MSTU vs. BITX

Last updated Jun 23, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and BITX (2x Bitcoin Strategy ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). MSTU is actively managed, while BITX is passively managed. Over the past year, MSTU returned -96.32% vs -72.52% for BITX. A 0.78 correlation means they provide meaningful diversification when combined. MSTU charges 1.05%/yr vs 2.38%/yr for BITX.

Performance

MSTU vs. BITX - 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 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, MSTU achieves a -67.51% return, which is significantly lower than BITX's -54.53% return.

MSTU

• 1D: -5.59%
• 1M: -56.73%
• YTD: -67.51%
• 6M: -72.64%
• 1Y: -96.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITX

• 1D: 4.77%
• 1M: -29.55%
• YTD: -54.53%
• 6M: -55.51%
• 1Y: -72.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-67.51%	-89.07%	205.47%
BITX 2x Bitcoin Strategy ETF	-54.53%	-38.71%	108.68%

Correlation

The correlation between MSTU and BITX is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.78

The correlation between MSTU and BITX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

MSTU vs. BITX — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 2
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

BITX

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

MSTU vs. BITX - 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 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.

	MSTU	BITX	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.83	+0.15
Sortino ratio: Return per unit of downside risk	-2.22	-1.39	-0.83
Omega ratio: Gain probability vs. loss probability	0.77	0.85	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.88	-0.10
Martin ratio: Return relative to average drawdown	-1.23	-1.37	+0.14

MSTU vs. BITX - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.68, which is comparable to the BITX Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of MSTU 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

MSTU vs. BITX - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.95%, which is greater than BITX's maximum drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for MSTU and BITX.

Drawdown Indicators

	MSTU	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-98.95%	-82.16%	-16.79%
Max Drawdown (1Y) Largest decline over 1 year	-97.47%	-82.16%	-15.31%
Current Drawdown Current decline from peak	-98.95%	-79.90%	-19.05%
Average Drawdown Average peak-to-trough decline	-72.51%	-32.44%	-40.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.06%	52.98%	+25.08%

Volatility

MSTU vs. BITX - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 43.88% compared to 2x Bitcoin Strategy ETF (BITX) at 25.73%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.88%	25.73%	+18.15%
Volatility (6M) Calculated over the trailing 6-month period	113.60%	69.23%	+44.37%
Volatility (1Y) Calculated over the trailing 1-year period	141.98%	87.85%	+54.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.54%	98.16%	+70.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.54%	98.16%	+70.38%

MSTU vs. BITX - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

MSTU vs. BITX - Dividend Comparison

MSTU has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 35.05%.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	35.05%	21.69%	10.70%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTU and BITX in my portfolio?

MSTU and BITX have a correlation of 0.85, 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 BITX?

MSTU has higher volatility (43.88%) compared to BITX (25.73%). In terms of maximum drawdown, MSTU dropped -98.95% vs BITX's -82.16%.

Which ETF is better, MSTU or BITX?

On 1-year performance, BITX leads with -72.52% vs -96.32% for MSTU. On fees, MSTU is cheaper at 1.05% per year. On volatility, BITX has been the lower-risk option at 25.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or BITX?

Over the 1-year period, BITX has performed better with a -72.52% return vs -96.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or BITX?

MSTU is cheaper with a 1.05% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 35.05%, compared with 0.00% for MSTU.

What is the main difference between MSTU and BITX?

MSTU is categorized as Leveraged Equities, while BITX is Cryptocurrency. They also come from different issuers: T-Rex and Volatility Shares. Their fees differ too: 1.05% for MSTU and 2.38% for BITX.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.68 vs -0.83), 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.