DFII vs. CEPI

Last updated Aug 4, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - DFII is a Cryptocurrency fund actively managed by First Trust, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, DFII returned -42.25% vs 23.11% for CEPI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.

Performance

DFII vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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, DFII achieves a -26.30% return, which is significantly lower than CEPI's 17.46% return.

DFII

• 1D: 1.51%
• 1M: 4.16%
• 6M: -17.04%
• YTD: -26.30%
• 1Y: -42.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.90%

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

*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)
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M
DFII FT Vest Bitcoin Strategy & Target Income ETF	$89.28K	$83.20K	$138.38K

DFII vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-26.30%	6.01%
CEPI REX Crypto Equity Premium Income ETF	17.46%	20.24%

Correlation

The correlation between DFII and CEPI 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 Apr 3, 2025	0.66

The correlation between DFII and CEPI has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

DFII vs. CEPI — Risk / Return Rank

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

DFII

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

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

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.

DFII vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) 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.

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.

	DFII	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	0.79	-1.80
Sortino ratio: Return per unit of downside risk	-1.45	1.24	-2.70
Omega ratio: Gain probability vs. loss probability	0.83	1.16	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.83	1.03	-1.86
Martin ratio: Return relative to average drawdown	-1.27	2.40	-3.67

DFII vs. CEPI - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -1.01, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of DFII 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.

Drawdowns

DFII vs. CEPI - Drawdown Comparison

The maximum DFII drawdown since its inception was -51.04%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for DFII and CEPI.

Drawdown Indicators

	DFII	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-51.04%	-29.48%	-21.56%
Max Drawdown (1Y) Largest decline over 1 year	-51.04%	-22.47%	-28.57%
Current Drawdown Current decline from peak	-47.04%	-5.73%	-41.31%
Average Drawdown Average peak-to-trough decline	-22.48%	-8.23%	-14.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.20%	9.65%	+23.55%

Volatility

DFII vs. CEPI - Volatility Comparison

The current volatility for FT Vest Bitcoin Strategy & Target Income ETF (DFII) is 8.02%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.47%. This indicates that DFII experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFII	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.02%	11.47%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	32.51%	23.71%	+8.80%
Volatility (1Y) Calculated over the trailing 1-year period	42.22%	29.38%	+12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.31%	31.91%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.31%	31.91%	+8.40%

DFII vs. CEPI - Expense Ratio Comparison

Both DFII and CEPI have an expense ratio of 0.85%.

Dividends

DFII vs. CEPI - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 25.88%, less than CEPI's 44.70% yield.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%
DFII FT Vest Bitcoin Strategy & Target Income ETF	25.88%	15.51%

Frequently Asked Questions

Can I hold both DFII and CEPI in my portfolio?

DFII and CEPI 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, DFII or CEPI?

CEPI has higher volatility (11.47%) compared to DFII (8.02%). In terms of maximum drawdown, DFII dropped -51.04% vs CEPI's -29.48%.

Which ETF is better, DFII or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -42.25% for DFII. Both ETFs have the same 0.85% expense ratio. On volatility, DFII has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFII or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -42.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFII or CEPI?

DFII and CEPI have the same expense ratio: 0.85% per year.

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

CEPI has the higher dividend yield at 44.70%, compared with 25.88% for DFII.

What is the main difference between DFII and CEPI?

DFII is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: First Trust and REX.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 vs -1.01), 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.