DULL vs. BTCL

Last updated Jul 14, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and BTCL (T-REX 2X Long Bitcoin Daily Target ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while BTCL is a Leveraged Cryptocurrency fund actively managed by REX. DULL is passively managed, while BTCL is actively managed. Over the past year, DULL returned -59.77% vs -81.18% for BTCL. At a correlation of -0.19, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DULL vs. BTCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DULL achieves a -7.80% return, which is significantly higher than BTCL's -59.07% return.

DULL

• 1D: 7.78%
• 1M: 14.10%
• 6M: 11.44%
• YTD: -7.80%
• 1Y: -59.77%
• 3Y*: -57.82%
• 5Y*: —
• 10Y*: —

BTCL

• 1D: -5.13%
• 1M: -6.40%
• 6M: -62.35%
• YTD: -59.07%
• 1Y: -81.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DULL vs. BTCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-7.80%	-80.59%	-27.80%
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-59.07%	-39.52%	101.29%

Correlation

The correlation between DULL and BTCL is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.19

Return for Risk

DULL vs. BTCL — Risk / Return Rank

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

DULL

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

BTCL

BTCL Risk / Return Rank: 1
BTCL Sharpe Ratio Rank: 2
BTCL Sortino Ratio Rank: 1
BTCL Omega Ratio Rank: 1
BTCL Calmar Ratio Rank: 0
BTCL Martin Ratio Rank: 1

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.

DULL vs. BTCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL). 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.

	DULL	BTCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.92	+0.19
Sortino ratio: Return per unit of downside risk	-1.06	-1.91	+0.85
Omega ratio: Gain probability vs. loss probability	0.88	0.79	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.97	+0.24
Martin ratio: Return relative to average drawdown	-1.00	-1.43	+0.43

DULL vs. BTCL - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.73, which is comparable to the BTCL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of DULL and BTCL, 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

DULL vs. BTCL - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than BTCL's maximum drawdown of -84.01%. Use the drawdown chart below to compare losses from any high point for DULL and BTCL.

Drawdown Indicators

	DULL	BTCL	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-84.01%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-81.92%	-84.01%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-94.05%	-82.20%	-11.85%
Average Drawdown Average peak-to-trough decline	-60.32%	-36.56%	-23.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.81%	56.89%	+2.92%

Volatility

DULL vs. BTCL - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and T-REX 2X Long Bitcoin Daily Target ETF (BTCL) have volatilities of 22.82% and 22.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	BTCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.82%	22.76%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	69.93%	70.37%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	82.31%	88.56%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.12%	97.16%	-38.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.12%	97.16%	-38.04%

DULL vs. BTCL - Expense Ratio Comparison

Both DULL and BTCL have an expense ratio of 0.95%.

Dividends

DULL vs. BTCL - Dividend Comparison

DULL has not paid dividends to shareholders, while BTCL's dividend yield for the trailing twelve months is around 4.14%.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	4.14%	1.70%	4.35%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DULL and BTCL in my portfolio?

DULL and BTCL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DULL or BTCL?

DULL has higher volatility (22.82%) compared to BTCL (22.76%). In terms of maximum drawdown, DULL dropped -97.12% vs BTCL's -84.01%.

Which ETF is better, DULL or BTCL?

On 1-year performance, DULL leads with -59.77% vs -81.18% for BTCL. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or BTCL?

Over the 1-year period, DULL has performed better with a -59.77% return vs -81.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or BTCL?

DULL and BTCL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DULL or BTCL?

BTCL has the higher dividend yield at 4.14%, compared with 0.00% for DULL.

What is the main difference between DULL and BTCL?

DULL is categorized as Inverse Commodities, while BTCL is Leveraged Cryptocurrency.

Which has better risk-adjusted returns?

DULL currently has the higher Sharpe Ratio (-0.73 vs -0.92), 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.