IBIT vs. BITX

Last updated Jul 14, 2026

IBIT (iShares Bitcoin Trust ETF) and BITX (2x Bitcoin Strategy ETF) are both Cryptocurrency funds - IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant while BITX tracks the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past year, IBIT returned -47.60% vs -80.34% for BITX. With a 1.00 correlation, they move nearly in lockstep. IBIT charges 0.25%/yr vs 2.38%/yr for BITX.

Performance

IBIT vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBIT achieves a -29.06% return, which is significantly higher than BITX's -58.12% return.

IBIT

• 1D: -2.79%
• 1M: -2.28%
• 6M: -32.10%
• YTD: -29.06%
• 1Y: -47.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITX

• 1D: -5.33%
• 1M: -6.13%
• 6M: -61.36%
• YTD: -58.12%
• 1Y: -80.34%
• 3Y*: 1.91%
• 5Y*: —
• 10Y*: —

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

IBIT vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-29.06%	-6.41%	89.87%
BITX 2x Bitcoin Strategy ETF	-58.12%	-38.71%	124.62%

Correlation

The correlation between IBIT and BITX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between IBIT and BITX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

IBIT vs. BITX — Risk / Return Rank

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

IBIT

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

BITX

BITX Risk / Return Rank: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX 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.

IBIT vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and 2x Bitcoin Strategy ETF (BITX). 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.

	IBIT	BITX	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	-0.92	-0.16
Sortino ratio: Return per unit of downside risk	-1.65	-1.86	+0.21
Omega ratio: Gain probability vs. loss probability	0.82	0.80	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.96	+0.07
Martin ratio: Return relative to average drawdown	-1.46	-1.42	-0.03

IBIT vs. BITX - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -1.08, which is comparable to the BITX Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of IBIT and BITX, 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

IBIT vs. BITX - Drawdown Comparison

The maximum IBIT drawdown since its inception was -53.30%, smaller than the maximum BITX drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for IBIT and BITX.

Drawdown Indicators

	IBIT	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-83.45%	+30.15%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-83.45%	+30.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-83.45%	—
Current Drawdown Current decline from peak	-50.60%	-81.49%	+30.89%
Average Drawdown Average peak-to-trough decline	-17.56%	-33.35%	+15.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.72%	56.38%	-23.66%

Volatility

IBIT vs. BITX - Volatility Comparison

The current volatility for iShares Bitcoin Trust ETF (IBIT) is 11.51%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 22.66%. This indicates that IBIT experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBIT	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.51%	22.66%	-11.15%
Volatility (6M) Calculated over the trailing 6-month period	34.79%	69.77%	-34.98%
Volatility (1Y) Calculated over the trailing 1-year period	44.38%	88.03%	-43.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.97%	97.79%	-47.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.97%	97.79%	-47.82%

IBIT vs. BITX - Expense Ratio Comparison

IBIT has a 0.25% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

IBIT vs. BITX - Dividend Comparison

IBIT has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 33.37%.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	33.37%	21.69%	10.70%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBIT and BITX in my portfolio?

With a correlation of 1.00, IBIT and BITX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IBIT or BITX?

BITX has higher volatility (22.66%) compared to IBIT (11.51%). In terms of maximum drawdown, IBIT dropped -53.30% vs BITX's -83.45%.

Which ETF is better, IBIT or BITX?

On 1-year performance, IBIT leads with -47.60% vs -80.34% for BITX. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or BITX?

Over the 1-year period, IBIT has performed better with a -47.60% return vs -80.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or BITX?

IBIT is cheaper with a 0.25% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, IBIT or BITX?

BITX has the higher dividend yield at 33.37%, compared with 0.00% for IBIT.

What is the main difference between IBIT and BITX?

IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). They also come from different issuers: iShares and Volatility Shares. Their fees differ too: 0.25% for IBIT and 2.38% for BITX.

Which has better risk-adjusted returns?

BITX currently has the higher Sharpe Ratio (-0.92 vs -1.08), 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.