BTCL vs SBIT: which held to its multiple?
Over three months against its own daily promise, BTCL finished 6.1 points short and SBIT 0.8 points over. T-REX 2X LONG BITCOIN DAILY TARGET ETF and ProShares UltraShort Bitcoin ETF.
BTCL returned +81.0% while 2 times IBIT's move would have been +78.5%
SBIT returned −53.4% while −2 times IBIT's move would have been −78.5%
BTCL among the 470 leveraged ETFs, long, over three months
SBIT among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. SBIT is a percentile among the 125 inverse ETFs 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 | BTCL | SBIT | BTCL | SBIT | BTCL | SBIT |
| 1 month | +9.4% | −14.6% | +12.0% | −12.0% | −2.5 pts | −2.7 pts |
| 3 months | +81.0% | −53.4% | +78.5% | −78.5% | +2.5 pts | +25.1 pts |
| 6 months | +29.5% | −44.6% | +45.0% | −45.0% | −15.5 pts | +0.4 pts |
| 1 year | −63.8% | +10.6% | −54.3% | +54.3% | −9.4 pts | −43.7 pts |
| Since launch BTCL Jul 2024 · SBIT Apr 2024 | −14.3% | −85.3% | +89.8% | −51.8% | −104.1 pts | −33.5 pts |
BTCL and SBIT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
BTCL and SBIT on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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 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.
SBIT in plain words
Three months to Sep 30, 2026: SBIT returned −53.4% where its own daily promise gave −54.2%, 0.8 points over. Read the multiple against the whole window instead and −2 times IBIT's 39.2% implies −78.5%, which makes SBIT look 25.1 points over. 24.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SBIT 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, BTCL or SBIT?
- Over the window to Sep 30, 2026, BTCL finished 2.5 points from what its multiple implies and SBIT finished 25.1 points from its own, so BTCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are BTCL and SBIT levered on the same thing?
- Yes. Both are levered on bitcoin, BTCL at +2 times and SBIT at -2 times the daily move.
- Which one decays faster, BTCL or SBIT?
- Decay follows how much the underlying moves about. Over this window BTCL’s moved at 38% annualized and SBIT’s at 38%, so BTCL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold BTCL or SBIT 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, BTCL against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcl-vs-sbit
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, BTCL against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcl-vs-sbit Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, BTCL against SBIT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcl-vs-sbit
- APA
- ETFIQ. (Sep 30, 2026). BTCL against SBIT. Retrieved from https://etfiq.com/compare/leverage/btcl-vs-sbit
- Markdown
- [BTCL against SBIT (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/btcl-vs-sbit)