BTCZ vs. ETHD

Last updated Aug 1, 2026

BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCZ returned 86.21% vs -2.03% for ETHD. Their correlation of 0.82 means they have usually moved in the same direction. BTCZ charges 0.95%/yr vs 1.01%/yr for ETHD.

Performance

BTCZ vs. ETHD - 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 UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCZ achieves a 34.44% return, which is significantly higher than ETHD's 29.25% return.

BTCZ

• 1D: 5.99%
• 1M: -6.29%
• 6M: 28.34%
• YTD: 34.44%
• 1Y: 86.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -51.65%

ETHD

• 1D: 5.65%
• 1M: -20.75%
• 6M: 13.26%
• YTD: 29.25%
• 1Y: -2.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.78%

*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)
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	$105.31M	$113.00M	$118.94M
ETHD ProShares UltraShort Ether ETF	$15.71M	$16.45M	$23.40M

BTCZ vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	34.44%	-29.11%	-76.45%
ETHD ProShares UltraShort Ether ETF	29.25%	-72.49%	-57.77%

Correlation

The correlation between BTCZ and ETHD is 0.91, 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.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.82

The correlation between BTCZ and ETHD has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

BTCZ vs. ETHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCZ

BTCZ Risk / Return Rank: 48
BTCZ Sharpe Ratio Rank: 44
BTCZ Sortino Ratio Rank: 51
BTCZ Omega Ratio Rank: 47
BTCZ Calmar Ratio Rank: 57
BTCZ Martin Ratio Rank: 41

ETHD

ETHD Risk / Return Rank: 19
ETHD Sharpe Ratio Rank: 13
ETHD Sortino Ratio Rank: 28
ETHD Omega Ratio Rank: 28
ETHD Calmar Ratio Rank: 14
ETHD Martin Ratio Rank: 13

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.

BTCZ vs. ETHD - 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 UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	1.11	0.08	+1.03
Sortino ratio: Return per unit of downside risk	1.82	1.08	+0.74
Omega ratio: Gain probability vs. loss probability	1.22	1.13	+0.09
Calmar ratio: Return relative to maximum drawdown	2.01	0.18	+1.83
Martin ratio: Return relative to average drawdown	4.36	0.28	+4.08

BTCZ vs. ETHD - Sharpe Ratio Comparison

The current BTCZ Sharpe Ratio is 1.11, which is higher than the ETHD Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of BTCZ and ETHD, 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. ETHD - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BTCZ and ETHD.

Drawdown Indicators

	BTCZ	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-95.59%	+4.53%
Max Drawdown (1Y) Largest decline over 1 year	-49.02%	-57.19%	+8.17%
Current Drawdown Current decline from peak	-78.32%	-89.90%	+11.58%
Average Drawdown Average peak-to-trough decline	-73.91%	-67.51%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.54%	36.37%	-13.83%

Volatility

BTCZ vs. ETHD - Volatility Comparison

The current volatility for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) is 18.19%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 26.64%. This indicates that BTCZ experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCZ	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.19%	26.64%	-8.45%
Volatility (6M) Calculated over the trailing 6-month period	67.20%	91.72%	-24.52%
Volatility (1Y) Calculated over the trailing 1-year period	89.06%	133.97%	-44.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.65%	140.41%	-44.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.65%	140.41%	-44.76%

BTCZ vs. ETHD - Expense Ratio Comparison

BTCZ has a 0.95% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

BTCZ vs. ETHD - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, less than ETHD's 5.76% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
ETHD ProShares UltraShort Ether ETF	5.76%	156.62%	19.15%

Frequently Asked Questions

Can I hold both BTCZ and ETHD in my portfolio?

With a correlation of 0.91, BTCZ and ETHD 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, BTCZ or ETHD?

ETHD has higher volatility (26.64%) compared to BTCZ (18.19%). In terms of maximum drawdown, BTCZ dropped -91.06% vs ETHD's -95.59%.

Which ETF is better, BTCZ or ETHD?

On 1-year performance, BTCZ leads with 86.21% vs -2.03% for ETHD. On fees, BTCZ is cheaper at 0.95% per year. On volatility, BTCZ has been the lower-risk option at 18.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCZ or ETHD?

Over the 1-year period, BTCZ has performed better with a 86.21% return vs -2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCZ or ETHD?

BTCZ is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 5.76%, compared with 0.01% for BTCZ.

What is the main difference between BTCZ and ETHD?

They also come from different issuers: T-Rex and ProShares. Their fees differ too: 0.95% for BTCZ and 1.01% for ETHD.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (1.11 vs 0.08), 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.