GLIV vs. BTCZ

Last updated Jul 21, 2026

GLIV (Grayscale Livepeer Trust (LPT)) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, GLIV returned -80.75% vs 87.68% for BTCZ. At a correlation of -0.39, they often move in opposite directions.

Performance

GLIV vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Livepeer Trust (LPT) (GLIV) 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, GLIV achieves a -35.29% return, which is significantly lower than BTCZ's 26.37% return.

GLIV

• 1D: -5.52%
• 1M: -11.49%
• 6M: -45.94%
• YTD: -35.29%
• 1Y: -80.75%
• 3Y*: -30.05%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -40.21%

BTCZ

• 1D: -2.83%
• 1M: -9.52%
• 6M: 54.20%
• YTD: 26.37%
• 1Y: 87.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -53.61%

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

GLIV vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLIV Grayscale Livepeer Trust (LPT)	-35.29%	-84.65%	-24.57%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	26.37%	-29.11%	-76.45%

Correlation

The correlation between GLIV and BTCZ is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.39

Return for Risk

GLIV vs. BTCZ — Risk / Return Rank

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

GLIV

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

BTCZ

BTCZ Risk / Return Rank: 41
BTCZ Sharpe Ratio Rank: 37
BTCZ Sortino Ratio Rank: 44
BTCZ Omega Ratio Rank: 41
BTCZ Calmar Ratio Rank: 47
BTCZ Martin Ratio Rank: 35

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.

GLIV vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Livepeer Trust (LPT) (GLIV) 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.

	GLIV	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.99	-1.66
Sortino ratio: Return per unit of downside risk	-1.17	1.73	-2.90
Omega ratio: Gain probability vs. loss probability	0.86	1.21	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.96	1.80	-2.76
Martin ratio: Return relative to average drawdown	-1.26	3.99	-5.25

GLIV vs. BTCZ - Sharpe Ratio Comparison

The current GLIV Sharpe Ratio is -0.67, which is lower than the BTCZ Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GLIV 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

GLIV vs. BTCZ - Drawdown Comparison

The maximum GLIV drawdown since its inception was -97.65%, which is greater than BTCZ's maximum drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for GLIV and BTCZ.

Drawdown Indicators

	GLIV	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.65%	-91.06%	-6.59%
Max Drawdown (1Y) Largest decline over 1 year	-84.40%	-49.02%	-35.38%
Max Drawdown (3Y) Largest decline over 3 years	-97.65%	—	—
Current Drawdown Current decline from peak	-97.52%	-79.62%	-17.90%
Average Drawdown Average peak-to-trough decline	-72.16%	-73.81%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.96%	22.07%	+41.89%

Volatility

GLIV vs. BTCZ - Volatility Comparison

The current volatility for Grayscale Livepeer Trust (LPT) (GLIV) is 19.08%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 21.08%. This indicates that GLIV 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

	GLIV	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.08%	21.08%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	70.58%	68.63%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	120.81%	88.91%	+31.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	173.88%	96.22%	+77.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	173.88%	96.22%	+77.66%

Dividends

GLIV vs. BTCZ - Dividend Comparison

GLIV 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%
GLIV Grayscale Livepeer Trust (LPT)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLIV and BTCZ in my portfolio?

GLIV and BTCZ have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLIV or BTCZ?

BTCZ has higher volatility (21.08%) compared to GLIV (19.08%). In terms of maximum drawdown, GLIV dropped -97.65% vs BTCZ's -91.06%.

Which ETF is better, GLIV or BTCZ?

On 1-year performance, BTCZ leads with 87.68% vs -80.75% for GLIV. On volatility, GLIV has been the lower-risk option at 19.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLIV or BTCZ?

Over the 1-year period, BTCZ has performed better with a 87.68% return vs -80.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

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

What is the main difference between GLIV and BTCZ?

They also come from different issuers: Grayscale and T-Rex.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (0.99 vs -0.67), 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.