BTCZ vs. BITO

Last updated Jul 14, 2026

BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCZ returned 108.59% vs -49.36% for BITO. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

BTCZ vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCZ achieves a 38.95% return, which is significantly higher than BITO's -30.09% return.

BTCZ

• 1D: 5.22%
• 1M: 1.04%
• 6M: 53.34%
• YTD: 38.95%
• 1Y: 108.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.65%
• 1M: -2.30%
• 6M: -33.01%
• YTD: -30.09%
• 1Y: -49.36%
• 3Y*: 19.35%
• 5Y*: —
• 10Y*: —

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

BTCZ vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	38.95%	-29.11%	-76.45%
BITO ProShares Bitcoin Strategy ETF	-30.09%	-11.19%	55.68%

Correlation

The correlation between BTCZ and BITO is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 BTCZ and BITO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

BTCZ vs. BITO — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 46
BTCZ Sharpe Ratio Rank: 44
BTCZ Sortino Ratio Rank: 48
BTCZ Omega Ratio Rank: 44
BTCZ Calmar Ratio Rank: 56
BTCZ Martin Ratio Rank: 40

BITO

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

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.

BTCZ vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) and ProShares Bitcoin Strategy ETF (BITO). 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.

	BTCZ	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	-1.12	+2.35
Sortino ratio: Return per unit of downside risk	1.92	-1.77	+3.68
Omega ratio: Gain probability vs. loss probability	1.23	0.81	+0.42
Calmar ratio: Return relative to maximum drawdown	2.23	-0.91	+3.14
Martin ratio: Return relative to average drawdown	5.00	-1.48	+6.47

BTCZ vs. BITO - Sharpe Ratio Comparison

The current BTCZ Sharpe Ratio is 1.23, which is higher than the BITO Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of BTCZ and BITO, 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

BTCZ vs. BITO - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BTCZ and BITO.

Drawdown Indicators

	BTCZ	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-77.86%	-13.20%
Max Drawdown (1Y) Largest decline over 1 year	-49.02%	-54.47%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-77.59%	-51.78%	-25.81%
Average Drawdown Average peak-to-trough decline	-73.76%	-37.03%	-36.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.81%	33.47%	-11.66%

Volatility

BTCZ vs. BITO - Volatility Comparison

T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a higher volatility of 23.06% compared to ProShares Bitcoin Strategy ETF (BITO) at 11.12%. This indicates that BTCZ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCZ	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.06%	11.12%	+11.94%
Volatility (6M) Calculated over the trailing 6-month period	69.02%	34.48%	+34.54%
Volatility (1Y) Calculated over the trailing 1-year period	88.91%	44.12%	+44.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.52%	54.84%	+41.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.52%	54.84%	+41.68%

BTCZ vs. BITO - Expense Ratio Comparison

Both BTCZ and BITO have an expense ratio of 0.95%.

Dividends

BTCZ vs. BITO - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, less than BITO's 62.24% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	62.24%	78.29%	61.59%	15.14%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%	0.00%

Frequently Asked Questions

Can I hold both BTCZ and BITO in my portfolio?

BTCZ and BITO have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCZ or BITO?

BTCZ has higher volatility (23.06%) compared to BITO (11.12%). In terms of maximum drawdown, BTCZ dropped -91.06% vs BITO's -77.86%.

Which ETF is better, BTCZ or BITO?

On 1-year performance, BTCZ leads with 108.59% vs -49.36% for BITO. Both ETFs have the same 0.95% expense ratio. On volatility, BITO has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCZ or BITO?

Over the 1-year period, BTCZ has performed better with a 108.59% return vs -49.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCZ or BITO?

BTCZ and BITO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BTCZ or BITO?

BITO has the higher dividend yield at 62.24%, compared with 0.01% for BTCZ.

What is the main difference between BTCZ and BITO?

They also come from different issuers: T-Rex and ProShares.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (1.23 vs -1.12), 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.