (1Y) Calculated over the trailing 1-year period	90.60%	147.32%	-56.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.43%	169.73%	-69.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.43%	169.73%	-69.30%