Data as of Oct 28, 2026.
BITX vs IBIT: Differences, Returns & Fees
Over the year to Oct 28, 2026, BITX returned −62.9% to IBIT's −28.5%, and IBIT charges 0.25% to BITX's 2.75%.
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Net assets on Oct 27, 2026: $1.2bn for 2x Bitcoin ETF and $65.4bn for iShares Bitcoin Trust ETF.
Pair scorecard
IBIT costs 2.50 points a year less; their one-year returns differ by 34.4 points; IBIT is far larger, $65.4bn against $1.2bn.
| Measure | BITX | IBIT |
|---|---|---|
| Return | ||
| Total return, 1 year | −62.9% | −28.5% |
| What its daily multiple gave, 3 months | 59.3% | |
| What the underlying did, 3 months | Bitcoin 28.3% | |
| What the underlying did, 3 months | Bitcoin 28.3% | |
| The multiple over the whole window | 2 times gives +56.6% | |
| Against its benchmark | ||
| What it tracks | Bitcoin Strategy | Bitcoin |
| Against its daily multiple, 3 months | 4.7 points short | |
| Against the whole-window multiple | 2.0 points short | |
| Against Bitcoin, same days | 0.2% behind | |
| Cost and size | ||
| Expense ratio | 2.75% | 0.25% |
| Net assets, as of Oct 27, 2026 | $1.2bn | $65.4bn |
| Reports to the SEC on | 10-K, not N-PORT | |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Jan 19, 2024 to Oct 23, 2026 · 144 weekly returnsEach against its own benchmark: BITX against Bitcoin, Jul 7, 2023 to Oct 23, 2026; IBIT against Bitcoin, Jan 19, 2024 to Oct 23, 2026.
IBIT returned more: +93.1% to +14.7%. IBIT swung less: 45.8% to 92.5%. IBIT fell less at its worst: −51.5% to −81.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BITX | IBIT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +14.7% | +93.1% | IBIT | Price change plus distributions, reinvested. |
| Annualized | +5.1% | +26.8% | IBIT | Total return as a yearly rate. |
| Price return | −14.6% | +93.1% | IBIT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 92.5% | 45.8% | IBIT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 54.7% | 27.0% | IBIT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −81.9% | −51.5% | IBIT | Deepest fall from a high to the low after it. |
| Upside capture | Not measured | 100.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 114.2% | 100.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 2.03 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.44 | 0.65 | IBIT | Return above Treasury bills per unit of volatility. |
| Sortino | 0.75 | 1.09 | IBIT | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.246 | 0.294 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.06 | 0.52 | IBIT | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | Bitcoin | Bitcoin | The ETF each fund is measured against. | |
| Alpha | −21.2% a year | −0.5% a year | IBIT not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −6.43 | −0.82 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −27.7% to −14.7% | −1.6% to +0.7% | IBIT includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.32 | −0.31 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 46.3% | 1.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 144 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
BITX and IBIT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
BITX and IBIT do different jobs. What does each one do in a portfolio?
- What each follows. BITX follows Bitcoin Strategy and IBIT follows Bitcoin.
- One-year total return. Over 1 year to Oct 28, 2026 BITX returned −62.9% and IBIT −28.5% with distributions reinvested, a gap of 34.4 points.
- Cost. BITX charges 2.75% of assets a year and IBIT 0.25%, a gap of 2.50 points.
Data as of Oct 28, 2026.
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Over the three months to Oct 28, 2026, BITX returned 54.6%, against 59.3% for twice Bitcoin's daily moves. Of that 2.0, daily compounding is +2.7 points, which any 2 times fund would show over the same path, and the fund itself is −4.7 points against 2 times each day's move, compounded. Bitcoin moved at 37% annualized over that window.
Read the multiple against the whole window instead and 2 times Bitcoin's 28.3% implies +56.6%, which makes BITX look 2.0 points short. That is not the fund's objective, which is daily. BITX aims to return +2 times Bitcoin's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. The more it moves, the further the two numbers separate.
Over the year to Oct 28, 2026, Bitcoin moved −28.3% and IBIT returned −28.5%. That leaves it 0.16 of a percentage point behind.
IBIT holds Bitcoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only number on this page the sponsor does not publish itself. IBIT charges 0.25% a year and finished 0.2% behind Bitcoin, so the fee is almost the whole of the difference. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Bitcoin it custodies.
Questions people ask
- Are BITX and IBIT in the same category?
- BITX is a leveraged ETF and IBIT is a spot crypto ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, BITX or IBIT?
- In the year to Oct 28, 2026, with distributions reinvested, BITX returned −62.9% and IBIT −28.5%.
- Which is cheaper, BITX or IBIT?
- IBIT is cheaper, by 2.50 percentage points a year. That is about $250 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, BITX against IBIT, data as of Oct 28, 2026. https://etfiq.com/compare/any/bitx-vs-ibit
ETFIQ. (Oct 28, 2026). BITX against IBIT. Retrieved from https://etfiq.com/compare/any/bitx-vs-ibit
[BITX against IBIT (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/bitx-vs-ibit)
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