MSTU vs. BTCZ

Last updated Aug 4, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while BTCZ is a Cryptocurrency fund actively managed by T-Rex. Both are actively managed. Over the past year, MSTU returned -97.30% vs 80.46% for BTCZ. Their -0.78 correlation means they have often moved in opposite directions in the past. MSTU charges 1.05%/yr vs 0.95%/yr for BTCZ.

Performance

MSTU vs. BTCZ - 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 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, MSTU achieves a -78.22% return, which is significantly lower than BTCZ's 30.29% return.

MSTU

• 1D: 2.84%
• 1M: -15.81%
• 6M: -72.32%
• YTD: -78.22%
• 1Y: -97.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.33%

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
MSTU T-Rex 2X Long MSTR Daily Target ETF	$200.96M	$178.85M	$198.52M

MSTU vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.22%	-89.07%	205.47%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	30.29%	-29.11%	-68.02%

Correlation

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

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

Return for Risk

MSTU vs. BTCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

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.

MSTU vs. BTCZ - 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 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.

	MSTU	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	0.91	-1.57
Sortino ratio: Return per unit of downside risk	-2.36	1.66	-4.02
Omega ratio: Gain probability vs. loss probability	0.76	1.20	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.99	1.65	-2.64
Martin ratio: Return relative to average drawdown	-1.20	3.58	-4.78

MSTU vs. BTCZ - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.66, which is lower than the BTCZ Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of MSTU 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

MSTU vs. BTCZ - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, which is greater than BTCZ's maximum drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for MSTU and BTCZ.

Drawdown Indicators

	MSTU	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-91.06%	-8.37%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-49.02%	-49.13%
Current Drawdown Current decline from peak	-99.29%	-78.99%	-20.30%
Average Drawdown Average peak-to-trough decline	-74.16%	-73.92%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.83%	22.59%	+58.24%

Volatility

MSTU vs. BTCZ - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 32.84% compared to T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) at 17.81%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.84%	17.81%	+15.03%
Volatility (6M) Calculated over the trailing 6-month period	119.27%	67.28%	+51.99%
Volatility (1Y) Calculated over the trailing 1-year period	147.80%	89.11%	+58.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.37%	95.58%	+72.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.37%	95.58%	+72.79%

MSTU vs. BTCZ - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is higher than BTCZ's 0.95% expense ratio.

Dividends

MSTU vs. BTCZ - Dividend Comparison

MSTU 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%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTU and BTCZ in my portfolio?

MSTU and BTCZ 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 BTCZ?

MSTU has higher volatility (32.84%) compared to BTCZ (17.81%). In terms of maximum drawdown, MSTU dropped -99.43% vs BTCZ's -91.06%.

Which ETF is better, MSTU or BTCZ?

On 1-year performance, BTCZ leads with 80.46% vs -97.30% for MSTU. On fees, BTCZ is cheaper at 0.95% per year. On volatility, BTCZ has been the lower-risk option at 17.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or BTCZ?

Over the 1-year period, BTCZ has performed better with a 80.46% return vs -97.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or BTCZ?

BTCZ is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTU.

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

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

What is the main difference between MSTU and BTCZ?

MSTU is categorized as Leveraged Equities, while BTCZ is Cryptocurrency. Their fees differ too: 1.05% for MSTU and 0.95% for BTCZ.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (0.91 vs -0.66), 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.