ETU vs. GBTC

Last updated Jul 18, 2026

ETU (T-Rex 2X Long Ether Daily Target ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - ETU is a Leveraged Cryptocurrency fund actively managed by REX Shares, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. ETU is actively managed, while GBTC is passively managed. Over the past year, ETU returned -84.42% vs -46.93% for GBTC. Their correlation of 0.82 suggests significant overlap in exposure. ETU charges 0.95%/yr vs 1.50%/yr for GBTC.

Performance

ETU vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Ether Daily Target ETF (ETU) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETU achieves a -71.93% return, which is significantly lower than GBTC's -27.28% return.

ETU

• 1D: -3.69%
• 1M: 9.46%
• 6M: -76.87%
• YTD: -71.93%
• 1Y: -84.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -0.14%
• 1M: -0.28%
• 6M: -33.35%
• YTD: -27.28%
• 1Y: -46.93%
• 3Y*: 36.12%
• 5Y*: 13.67%
• 10Y*: 47.81%

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

ETU vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETU T-Rex 2X Long Ether Daily Target ETF	-71.93%	-62.44%	53.26%
GBTC Grayscale Bitcoin Trust ETF	-27.28%	-7.65%	40.11%

Correlation

The correlation between ETU and GBTC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.82

The correlation between ETU and GBTC has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

ETU vs. GBTC — Risk / Return Rank

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

ETU

ETU Risk / Return Rank: 3
ETU Sharpe Ratio Rank: 5
ETU Sortino Ratio Rank: 4
ETU Omega Ratio Rank: 4
ETU Calmar Ratio Rank: 1
ETU Martin Ratio Rank: 3

GBTC

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

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.

ETU vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Ether Daily Target ETF (ETU) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	ETU	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-1.06	+0.44
Sortino ratio: Return per unit of downside risk	-0.98	-1.62	+0.65
Omega ratio: Gain probability vs. loss probability	0.89	0.82	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.88	-0.02
Martin ratio: Return relative to average drawdown	-1.21	-1.40	+0.19

ETU vs. GBTC - Sharpe Ratio Comparison

The current ETU Sharpe Ratio is -0.63, which is higher than the GBTC Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of ETU and GBTC, 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

ETU vs. GBTC - Drawdown Comparison

The maximum ETU drawdown since its inception was -95.01%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ETU and GBTC.

Drawdown Indicators

	ETU	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-95.01%	-89.91%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-93.91%	-53.75%	-40.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-93.17%	-49.50%	-43.67%
Average Drawdown Average peak-to-trough decline	-64.44%	-43.49%	-20.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.54%	33.53%	+36.01%

Volatility

ETU vs. GBTC - Volatility Comparison

T-Rex 2X Long Ether Daily Target ETF (ETU) has a higher volatility of 28.83% compared to Grayscale Bitcoin Trust ETF (GBTC) at 10.67%. This indicates that ETU's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETU	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.83%	10.67%	+18.16%
Volatility (6M) Calculated over the trailing 6-month period	95.15%	34.54%	+60.61%
Volatility (1Y) Calculated over the trailing 1-year period	134.75%	44.21%	+90.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.72%	61.81%	+82.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.72%	81.43%	+63.29%

ETU vs. GBTC - Expense Ratio Comparison

ETU has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

ETU vs. GBTC - Dividend Comparison

ETU's dividend yield for the trailing twelve months is around 0.01%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETU T-Rex 2X Long Ether Daily Target ETF	0.01%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both ETU and GBTC in my portfolio?

ETU and GBTC 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 is riskier, ETU or GBTC?

ETU has higher volatility (28.83%) compared to GBTC (10.67%). In terms of maximum drawdown, ETU dropped -95.01% vs GBTC's -89.91%.

Which ETF is better, ETU or GBTC?

On 1-year performance, GBTC leads with -46.93% vs -84.42% for ETU. On fees, ETU is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETU or GBTC?

Over the 1-year period, GBTC has performed better with a -46.93% return vs -84.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETU or GBTC?

ETU is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.

Which ETF pays a higher dividend yield, ETU or GBTC?

ETU has the higher dividend yield at 0.01%, compared with 0.00% for GBTC.

What is the main difference between ETU and GBTC?

ETU is categorized as Leveraged Cryptocurrency, while GBTC is Cryptocurrency. They also come from different issuers: REX Shares and Grayscale. Their fees differ too: 0.95% for ETU and 1.50% for GBTC.

Which has better risk-adjusted returns?

ETU currently has the higher Sharpe Ratio (-0.63 vs -1.06), 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.