XRPI vs. CEPI

Last updated Aug 4, 2026

XRPI (Volatility Shares XRP ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - XRPI is a Cryptocurrency fund actively managed by Volatility Shares, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, XRPI returned -68.03% vs 23.11% for CEPI. Their 0.61 correlation means they have sometimes moved together and sometimes differently. XRPI charges 0.94%/yr vs 0.85%/yr for CEPI.

Performance

XRPI vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRPI achieves a -43.35% return, which is significantly lower than CEPI's 17.46% return.

XRPI

• 1D: 1.55%
• 1M: -0.82%
• 6M: -35.55%
• YTD: -43.35%
• 1Y: -68.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -55.27%

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

*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)
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M
XRPI Volatility Shares XRP ETF	$679.08K	$651.64K	$1.15M

XRPI vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-43.35%	-32.74%
CEPI REX Crypto Equity Premium Income ETF	17.46%	14.38%

Correlation

The correlation between XRPI and CEPI is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.61

The correlation between XRPI and CEPI has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

Return for Risk

XRPI vs. CEPI — Risk / Return Rank

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

XRPI

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

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

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.

XRPI vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	XRPI	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	0.79	-1.74
Sortino ratio: Return per unit of downside risk	-1.77	1.24	-3.01
Omega ratio: Gain probability vs. loss probability	0.81	1.16	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.94	1.03	-1.98
Martin ratio: Return relative to average drawdown	-1.33	2.40	-3.73

XRPI vs. CEPI - Sharpe Ratio Comparison

The current XRPI Sharpe Ratio is -0.94, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of XRPI and CEPI, 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

XRPI vs. CEPI - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for XRPI and CEPI.

Drawdown Indicators

	XRPI	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-29.48%	-45.12%
Max Drawdown (1Y) Largest decline over 1 year	-72.38%	-22.47%	-49.91%
Current Drawdown Current decline from peak	-73.56%	-5.73%	-67.83%
Average Drawdown Average peak-to-trough decline	-44.17%	-8.23%	-35.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.24%	9.65%	+41.59%

Volatility

XRPI vs. CEPI - Volatility Comparison

Volatility Shares XRP ETF (XRPI) and REX Crypto Equity Premium Income ETF (CEPI) have volatilities of 11.94% and 11.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRPI	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	11.47%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	49.19%	23.71%	+25.48%
Volatility (1Y) Calculated over the trailing 1-year period	72.38%	29.38%	+43.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.14%	31.91%	+41.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.14%	31.91%	+41.23%

XRPI vs. CEPI - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

XRPI vs. CEPI - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.15%, less than CEPI's 44.70% yield.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%
XRPI Volatility Shares XRP ETF	4.15%	1.54%

Frequently Asked Questions

Can I hold both XRPI and CEPI in my portfolio?

XRPI and CEPI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRPI or CEPI?

XRPI has higher volatility (11.94%) compared to CEPI (11.47%). In terms of maximum drawdown, XRPI dropped -74.60% vs CEPI's -29.48%.

Which ETF is better, XRPI or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -68.03% for XRPI. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRPI or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -68.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRPI or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.94% for XRPI.

Which ETF pays a higher dividend yield, XRPI or CEPI?

CEPI has the higher dividend yield at 44.70%, compared with 4.15% for XRPI.

What is the main difference between XRPI and CEPI?

XRPI is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Volatility Shares and REX. Their fees differ too: 0.94% for XRPI and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 vs -0.94), 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.