USML vs. BITX

Last updated Jun 7, 2026

USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and BITX (2x Bitcoin Strategy ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past year, USML returned 1.50% vs -76.33% for BITX. At a 0.21 correlation, their price movements are largely independent. USML charges 0.95%/yr vs 2.38%/yr for BITX.

Performance

USML vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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, USML achieves a 1.71% return, which is significantly higher than BITX's -59.63% return.

USML

• 1D: -1.73%
• 1M: 3.16%
• YTD: 1.71%
• 6M: 1.67%
• 1Y: 1.50%
• 3Y*: 16.28%
• 5Y*: 7.85%
• 10Y*: —

BITX

• 1D: -10.38%
• 1M: -44.71%
• YTD: -59.63%
• 6M: -62.06%
• 1Y: -76.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USML vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	1.71%	9.33%	23.97%	9.43%
BITX 2x Bitcoin Strategy ETF	-59.63%	-38.71%	163.41%	47.23%

Correlation

The correlation between USML and BITX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.21

Return for Risk

USML vs. BITX — Risk / Return Rank

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

USML

USML Risk / Return Rank: 12
USML Sharpe Ratio Rank: 12
USML Sortino Ratio Rank: 11
USML Omega Ratio Rank: 11
USML Calmar Ratio Rank: 12
USML Martin Ratio Rank: 12

BITX

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

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.

USML vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.

	USML	BITX	Difference
Sharpe ratio: Return per unit of total volatility	0.18	-0.86	+1.04
Sortino ratio: Return per unit of downside risk	0.36	-1.54	+1.90
Omega ratio: Gain probability vs. loss probability	1.04	0.83	+0.21
Calmar ratio: Return relative to maximum drawdown	0.22	-0.92	+1.14
Martin ratio: Return relative to average drawdown	0.67	-1.49	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USML vs. BITX - Sharpe Ratio Comparison

The current USML Sharpe Ratio is 0.18, which is higher than the BITX Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of USML 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.

Sharpe Ratios by Period

	USML	BITX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	-0.86	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.01	+0.44

Drawdowns

USML vs. BITX - Drawdown Comparison

The maximum USML drawdown since its inception was -35.34%, smaller than the maximum BITX drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for USML and BITX.

Drawdown Indicators

	USML	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-35.34%	-82.16%	+46.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-82.16%	+69.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.34%	—	—
Current Drawdown Current decline from peak	-4.86%	-82.16%	+77.30%
Average Drawdown Average peak-to-trough decline	-10.40%	-31.83%	+21.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	50.55%	-46.20%

Volatility

USML vs. BITX - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.58%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 20.21%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	20.21%	-15.63%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	68.69%	-57.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	87.44%	-70.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.47%	98.39%	-73.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.29%	98.39%	-74.10%

USML vs. BITX - Expense Ratio Comparison

USML has a 0.95% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

USML vs. BITX - Dividend Comparison

USML has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 39.27%.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	39.27%	21.69%	10.70%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USML and BITX in my portfolio?

USML and BITX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USML or BITX?

BITX has higher volatility (20.21%) compared to USML (4.58%). In terms of maximum drawdown, USML dropped -35.34% vs BITX's -82.16%.

Which ETF is better, USML or BITX?

On 1-year performance, USML leads with 1.50% vs -76.33% for BITX. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USML or BITX?

Over the 1-year period, USML has performed better with a 1.50% return vs -76.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USML or BITX?

USML is cheaper with a 0.95% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 39.27%, compared with 0.00% for USML.

What is the main difference between USML and BITX?

USML is categorized as Leveraged Equities, while BITX is Cryptocurrency. USML tracks MSCI USA Minimum Volatility Index, while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). They also come from different issuers: UBS and Volatility Shares. Their fees differ too: 0.95% for USML and 2.38% for BITX.

Which has better risk-adjusted returns?

USML currently has the higher Sharpe Ratio (0.18 vs -0.86), 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.