2BTC.DE vs. BTC-USD

Last updated Jul 21, 2026

2BTC.DE (21Shares Bitcoin ETP) is Cryptocurrency fund actively managed by 21Shares, while BTC-USD (Bitcoin) is a cryptocurrency. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

2BTC.DE vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in 21Shares Bitcoin ETP (2BTC.DE) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

2BTC.DE is traded in EUR, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, 2BTC.DE achieves a -26.71% return, which is significantly lower than BTC-USD's -22.96% return.

2BTC.DE

• 1D: 0.00%
• 1M: 0.23%
• 6M: -31.45%
• YTD: -26.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BTC-USD

• 1D: 1.52%
• 1M: 3.67%
• 6M: -27.80%
• YTD: -22.96%
• 1Y: -43.13%
• 3Y*: 28.76%
• 5Y*: 16.07%
• 10Y*: 57.88%
• ALL TIME*: 90.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

2BTC.DE vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025
2BTC.DE 21Shares Bitcoin ETP	-26.71%	-23.25%
BTC-USD Bitcoin	-22.96%	-23.63%

Correlation

The correlation between 2BTC.DE and BTC-USD is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.60

Return for Risk

2BTC.DE vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

2BTC.DE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BTC-USD

BTC-USD Risk / Return Rank: 40
BTC-USD Sharpe Ratio Rank: 17
BTC-USD Sortino Ratio Rank: 45
BTC-USD Omega Ratio Rank: 45
BTC-USD Calmar Ratio Rank: 61
BTC-USD Martin Ratio Rank: 30

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

2BTC.DE vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin ETP (2BTC.DE) and Bitcoin (BTC-USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	2BTC.DE	BTC-USD	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.01	—
Sortino ratio: Return per unit of downside risk	—	-1.46	—
Omega ratio: Gain probability vs. loss probability	—	0.84	—
Calmar ratio: Return relative to maximum drawdown	—	-0.83	—
Martin ratio: Return relative to average drawdown	—	-1.31	—

Drawdowns

2BTC.DE vs. BTC-USD - Drawdown Comparison

The maximum 2BTC.DE drawdown since its inception was -52.85%, smaller than the maximum BTC-USD drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for 2BTC.DE and BTC-USD.

Drawdown Indicators

	2BTC.DE	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-52.85%	-83.05%	+30.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-51.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-73.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.51%	—
Current Drawdown Current decline from peak	-48.96%	-46.10%	-2.86%
Average Drawdown Average peak-to-trough decline	-34.70%	-40.28%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.15%	—

Volatility

Volatility by Period

	2BTC.DE	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	43.59%	35.37%	+8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	44.04%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.59%	55.49%	-11.90%

Frequently Asked Questions

Can I hold both 2BTC.DE and BTC-USD in my portfolio?

2BTC.DE and BTC-USD have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.