BTCZ vs. MSTU

Last updated Aug 1, 2026

BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both exchange-traded funds - BTCZ is a Cryptocurrency fund actively managed by T-Rex, while MSTU is a Leveraged Equities fund actively managed by T-Rex. Both are actively managed. Over the past year, BTCZ returned 86.21% vs -97.37% for MSTU. Their -0.78 correlation means they have often moved in opposite directions in the past. BTCZ charges 0.95%/yr vs 1.05%/yr for MSTU.

Performance

BTCZ vs. MSTU - 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 T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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 MSTU's -78.82% return.

BTCZ

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

MSTU

• 1D: -8.33%
• 1M: -18.14%
• 6M: -76.72%
• YTD: -78.82%
• 1Y: -97.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.84%

*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
MSTU T-Rex 2X Long MSTR Daily Target ETF	$207.37M	$183.22M	$204.16M

BTCZ vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	34.44%	-29.11%	-68.02%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.82%	-89.07%	205.47%

Correlation

The correlation between BTCZ and MSTU is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.85
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.78

The correlation between BTCZ and MSTU has been stable across timeframes, ranging from -0.85 to -0.78 - a consistent structural relationship.

Return for Risk

BTCZ vs. MSTU — 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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

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. MSTU - 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 T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	1.11	-0.66	+1.77
Sortino ratio: Return per unit of downside risk	1.82	-2.52	+4.34
Omega ratio: Gain probability vs. loss probability	1.22	0.74	+0.47
Calmar ratio: Return relative to maximum drawdown	2.01	-1.00	+3.01
Martin ratio: Return relative to average drawdown	4.36	-1.21	+5.57

BTCZ vs. MSTU - Sharpe Ratio Comparison

The current BTCZ Sharpe Ratio is 1.11, which is higher than the MSTU Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BTCZ and MSTU, 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. MSTU - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, smaller than the maximum MSTU drawdown of -99.43%. Use the drawdown chart below to compare losses from any high point for BTCZ and MSTU.

Drawdown Indicators

	BTCZ	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-99.43%	+8.37%
Max Drawdown (1Y) Largest decline over 1 year	-49.02%	-98.15%	+49.13%
Current Drawdown Current decline from peak	-78.32%	-99.31%	+20.99%
Average Drawdown Average peak-to-trough decline	-73.91%	-74.11%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.54%	80.95%	-58.41%

Volatility

BTCZ vs. MSTU - Volatility Comparison

The current volatility for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) is 18.19%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 36.34%. This indicates that BTCZ experiences smaller price fluctuations and is considered to be less risky than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCZ	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.19%	36.34%	-18.15%
Volatility (6M) Calculated over the trailing 6-month period	67.20%	119.58%	-52.38%
Volatility (1Y) Calculated over the trailing 1-year period	89.06%	148.47%	-59.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.65%	168.54%	-72.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.65%	168.54%	-72.89%

BTCZ vs. MSTU - Expense Ratio Comparison

BTCZ has a 0.95% expense ratio, which is lower than MSTU's 1.05% expense ratio.

Dividends

BTCZ vs. MSTU - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, while MSTU has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCZ and MSTU in my portfolio?

BTCZ and MSTU have a correlation of -0.85, 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 MSTU?

MSTU has higher volatility (36.34%) compared to BTCZ (18.19%). In terms of maximum drawdown, BTCZ dropped -91.06% vs MSTU's -99.43%.

Which ETF is better, BTCZ or MSTU?

On 1-year performance, BTCZ leads with 86.21% vs -97.37% for MSTU. 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 MSTU?

Over the 1-year period, BTCZ has performed better with a 86.21% return vs -97.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCZ or MSTU?

BTCZ is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTU.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for MSTU.

What is the main difference between BTCZ and MSTU?

BTCZ is categorized as Cryptocurrency, while MSTU is Leveraged Equities. Their fees differ too: 0.95% for BTCZ and 1.05% for MSTU.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (1.11 vs -0.66), 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.