MSTZ vs. BITO

Last updated Aug 2, 2026

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MSTZ is a Inverse Equities fund actively managed by REX, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, MSTZ returned 159.07% vs -46.40% for BITO. Their -0.78 correlation means they have often moved in opposite directions in the past. MSTZ charges 1.05%/yr vs 0.95%/yr for BITO.

Performance

MSTZ vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MSTZ having a -30.44% return and BITO slightly higher at -29.42%.

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

BITO

• 1D: -2.85%
• 1M: 2.16%
• 6M: -26.02%
• YTD: -29.42%
• 1Y: -46.40%
• 3Y*: 21.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.17%

*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)
BITO ProShares Bitcoin Strategy ETF	$1.89B	$2.63B	$2.08B
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

MSTZ vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%
BITO ProShares Bitcoin Strategy ETF	-29.42%	-11.19%	52.25%

Correlation

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

Return for Risk

MSTZ vs. BITO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

BITO

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

MSTZ vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) and ProShares Bitcoin Strategy ETF (BITO). 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.

	MSTZ	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	-1.09	+2.47
Sortino ratio: Return per unit of downside risk	2.22	-1.69	+3.91
Omega ratio: Gain probability vs. loss probability	1.28	0.81	+0.47
Calmar ratio: Return relative to maximum drawdown	2.44	-0.89	+3.33
Martin ratio: Return relative to average drawdown	4.53	-1.36	+5.89

MSTZ vs. BITO - Sharpe Ratio Comparison

The current MSTZ Sharpe Ratio is 1.38, which is higher than the BITO Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of MSTZ and BITO, 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

MSTZ vs. BITO - Drawdown Comparison

The maximum MSTZ drawdown since its inception was -99.38%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MSTZ and BITO.

Drawdown Indicators

	MSTZ	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-77.86%	-21.52%
Max Drawdown (1Y) Largest decline over 1 year	-84.89%	-54.47%	-30.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.47%	—
Current Drawdown Current decline from peak	-97.63%	-51.32%	-46.31%
Average Drawdown Average peak-to-trough decline	-94.63%	-37.18%	-57.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.62%	35.48%	+10.14%

Volatility

MSTZ vs. BITO - Volatility Comparison

T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a higher volatility of 37.86% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.96%. This indicates that MSTZ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTZ	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.86%	8.96%	+28.90%
Volatility (6M) Calculated over the trailing 6-month period	134.52%	33.45%	+101.07%
Volatility (1Y) Calculated over the trailing 1-year period	150.23%	44.19%	+106.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.87%	54.60%	+115.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.87%	54.60%	+115.27%

MSTZ vs. BITO - Expense Ratio Comparison

MSTZ has a 1.05% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

MSTZ vs. BITO - Dividend Comparison

MSTZ has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 61.66%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	47.47%	78.29%	61.59%	15.14%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTZ and BITO in my portfolio?

MSTZ and BITO 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, MSTZ or BITO?

MSTZ has higher volatility (37.86%) compared to BITO (8.96%). In terms of maximum drawdown, MSTZ dropped -99.38% vs BITO's -77.86%.

Which ETF is better, MSTZ or BITO?

On 1-year performance, MSTZ leads with 159.07% vs -46.40% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTZ or BITO?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -46.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTZ or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

Which ETF pays a higher dividend yield, MSTZ or BITO?

BITO has the higher dividend yield at 47.47%, compared with 0.00% for MSTZ.

What is the main difference between MSTZ and BITO?

MSTZ is categorized as Inverse Equities, while BITO is Cryptocurrency. They also come from different issuers: REX and ProShares. Their fees differ too: 1.05% for MSTZ and 0.95% for BITO.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -1.09), 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.