MSTU vs. FBTC

Last updated Aug 2, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while FBTC is a Cryptocurrency fund tracking the Fidelity Bitcoin Reference Rate. MSTU is actively managed, while FBTC is passively managed. Over the past year, MSTU returned -97.37% vs -44.55% for FBTC. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MSTU charges 1.05%/yr vs 0.25%/yr for FBTC.

Performance

MSTU vs. FBTC - 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 Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTU achieves a -78.82% return, which is significantly lower than FBTC's -28.23% return.

MSTU

• 1D: -8.33%
• 1M: -18.14%
• 6M: -76.72%
• YTD: -78.82%
• 1Y: -97.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.84%

FBTC

• 1D: -2.93%
• 1M: 2.22%
• 6M: -25.08%
• YTD: -28.23%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.93%

*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)
FBTC Fidelity Wise Origin Bitcoin Fund	$183.96M	$200.45M	$239.07M
MSTU T-Rex 2X Long MSTR Daily Target ETF	$207.37M	$183.22M	$204.16M

MSTU vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.82%	-89.07%	205.47%
FBTC Fidelity Wise Origin Bitcoin Fund	-28.23%	-6.56%	55.63%

Correlation

The correlation between MSTU and FBTC is 0.85, meaning they have usually moved in the same direction, including during past declines.

	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 FBTC has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

MSTU vs. FBTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

FBTC

FBTC Risk / Return Rank: 1
FBTC Sharpe Ratio Rank: 1
FBTC Sortino Ratio Rank: 1
FBTC Omega Ratio Rank: 2
FBTC Calmar Ratio Rank: 2
FBTC Martin Ratio Rank: 1

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. FBTC - 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 Fidelity Wise Origin Bitcoin Fund (FBTC). 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	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-1.05	+0.39
Sortino ratio: Return per unit of downside risk	-2.52	-1.58	-0.94
Omega ratio: Gain probability vs. loss probability	0.74	0.83	-0.08
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.87	-0.13
Martin ratio: Return relative to average drawdown	-1.21	-1.34	+0.13

MSTU vs. FBTC - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.66, which is higher than the FBTC Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of MSTU and FBTC, 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. FBTC - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, which is greater than FBTC's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for MSTU and FBTC.

Drawdown Indicators

	MSTU	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-53.35%	-46.08%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-53.35%	-44.80%
Current Drawdown Current decline from peak	-99.31%	-50.01%	-49.30%
Average Drawdown Average peak-to-trough decline	-74.11%	-18.17%	-55.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.95%	34.63%	+46.32%

Volatility

MSTU vs. FBTC - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 36.34% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 9.07%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.34%	9.07%	+27.27%
Volatility (6M) Calculated over the trailing 6-month period	119.58%	33.70%	+85.88%
Volatility (1Y) Calculated over the trailing 1-year period	148.47%	44.36%	+104.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.54%	49.47%	+119.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.54%	49.47%	+119.07%

MSTU vs. FBTC - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is higher than FBTC's 0.25% expense ratio.

Dividends

MSTU vs. FBTC - Dividend Comparison

Neither MSTU nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSTU and FBTC in my portfolio?

MSTU and FBTC 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 FBTC?

MSTU has higher volatility (36.34%) compared to FBTC (9.07%). In terms of maximum drawdown, MSTU dropped -99.43% vs FBTC's -53.35%.

Which ETF is better, MSTU or FBTC?

On 1-year performance, FBTC leads with -44.55% vs -97.37% for MSTU. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or FBTC?

Over the 1-year period, FBTC has performed better with a -44.55% return vs -97.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or FBTC?

FBTC is cheaper with a 0.25% expense ratio, compared with 1.05% for MSTU.

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

MSTU and FBTC have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTU and FBTC?

MSTU is categorized as Leveraged Equities, while FBTC is Cryptocurrency. They also come from different issuers: T-Rex and Fidelity. Their fees differ too: 1.05% for MSTU and 0.25% for FBTC.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.66 vs -1.05), 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.