BTCZ vs. ETHU

Last updated Jul 17, 2026

BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - BTCZ is a Cryptocurrency fund actively managed by T-Rex, while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. Both are actively managed. Over the past year, BTCZ returned 99.85% vs -83.75% for ETHU. At a correlation of -0.82, they often move in opposite directions. BTCZ charges 0.95%/yr vs 2.67%/yr for ETHU.

Performance

BTCZ vs. ETHU - 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 Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCZ achieves a 29.81% return, which is significantly higher than ETHU's -70.73% return.

BTCZ

• 1D: 2.25%
• 1M: 1.30%
• 6M: 56.81%
• YTD: 29.81%
• 1Y: 99.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHU

• 1D: -4.90%
• 1M: 6.30%
• 6M: -75.69%
• YTD: -70.73%
• 1Y: -83.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCZ vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	29.81%	-29.11%	-76.45%
ETHU Volatility Shares 2x Ether ETF	-70.73%	-64.38%	-18.33%

Correlation

The correlation between BTCZ and ETHU is -0.89, 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	-0.89
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.82

The correlation between BTCZ and ETHU has been stable across timeframes, ranging from -0.89 to -0.82 - a consistent structural relationship.

Return for Risk

BTCZ vs. ETHU — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 42
BTCZ Sharpe Ratio Rank: 39
BTCZ Sortino Ratio Rank: 44
BTCZ Omega Ratio Rank: 41
BTCZ Calmar Ratio Rank: 50
BTCZ Martin Ratio Rank: 37

ETHU

ETHU Risk / Return Rank: 3
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 4
ETHU Omega Ratio Rank: 4
ETHU Calmar Ratio Rank: 1
ETHU 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.

BTCZ vs. ETHU - 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 Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	1.13	-0.62	+1.75
Sortino ratio: Return per unit of downside risk	1.84	-0.91	+2.75
Omega ratio: Gain probability vs. loss probability	1.22	0.90	+0.32
Calmar ratio: Return relative to maximum drawdown	2.05	-0.89	+2.94
Martin ratio: Return relative to average drawdown	4.56	-1.20	+5.77

BTCZ vs. ETHU - Sharpe Ratio Comparison

The current BTCZ Sharpe Ratio is 1.13, which is higher than the ETHU Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of BTCZ and ETHU, 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. ETHU - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, smaller than the maximum ETHU drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for BTCZ and ETHU.

Drawdown Indicators

	BTCZ	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-96.46%	+5.40%
Max Drawdown (1Y) Largest decline over 1 year	-49.02%	-93.99%	+44.97%
Current Drawdown Current decline from peak	-79.07%	-94.93%	+15.86%
Average Drawdown Average peak-to-trough decline	-73.79%	-70.71%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.96%	69.54%	-47.58%

Volatility

BTCZ vs. ETHU - Volatility Comparison

The current volatility for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) is 21.55%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 29.02%. This indicates that BTCZ experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCZ	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.55%	29.02%	-7.47%
Volatility (6M) Calculated over the trailing 6-month period	69.11%	96.55%	-27.44%
Volatility (1Y) Calculated over the trailing 1-year period	88.88%	137.64%	-48.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.39%	142.25%	-45.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.39%	142.25%	-45.86%

BTCZ vs. ETHU - Expense Ratio Comparison

BTCZ has a 0.95% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

BTCZ vs. ETHU - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, less than ETHU's 4.83% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
ETHU Volatility Shares 2x Ether ETF	4.83%	2.31%	0.41%

Frequently Asked Questions

Can I hold both BTCZ and ETHU in my portfolio?

BTCZ and ETHU have a correlation of -0.89, 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 ETHU?

ETHU has higher volatility (29.02%) compared to BTCZ (21.55%). In terms of maximum drawdown, BTCZ dropped -91.06% vs ETHU's -96.46%.

Which ETF is better, BTCZ or ETHU?

On 1-year performance, BTCZ leads with 99.85% vs -83.75% for ETHU. On fees, BTCZ is cheaper at 0.95% per year. On volatility, BTCZ has been the lower-risk option at 21.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCZ or ETHU?

Over the 1-year period, BTCZ has performed better with a 99.85% return vs -83.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCZ or ETHU?

BTCZ is cheaper with a 0.95% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 4.83%, compared with 0.01% for BTCZ.

What is the main difference between BTCZ and ETHU?

BTCZ is categorized as Cryptocurrency, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: T-Rex and Volatility Shares. Their fees differ too: 0.95% for BTCZ and 2.67% for ETHU.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (1.13 vs -0.62), 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.