BITI vs BTCL: which held to its multiple?
Over three months against its own daily promise, BITI finished 1.2 points over and BTCL 6.1 points short. ProShares Short Bitcoin ETF and T-REX 2X LONG BITCOIN DAILY TARGET ETF.
BITI returned −29.6% while −1 times IBIT's move would have been −39.2%
BTCL returned +81.0% while 2 times IBIT's move would have been +78.5%
BITI among the 125 inverse ETFs over three months
BTCL among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. BTCL is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | BITI | BTCL | BITI | BTCL | BITI | BTCL |
| 1 month | −6.4% | +9.4% | −6.0% | +12.0% | −0.5 pts | −2.5 pts |
| 3 months | −29.6% | +81.0% | −39.2% | +78.5% | +9.6 pts | +2.5 pts |
| 6 months | −21.5% | +29.5% | −22.5% | +45.0% | +1.0 pts | −15.5 pts |
| 1 year | +19.6% | −63.8% | +27.2% | −54.3% | −7.6 pts | −9.4 pts |
| Since launch BITI Jan 2024 · BTCL Jul 2024 | −61.8% | −14.3% | −77.8% | +89.8% | +16.0 pts | −104.1 pts |
BITI and BTCL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
BITI and BTCL on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BITI in plain words
Three months to Sep 30, 2026: BITI returned −29.6% where its own daily promise gave −30.9%, 1.2 points over. Read the multiple against the whole window instead and −1 times IBIT's 39.2% implies −39.2%, which makes BITI look 9.6 points over. 8.4 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. BITI aims to return -1 times IBIT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IBIT moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
BTCL in plain words
Three months to Sep 30, 2026: BTCL returned +81.0% where its own daily promise gave +87.1%, 6.1 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BTCL look 2.5 points over. 8.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BTCL aims to return +2 times IBIT's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, BITI or BTCL?
- Over the window to Sep 30, 2026, BITI finished 9.6 points from what its multiple implies and BTCL finished 2.5 points from its own, so BTCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BITI and BTCL levered on the same thing?
- Yes. Both are levered on bitcoin, BITI at -1 times and BTCL at +2 times the daily move.
- Which one decays faster, BITI or BTCL?
- Decay follows how much the underlying moves about. Over this window BITI’s moved at 38% annualized and BTCL’s at 38%, so BITI has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BITI or BTCL for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, BITI against BTCL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/biti-vs-btcl
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, BITI against BTCL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/biti-vs-btcl Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, BITI against BTCL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/biti-vs-btcl
- APA
- ETFIQ. (Sep 30, 2026). BITI against BTCL. Retrieved from https://etfiq.com/compare/leverage/biti-vs-btcl
- Markdown
- [BITI against BTCL (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/biti-vs-btcl)