Which came closer to its stated multiple, BTCU or BTCZ?

Over the window to Sep 30, 2026, BTCU finished 3.3 points from what its multiple implies and BTCZ finished 24.8 points from its own, so BTCU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BTCU and BTCZ levered on the same thing?

Yes. Both are levered on bitcoin, BTCU at +2 times and BTCZ at -2 times the daily move.

Which one decays faster, BTCU or BTCZ?

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

Can I hold BTCU or BTCZ 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, BTCU or BTCZ?

BTCU charges 1.13% a year and BTCZ charges 0.95%, so BTCZ is cheaper. Fees come from each fund's prospectus.

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BTCU vs BTCZ: which held to its multiple?

Over three months against its own daily promise, BTCU finished 5.3 points short and BTCZ 0.5 points over. Direxion Daily Bitcoin Bull 2X ETF and T-REX 2X INVERSE BITCOIN DAILY TARGET ETF.

+81.8%

BTCU returned, 3 months

−53.7%

BTCZ returned, 3 months

+3.3 pts

BTCU from its stated multiple

+24.8 pts

BTCZ from its stated multiple

BTCU · 3 months to Sep 30, 20263.3 pts ahead of its stated multiple

BTCU returned +81.8% while 2 times IBIT's move would have been +78.5%

BTCZ · 3 months to Sep 30, 202624.8 pts ahead of its stated multiple

BTCZ returned −53.7% while −2 times IBIT's move would have been −78.5%

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

BTCU among the 470 leveraged ETFs, long, over three months

BTCU 12.4

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

BTCZ among the 125 inverse ETFs over three months

BTCZ 24.4

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. BTCZ 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	BTCU	BTCZ	BTCU	BTCZ	BTCU	BTCZ
1 month	+9.6%	−14.5%	+12.0%	−12.0%	−2.4 pts	−2.6 pts
3 months	+81.8%	−53.7%	+78.5%	−78.5%	+3.3 pts	+24.8 pts
6 months	not published	−45.8%	not published	−45.0%	not published	−0.7 pts
1 year	not published	+4.1%	not published	+54.3%	not published	−50.3 pts
Since launch BTCU May 2026 · BTCZ Jul 2024	+12.8%	−88.4%	+23.0%	−89.8%	−10.2 pts	+1.4 pts

BTCU and BTCZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BTCU

Direxion Daily Bitcoin Bull 2X ETF · Aims to return twice the daily move of bitcoin (IBIT)

BTCZ

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

Issuer Direxion T-REX

Sets out to return +2x -2x

Underlying asset IBIT IBIT

Segment crypto crypto

Fund returned, 3 months or since launch +81.8% −53.7%

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 +3.3 pts +24.8 pts

Fund returned, 1 year or since launch +12.8% +4.1%

Difference from stated, over that window −10.2 pts −50.3 pts

Underlying volatility 38% 38%

Difference over the days both have traded +3.3 pts +24.8 pts

Expense ratio 1.13% 0.95%

Launched May 27, 2026 Jul 10, 2024

Net assets $6m $16m

BTCU and BTCZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BTCU in plain words

Three months to Sep 30, 2026: BTCU returned +81.8% where its own daily promise gave +87.1%, 5.3 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BTCU look 3.3 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. BTCU 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.

BTCZ in plain words

Three months to Sep 30, 2026: BTCZ returned −53.7% where its own daily promise gave −54.2%, 0.5 points over. Read the multiple against the whole window instead and −2 times IBIT's 39.2% implies −78.5%, which makes BTCZ look 24.8 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. BTCZ 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, BTCU or BTCZ?: Over the window to Sep 30, 2026, BTCU finished 3.3 points from what its multiple implies and BTCZ finished 24.8 points from its own, so BTCU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BTCU and BTCZ levered on the same thing?: Yes. Both are levered on bitcoin, BTCU at +2 times and BTCZ at -2 times the daily move.
Which one decays faster, BTCU or BTCZ?: Decay follows how much the underlying moves about. Over this window BTCU’s moved at 38% annualized and BTCZ’s at 38%, so BTCU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BTCU or BTCZ 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, BTCU or BTCZ?: BTCU charges 1.13% a year and BTCZ charges 0.95%, so BTCZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

BTCU vs BITI BTCU vs BITU BTCU vs BITX BTCU vs SBIT BTCZ vs BITI BTCZ vs BITU BTCZ vs BITX BTCZ vs SBIT

IBIT →BTCU on its own →BTCZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

BTCU filings on SEC EDGAR ↗BTCU prospectus with the expense ratio (SEC) ↗Direxion website ↗BTCZ filings on SEC EDGAR ↗BTCZ prospectus with the expense ratio (SEC) ↗T-REX page for BTCZ ↗

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, BTCU against BTCZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/btcu-vs-btcz

Open data

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