Which came closer to its stated multiple, BITX or BTCL?

Over the window to Sep 30, 2026, BITX finished 3.8 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 BITX and BTCL levered on the same thing?

Yes. Both are levered on bitcoin, BITX at +2 times and BTCL at +2 times the daily move.

Which one decays faster, BITX or BTCL?

Decay follows how much the underlying moves about. Over this window BITX’s moved at 38% annualized and BTCL’s at 38%, so BITX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold BITX 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.

Which is cheaper, BITX or BTCL?

BITX charges 2.75% a year and BTCL charges 0.95%, so BTCL is cheaper. Fees come from each fund's prospectus.

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BITX vs BTCL: which held to its multiple?

Over the days both have traded, BITX finished 3.8 points from its stated multiple and BTCL 2.5. 2x Bitcoin Strategy ETF and T-REX 2X LONG BITCOIN DAILY TARGET ETF.

+82.3%

BITX returned, 3 months

+81.0%

BTCL returned, 3 months

+3.8 pts

BITX from its stated multiple

+2.5 pts

BTCL from its stated multiple

BITX · 3 months to Sep 30, 20263.8 pts ahead of its stated multiple

BITX returned +82.3% while 2 times IBIT's move would have been +78.5%

BTCL · 3 months to Sep 30, 20262.5 pts ahead of its stated multiple

BTCL returned +81.0% while 2 times IBIT's move would have been +78.5%

ETFIQ Decay Resistance Score · BITX scores higherDid it keep up with its own daily multiple, compounded day by day?

BITX 15

BTCL 8.9

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. 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	BITX	BTCL	BITX	BTCL	BITX	BTCL
1 month	+9.3%	+9.4%	+12.0%	+12.0%	−2.6 pts	−2.5 pts
3 months	+82.3%	+81.0%	+78.5%	+78.5%	+3.8 pts	+2.5 pts
6 months	+32.3%	+29.5%	+45.0%	+45.0%	−12.7 pts	−15.5 pts
1 year	−61.9%	−63.8%	−54.3%	−54.3%	−7.6 pts	−9.4 pts
Since launch BITX Jan 2024 · BTCL Jul 2024	−1.4%	−14.3%	+155.5%	+89.8%	−157.0 pts	−104.1 pts

BITX 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

BITX

2x Bitcoin Strategy ETF · Aims to return twice the daily move of bitcoin (IBIT)

BTCL

T-REX 2X LONG BITCOIN DAILY TARGET ETF · Aims to return twice the daily move of bitcoin (IBIT)

Issuer Volatility Shares T-REX

Sets out to return +2x +2x

Underlying asset IBIT IBIT

Segment crypto crypto

Fund returned, 3 months or since launch +82.3% +81.0%

Underlying returned, over that window +39.2% +39.2%

What the stated multiple implies, over that window +78.5% +78.5%

Difference from stated, over that window +3.8 pts +2.5 pts

Fund returned, 1 year or since launch −61.9% −63.8%

Difference from stated, over that window −7.6 pts −9.4 pts

Underlying volatility 38% 38%

Difference over the days both have traded +3.8 pts +2.5 pts

Expense ratio 2.75% 0.95%

Launched Jun 27, 2023 Jul 10, 2024

Net assets $1.1bn $37m

BITX and BTCL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BITX in plain words

Three months to Sep 30, 2026: BITX returned +82.3% where its own daily promise gave +87.1%, 4.8 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BITX look 3.8 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. BITX aims to return +2 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 +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. 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. BTCL aims to return +2 times IBIT's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, BITX or BTCL?: Over the window to Sep 30, 2026, BITX finished 3.8 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 BITX and BTCL levered on the same thing?: Yes. Both are levered on bitcoin, BITX at +2 times and BTCL at +2 times the daily move.
Which one decays faster, BITX or BTCL?: Decay follows how much the underlying moves about. Over this window BITX’s moved at 38% annualized and BTCL’s at 38%, so BITX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BITX 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.
Which is cheaper, BITX or BTCL?: BITX charges 2.75% a year and BTCL charges 0.95%, so BTCL is cheaper. Fees come from each fund's prospectus.

Other comparisons

BITX vs BTCU BITX vs BTCZ BITX vs SBIT BITX vs BITI BTCL vs BTCU BTCL vs BTCZ BTCL vs SBIT BTCL vs BITI

IBIT →BITX on its own →BTCL on its own →How every figure is computed →Standards and sources →

Where these figures came from

BITX filings on SEC EDGAR ↗BITX prospectus with the expense ratio (SEC) ↗Volatility Shares page for BITX ↗BTCL filings on SEC EDGAR ↗BTCL prospectus with the expense ratio (SEC) ↗T-REX page for BTCL ↗

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.

Cite this page

ETFIQ, BITX against BTCL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bitx-vs-btcl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.