MSTY vs. BTCI

Last updated Jul 12, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - MSTY is a Derivative Income fund actively managed by YieldMax, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, MSTY returned -73.21% vs -41.02% for BTCI. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

MSTY vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTY achieves a -34.22% return, which is significantly lower than BTCI's -25.06% return.

MSTY

• 1D: 0.79%
• 1M: -21.68%
• 6M: -35.96%
• YTD: -34.22%
• 1Y: -73.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCI

• 1D: 1.00%
• 1M: -0.69%
• 6M: -27.13%
• YTD: -25.06%
• 1Y: -41.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTY vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	-34.22%	-42.71%	33.39%
BTCI NEOS Bitcoin High Income ETF	-25.06%	-1.09%	26.12%

Correlation

The correlation between MSTY and BTCI is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.79

The correlation between MSTY and BTCI has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

MSTY vs. BTCI — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

BTCI

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

MSTY vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) and NEOS Bitcoin High Income ETF (BTCI). 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.

	MSTY	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	-0.99	-0.14
Sortino ratio: Return per unit of downside risk	-2.27	-1.40	-0.87
Omega ratio: Gain probability vs. loss probability	0.76	0.84	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.82	-0.13
Martin ratio: Return relative to average drawdown	-1.40	-1.37	-0.03

MSTY vs. BTCI - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.13, which is comparable to the BTCI Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of MSTY and BTCI, 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

MSTY vs. BTCI - Drawdown Comparison

The maximum MSTY drawdown since its inception was -77.40%, which is greater than BTCI's maximum drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for MSTY and BTCI.

Drawdown Indicators

	MSTY	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-77.40%	-48.42%	-28.98%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-48.42%	-28.98%
Current Drawdown Current decline from peak	-74.14%	-44.59%	-29.55%
Average Drawdown Average peak-to-trough decline	-27.93%	-16.90%	-11.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.98%	28.85%	+23.13%

Volatility

MSTY vs. BTCI - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 23.73% compared to NEOS Bitcoin High Income ETF (BTCI) at 10.41%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.73%	10.41%	+13.32%
Volatility (6M) Calculated over the trailing 6-month period	53.10%	31.52%	+21.58%
Volatility (1Y) Calculated over the trailing 1-year period	64.53%	39.93%	+24.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	40.12%	+32.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.37%	40.12%	+32.25%

MSTY vs. BTCI - Expense Ratio Comparison

Both MSTY and BTCI have an expense ratio of 0.99%.

Dividends

MSTY vs. BTCI - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 283.56%, more than BTCI's 42.87% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	42.87%	36.46%	6.76%
MSTY YieldMax™ MSTR Option Income Strategy ETF	283.56%	294.61%	104.56%

Frequently Asked Questions

Can I hold both MSTY and BTCI in my portfolio?

MSTY and BTCI 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, MSTY or BTCI?

MSTY has higher volatility (23.73%) compared to BTCI (10.41%). In terms of maximum drawdown, MSTY dropped -77.40% vs BTCI's -48.42%.

Which ETF is better, MSTY or BTCI?

On 1-year performance, BTCI leads with -41.02% vs -73.21% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, BTCI has been the lower-risk option at 10.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTY or BTCI?

Over the 1-year period, BTCI has performed better with a -41.02% return vs -73.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or BTCI?

MSTY and BTCI have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, MSTY or BTCI?

MSTY has the higher dividend yield at 283.56%, compared with 42.87% for BTCI.

What is the main difference between MSTY and BTCI?

MSTY is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: YieldMax and Neos.

Which has better risk-adjusted returns?

BTCI currently has the higher Sharpe Ratio (-0.99 vs -1.13), 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.