BTCL vs. MSTY

Last updated Aug 1, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while MSTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BTCL returned -78.91% vs -68.40% for MSTY. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BTCL charges 0.95%/yr vs 0.99%/yr for MSTY.

Performance

BTCL vs. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCL achieves a -58.66% return, which is significantly lower than MSTY's -33.29% return.

BTCL

• 1D: -5.62%
• 1M: 3.27%
• 6M: -53.78%
• YTD: -58.66%
• 1Y: -78.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.39%

MSTY

• 1D: -2.60%
• 1M: -2.63%
• 6M: -31.98%
• YTD: -33.29%
• 1Y: -68.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCL T-REX 2X Long Bitcoin Daily Target ETF	$874.62K	$895.29K	$1.28M
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.71M	$13.42M	$28.94M

BTCL vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-58.66%	-39.52%	101.29%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-33.29%	-42.71%	75.80%

Correlation

The correlation between BTCL and MSTY is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.78

The correlation between BTCL and MSTY has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

BTCL vs. MSTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCL vs. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-1.09	+0.18
Sortino ratio: Return per unit of downside risk	-1.83	-2.13	+0.30
Omega ratio: Gain probability vs. loss probability	0.80	0.77	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.95	-0.01
Martin ratio: Return relative to average drawdown	-1.34	-1.40	+0.06

BTCL vs. MSTY - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.91, which is comparable to the MSTY Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of BTCL and MSTY, 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. MSTY - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, which is greater than MSTY's maximum drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for BTCL and MSTY.

Drawdown Indicators

	BTCL	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-77.40%	-6.61%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	-74.91%	-9.10%
Current Drawdown Current decline from peak	-82.03%	-73.77%	-8.26%
Average Drawdown Average peak-to-trough decline	-37.76%	-29.05%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.98%	50.99%	+8.99%

Volatility

BTCL vs. MSTY - Volatility Comparison

T-REX 2X Long Bitcoin Daily Target ETF (BTCL) has a higher volatility of 17.89% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 14.46%. This indicates that BTCL's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCL	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.89%	14.46%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	68.12%	52.28%	+15.84%
Volatility (1Y) Calculated over the trailing 1-year period	88.68%	65.31%	+23.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.26%	71.91%	+24.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.26%	71.91%	+24.35%

BTCL vs. MSTY - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

BTCL vs. MSTY - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 4.10%, less than MSTY's 251.54% yield.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	4.10%	1.70%	4.35%
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.54%	294.61%	104.56%

Frequently Asked Questions

Can I hold both BTCL and MSTY in my portfolio?

BTCL and MSTY have a correlation of 0.84, 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 MSTY?

BTCL has higher volatility (17.89%) compared to MSTY (14.46%). In terms of maximum drawdown, BTCL dropped -84.01% vs MSTY's -77.40%.

Which ETF is better, BTCL or MSTY?

On 1-year performance, MSTY leads with -68.40% vs -78.91% for BTCL. On fees, BTCL is cheaper at 0.95% per year. On volatility, MSTY has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or MSTY?

Over the 1-year period, MSTY has performed better with a -68.40% return vs -78.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or MSTY?

BTCL is cheaper with a 0.95% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 251.54%, compared with 4.10% for BTCL.

What is the main difference between BTCL and MSTY?

BTCL is categorized as Leveraged Cryptocurrency, while MSTY is Derivative Income. They also come from different issuers: REX and YieldMax. Their fees differ too: 0.95% for BTCL and 0.99% for MSTY.

Which has better risk-adjusted returns?

BTCL currently has the higher Sharpe Ratio (-0.91 vs -1.09), 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.