ETCO vs. BTCZ

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.89, they often move in opposite directions. ETCO charges 0.66%/yr vs 0.95%/yr for BTCZ.

Performance

ETCO vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCO achieves a -34.48% return, which is significantly lower than BTCZ's 39.90% return.

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCZ

• 1D: 5.56%
• 1M: 60.49%
• YTD: 39.90%
• 6M: 53.41%
• 1Y: 60.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-24.78%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	39.90%	34.53%

Correlation

The correlation between ETCO and BTCZ is -0.89, 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 (All Time) Calculated using the full available price history since Sep 5, 2025	-0.89

Return for Risk

ETCO vs. BTCZ — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 24
BTCZ Sharpe Ratio Rank: 21
BTCZ Sortino Ratio Rank: 27
BTCZ Omega Ratio Rank: 26
BTCZ Calmar Ratio Rank: 27
BTCZ Martin Ratio Rank: 21

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.

ETCO vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ETCO	BTCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	-0.55	-0.62

Drawdowns

ETCO vs. BTCZ - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for ETCO and BTCZ.

Drawdown Indicators

	ETCO	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-91.06%	+34.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.02%	—
Current Drawdown Current decline from peak	-55.08%	-77.44%	+22.36%
Average Drawdown Average peak-to-trough decline	-34.54%	-73.73%	+39.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.76%	—

Volatility

Volatility by Period

	ETCO	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	87.54%	-35.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	97.10%	-44.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	97.10%	-44.72%

ETCO vs. BTCZ - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than BTCZ's 0.95% expense ratio.

Dividends

ETCO vs. BTCZ - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, more than BTCZ's 0.01% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%	0.00%

Frequently Asked Questions

Can I hold both ETCO and BTCZ in my portfolio?

ETCO and BTCZ have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCO or BTCZ?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or BTCZ?

ETCO is cheaper with a 0.66% expense ratio, compared with 0.95% for BTCZ.

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

ETCO has the higher dividend yield at 129.56%, compared with 0.01% for BTCZ.

What is the main difference between ETCO and BTCZ?

They also come from different issuers: Grayscale and T-Rex. Their fees differ too: 0.66% for ETCO and 0.95% for BTCZ.