2BTC.DE vs. CTEN.DE

Last updated Apr 2, 2026

Compare and contrast key facts about 21Shares Bitcoin ETP (2BTC.DE) and CoinShares Physical Top10 Crypto Market ETP (CTEN.DE).

2BTC.DE and CTEN.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 2BTC.DE is an actively managed fund by 21Shares. It was launched on Feb 26, 2019. CTEN.DE is an actively managed fund by CoinShares. It was launched on Mar 27, 2023.

Performance

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

The chart below illustrates the hypothetical performance of a €10,000 investment in 21Shares Bitcoin ETP (2BTC.DE) and CoinShares Physical Top10 Crypto Market ETP (CTEN.DE). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
2BTC.DE 21Shares Bitcoin ETP	-21.08%	-17.79%	127.95%	53.60%
CTEN.DE CoinShares Physical Top10 Crypto Market ETP	-24.02%	-19.43%	96.51%	53.65%

Returns By Period

In the year-to-date period, 2BTC.DE achieves a -21.08% return, which is significantly higher than CTEN.DE's -24.02% return.

2BTC.DE

• 1D: 1.97%
• 1M: -0.29%
• YTD: -21.08%
• 6M: -41.31%
• 1Y: -25.76%
• 3Y*: 29.31%
• 5Y*: 1.80%
• 10Y*: —

CTEN.DE

• 1D: 2.22%
• 1M: 0.84%
• YTD: -24.02%
• 6M: -48.29%
• 1Y: -18.92%
• 3Y*: 20.12%
• 5Y*: —
• 10Y*: —

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

2BTC.DE vs. CTEN.DE - Expense Ratio Comparison

2BTC.DE has a 1.49% expense ratio, which is higher than CTEN.DE's 0.00% expense ratio.

2BTC.DE

21Shares Bitcoin ETP

CTEN.DE

CoinShares Physical Top10 Crypto Market ETP

Return for Risk

2BTC.DE vs. CTEN.DE — Risk / Return Rank

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

2BTC.DE

2BTC.DE Risk / Return Rank: 3
2BTC.DE Sharpe Ratio Rank: 3
2BTC.DE Sortino Ratio Rank: 3
2BTC.DE Omega Ratio Rank: 3
2BTC.DE Calmar Ratio Rank: 3
2BTC.DE Martin Ratio Rank: 3

CTEN.DE

CTEN.DE Risk / Return Rank: 7
CTEN.DE Sharpe Ratio Rank: 6
CTEN.DE Sortino Ratio Rank: 7
CTEN.DE Omega Ratio Rank: 7
CTEN.DE Calmar Ratio Rank: 6
CTEN.DE Martin Ratio Rank: 6

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. CTEN.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin ETP (2BTC.DE) and CoinShares Physical Top10 Crypto Market ETP (CTEN.DE). 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.

	2BTC.DE	CTEN.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.64	-0.36	-0.28
Sortino ratio Return per unit of downside risk	-0.73	-0.20	-0.53
Omega ratio Gain probability vs. loss probability	0.92	0.98	-0.06
Calmar ratio Return relative to maximum drawdown	-0.55	-0.35	-0.20
Martin ratio Return relative to average drawdown	-1.17	-0.72	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

2BTC.DE vs. CTEN.DE - Sharpe Ratio Comparison

The current 2BTC.DE Sharpe Ratio is -0.64, which is lower than the CTEN.DE Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of 2BTC.DE and CTEN.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	2BTC.DE	CTEN.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.64	-0.36	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.42	+0.24

Correlation

The correlation between 2BTC.DE and CTEN.DE is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

2BTC.DE vs. CTEN.DE - Dividend Comparison

Neither 2BTC.DE nor CTEN.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

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

The maximum 2BTC.DE drawdown since its inception was -74.55%, which is greater than CTEN.DE's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for 2BTC.DE and CTEN.DE.

Drawdown Indicators

	2BTC.DE	CTEN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-74.55%	-56.27%	-18.28%
Max Drawdown (1Y) Largest decline over 1 year	-49.73%	-56.27%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-74.55%	—	—
Current Drawdown Current decline from peak	-45.04%	-51.52%	+6.48%
Average Drawdown Average peak-to-trough decline	-29.97%	-17.41%	-12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.19%	27.19%	-4.00%

Volatility

2BTC.DE vs. CTEN.DE - Volatility Comparison

The current volatility for 21Shares Bitcoin ETP (2BTC.DE) is 13.21%, while CoinShares Physical Top10 Crypto Market ETP (CTEN.DE) has a volatility of 14.56%. This indicates that 2BTC.DE experiences smaller price fluctuations and is considered to be less risky than CTEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2BTC.DE	CTEN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.21%	14.56%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	32.75%	38.70%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	40.38%	52.26%	-11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.79%	52.81%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	52.81%	+5.61%