CEPI vs. BTC

Last updated Aug 5, 2026

CEPI (REX Crypto Equity Premium Income ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both exchange-traded funds - CEPI is a Derivative Income fund actively managed by REX, while BTC is a Cryptocurrency fund actively managed by Grayscale. Both are actively managed. Over the past year, CEPI returned 21.57% vs -44.13% for BTC. Their 0.67 correlation means they have sometimes moved together and sometimes differently. CEPI charges 0.85%/yr vs 0.15%/yr for BTC.

Performance

CEPI vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, CEPI achieves a 18.92% return, which is significantly higher than BTC's -26.67% return.

CEPI

• 1D: 1.25%
• 1M: 2.09%
• 6M: 17.67%
• YTD: 18.92%
• 1Y: 21.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.94%

BTC

• 1D: 0.60%
• 1M: 4.49%
• 6M: -15.95%
• YTD: -26.67%
• 1Y: -44.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.87%

*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)
BTC Grayscale Bitcoin Mini Trust ETF	$39.83M	$40.30M	$54.51M
CEPI REX Crypto Equity Premium Income ETF	$1.24M	$1.26M	$1.60M

CEPI vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEPI REX Crypto Equity Premium Income ETF	18.92%	10.75%	-7.02%
BTC Grayscale Bitcoin Mini Trust ETF	-26.67%	-7.50%	-1.30%

Correlation

The correlation between CEPI and BTC is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.67

The correlation between CEPI and BTC has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

CEPI vs. BTC — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 28
CEPI Sharpe Ratio Rank: 28
CEPI Sortino Ratio Rank: 29
CEPI Omega Ratio Rank: 28
CEPI Calmar Ratio Rank: 28
CEPI Martin Ratio Rank: 26

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

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.

CEPI vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	CEPI	BTC	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-1.00	+1.74
Sortino ratio: Return per unit of downside risk	1.18	-1.47	+2.65
Omega ratio: Gain probability vs. loss probability	1.15	0.84	+0.31
Calmar ratio: Return relative to maximum drawdown	0.96	-0.83	+1.79
Martin ratio: Return relative to average drawdown	2.24	-1.27	+3.51

CEPI vs. BTC - Sharpe Ratio Comparison

The current CEPI Sharpe Ratio is 0.74, which is higher than the BTC Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of CEPI and BTC, 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

CEPI vs. BTC - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, smaller than the maximum BTC drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for CEPI and BTC.

Drawdown Indicators

	CEPI	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-53.30%	+23.82%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	-53.30%	+30.83%
Current Drawdown Current decline from peak	-4.56%	-48.89%	+44.33%
Average Drawdown Average peak-to-trough decline	-8.22%	-19.50%	+11.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.65%	34.87%	-25.22%

Volatility

CEPI vs. BTC - Volatility Comparison

REX Crypto Equity Premium Income ETF (CEPI) has a higher volatility of 11.17% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 8.13%. This indicates that CEPI's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEPI	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.17%	8.13%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	33.02%	-9.29%
Volatility (1Y) Calculated over the trailing 1-year period	29.34%	44.32%	-14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.88%	47.45%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.88%	47.45%	-15.57%

CEPI vs. BTC - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

CEPI vs. BTC - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 44.15%, while BTC has not paid dividends to shareholders.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	44.15%	50.78%

Frequently Asked Questions

Can I hold both CEPI and BTC in my portfolio?

CEPI and BTC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEPI or BTC?

CEPI has higher volatility (11.17%) compared to BTC (8.13%). In terms of maximum drawdown, CEPI dropped -29.48% vs BTC's -53.30%.

Which ETF is better, CEPI or BTC?

On 1-year performance, CEPI leads with 21.57% vs -44.13% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEPI or BTC?

Over the 1-year period, CEPI has performed better with a 21.57% return vs -44.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEPI or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.85% for CEPI.

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

CEPI has the higher dividend yield at 44.15%, compared with 0.00% for BTC.

What is the main difference between CEPI and BTC?

CEPI is categorized as Derivative Income, while BTC is Cryptocurrency. They also come from different issuers: REX and Grayscale. Their fees differ too: 0.85% for CEPI and 0.15% for BTC.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.74 vs -1.00), 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.