FETH vs. BTCZ

Last updated Aug 4, 2026

FETH (Fidelity Ethereum Fund) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. FETH is passively managed, while BTCZ is actively managed. Over the past year, FETH returned -46.78% vs 80.46% for BTCZ. Their -0.82 correlation means they have often moved in opposite directions in the past. FETH charges 0.25%/yr vs 0.95%/yr for BTCZ.

Performance

FETH vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) 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, FETH achieves a -37.15% return, which is significantly lower than BTCZ's 30.29% return.

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

BTCZ

• 1D: -3.09%
• 1M: -9.19%
• 6M: 9.48%
• YTD: 30.29%
• 1Y: 80.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -52.24%

*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)
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	$95.14M	$108.52M	$120.21M
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M

FETH vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	30.29%	-29.11%	-65.48%

Correlation

The correlation between FETH and BTCZ is -0.91, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.82

The correlation between FETH and BTCZ has been stable across timeframes, ranging from -0.91 to -0.82 - a consistent structural relationship.

Return for Risk

FETH vs. BTCZ — Risk / Return Rank

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

FETH

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

BTCZ

BTCZ Risk / Return Rank: 40
BTCZ Sharpe Ratio Rank: 36
BTCZ Sortino Ratio Rank: 43
BTCZ Omega Ratio Rank: 40
BTCZ Calmar Ratio Rank: 44
BTCZ Martin Ratio Rank: 35

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.

FETH vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) 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.

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.

	FETH	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	0.91	-1.61
Sortino ratio: Return per unit of downside risk	-0.85	1.66	-2.51
Omega ratio: Gain probability vs. loss probability	0.91	1.20	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.69	1.65	-2.34
Martin ratio: Return relative to average drawdown	-1.03	3.58	-4.60

FETH vs. BTCZ - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.70, which is lower than the BTCZ Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FETH and BTCZ, 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

FETH vs. BTCZ - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.94%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for FETH and BTCZ.

Drawdown Indicators

	FETH	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-67.94%	-91.06%	+23.12%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-49.02%	-18.92%
Current Drawdown Current decline from peak	-61.55%	-78.99%	+17.44%
Average Drawdown Average peak-to-trough decline	-35.30%	-73.92%	+38.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.61%	22.59%	+23.02%

Volatility

FETH vs. BTCZ - Volatility Comparison

The current volatility for Fidelity Ethereum Fund (FETH) is 12.28%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 17.81%. This indicates that FETH experiences smaller price fluctuations and is considered to be less risky than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FETH	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.28%	17.81%	-5.53%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	67.28%	-21.68%
Volatility (1Y) Calculated over the trailing 1-year period	67.10%	89.11%	-22.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.16%	95.58%	-24.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.16%	95.58%	-24.42%

FETH vs. BTCZ - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is lower than BTCZ's 0.95% expense ratio.

Dividends

FETH vs. BTCZ - Dividend Comparison

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

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FETH and BTCZ in my portfolio?

FETH and BTCZ have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FETH or BTCZ?

BTCZ has higher volatility (17.81%) compared to FETH (12.28%). In terms of maximum drawdown, FETH dropped -67.94% vs BTCZ's -91.06%.

Which ETF is better, FETH or BTCZ?

On 1-year performance, BTCZ leads with 80.46% vs -46.78% for FETH. On fees, FETH is cheaper at 0.25% per year. On volatility, FETH has been the lower-risk option at 12.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or BTCZ?

Over the 1-year period, BTCZ has performed better with a 80.46% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or BTCZ?

FETH is cheaper with a 0.25% expense ratio, compared with 0.95% for BTCZ.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for FETH.

What is the main difference between FETH and BTCZ?

They also come from different issuers: Fidelity and T-Rex. Their fees differ too: 0.25% for FETH and 0.95% for BTCZ.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (0.91 vs -0.70), 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.