BTF vs. CEPI

Last updated Jun 4, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTF returned -36.83% vs 34.07% for CEPI. A 0.70 correlation means they provide meaningful diversification when combined. BTF charges 1.24%/yr vs 0.85%/yr for CEPI.

Performance

BTF vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTF achieves a -33.48% return, which is significantly lower than CEPI's 20.71% return.

BTF

• 1D: -4.19%
• 1M: -21.21%
• YTD: -33.48%
• 6M: -37.41%
• 1Y: -36.83%
• 3Y*: 13.08%
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -1.35%
• 1M: 7.21%
• YTD: 20.71%
• 6M: 18.40%
• 1Y: 34.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTF vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTF Valkyrie Bitcoin and Ether Strategy ETF	-33.48%	-12.44%	-10.89%
CEPI REX Crypto Equity Premium Income ETF	20.71%	10.75%	-9.02%

Correlation

The correlation between BTF and CEPI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.70

The correlation between BTF and CEPI has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

BTF vs. CEPI — Risk / Return Rank

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

BTF

BTF Risk / Return Rank: 3
BTF Sharpe Ratio Rank: 3
BTF Sortino Ratio Rank: 3
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 3
BTF Martin Ratio Rank: 4

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 36
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 26

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.

BTF vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	BTF	CEPI	Difference
Sharpe ratio Return per unit of total volatility	-0.68	1.28	-1.96
Sortino ratio Return per unit of downside risk	-0.80	1.78	-2.58
Omega ratio Gain probability vs. loss probability	0.91	1.24	-0.33
Calmar ratio Return relative to maximum drawdown	-0.65	1.52	-2.18
Martin ratio Return relative to average drawdown	-1.11	3.62	-4.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTF vs. CEPI - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.68, which is lower than the CEPI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of BTF and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTF	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	1.28	-1.96
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.45	-0.61

Drawdowns

BTF vs. CEPI - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BTF and CEPI.

Drawdown Indicators

	BTF	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-29.48%	-48.02%
Max Drawdown (1Y) Largest decline over 1 year	-56.49%	-22.47%	-34.02%
Max Drawdown (3Y) Largest decline over 3 years	-56.49%	—	—
Current Drawdown Current decline from peak	-56.49%	-2.08%	-54.41%
Average Drawdown Average peak-to-trough decline	-39.65%	-8.65%	-31.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.32%	9.43%	+23.89%

Volatility

BTF vs. CEPI - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 9.55% compared to REX Crypto Equity Premium Income ETF (CEPI) at 5.92%. This indicates that BTF's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTF	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	5.92%	+3.63%
Volatility (6M) Calculated over the trailing 6-month period	39.47%	20.94%	+18.53%
Volatility (1Y) Calculated over the trailing 1-year period	54.33%	26.79%	+27.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.43%	31.57%	+26.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.43%	31.57%	+26.86%

BTF vs. CEPI - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BTF vs. CEPI - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 219.12%, more than CEPI's 42.71% yield.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	219.12%	146.05%	52.96%	15.98%
CEPI REX Crypto Equity Premium Income ETF	42.71%	50.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTF and CEPI in my portfolio?

BTF and CEPI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTF or CEPI?

BTF has higher volatility (9.55%) compared to CEPI (5.92%). In terms of maximum drawdown, BTF dropped -77.50% vs CEPI's -29.48%.

Which ETF is better, BTF or CEPI?

On 1-year performance, CEPI leads with 34.07% vs -36.83% for BTF. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or CEPI?

Over the 1-year period, CEPI has performed better with a 34.07% return vs -36.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.24% for BTF.

Which ETF pays a higher dividend yield, BTF or CEPI?

BTF has the higher dividend yield at 219.12%, compared with 42.71% for CEPI.

What is the main difference between BTF and CEPI?

They also come from different issuers: Valkyrie and REX. Their fees differ too: 1.24% for BTF and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.28 vs -0.68), 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.