MSTU vs. BITI

Last updated Jul 17, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. MSTU is actively managed, while BITI is passively managed. Over the past year, MSTU returned -98.28% vs 64.61% for BITI. At a correlation of -0.78, they often move in opposite directions. MSTU charges 1.05%/yr vs 1.03%/yr for BITI.

Performance

MSTU vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTU achieves a -77.92% return, which is significantly lower than BITI's 24.48% return.

MSTU

• 1D: -7.32%
• 1M: -46.50%
• 6M: -82.03%
• YTD: -77.92%
• 1Y: -98.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

MSTU vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-77.92%	-89.07%	205.47%
BITI ProShares Short Bitcoin ETF	24.48%	-1.76%	-38.87%

Correlation

The correlation between MSTU and BITI is -0.84, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.78

The correlation between MSTU and BITI has been stable across timeframes, ranging from -0.84 to -0.78 - a consistent structural relationship.

Return for Risk

MSTU vs. BITI — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

MSTU vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) and ProShares Short Bitcoin ETF (BITI). 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.

	MSTU	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.47	-2.14
Sortino ratio: Return per unit of downside risk	-2.76	2.04	-4.80
Omega ratio: Gain probability vs. loss probability	0.72	1.25	-0.53
Calmar ratio: Return relative to maximum drawdown	-1.00	2.57	-3.57
Martin ratio: Return relative to average drawdown	-1.20	6.38	-7.57

MSTU vs. BITI - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.67, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MSTU and BITI, 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

MSTU vs. BITI - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, which is greater than BITI's maximum drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MSTU and BITI.

Drawdown Indicators

	MSTU	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-92.16%	-7.27%
Max Drawdown (1Y) Largest decline over 1 year	-98.60%	-25.28%	-73.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-99.29%	-86.41%	-12.88%
Average Drawdown Average peak-to-trough decline	-73.50%	-68.40%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	82.11%	10.16%	+71.95%

Volatility

MSTU vs. BITI - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 51.51% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	51.51%	10.76%	+40.75%
Volatility (6M) Calculated over the trailing 6-month period	120.28%	34.28%	+86.00%
Volatility (1Y) Calculated over the trailing 1-year period	146.77%	44.15%	+102.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.36%	52.24%	+117.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.36%	52.24%	+117.12%

MSTU vs. BITI - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is higher than BITI's 1.03% expense ratio.

Dividends

MSTU vs. BITI - Dividend Comparison

MSTU has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTU and BITI in my portfolio?

MSTU and BITI have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTU or BITI?

MSTU has higher volatility (51.51%) compared to BITI (10.76%). In terms of maximum drawdown, MSTU dropped -99.43% vs BITI's -92.16%.

Which ETF is better, MSTU or BITI?

On 1-year performance, BITI leads with 64.61% vs -98.28% for MSTU. On fees, BITI is cheaper at 1.03% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -98.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or BITI?

BITI is cheaper with a 1.03% expense ratio, compared with 1.05% for MSTU.

Which ETF pays a higher dividend yield, MSTU or BITI?

BITI has the higher dividend yield at 15.62%, compared with 0.00% for MSTU.

What is the main difference between MSTU and BITI?

MSTU is categorized as Leveraged Equities, while BITI is Cryptocurrency. They also come from different issuers: T-Rex and ProShares. Their fees differ too: 1.05% for MSTU and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 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.