2BTC.DE vs. MSTX
2BTC.DE (21Shares Bitcoin ETP) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - 2BTC.DE is a Cryptocurrency fund actively managed by 21Shares, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, 2BTC.DE returned -41.35% vs -95.14% for MSTX. A 0.55 correlation means they provide meaningful diversification when combined. 2BTC.DE charges 1.49%/yr vs 1.29%/yr for MSTX.
Performance
2BTC.DE vs. MSTX - Performance Comparison
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Different Trading Currencies
2BTC.DE is traded in EUR, while MSTX is traded in USD. To make them comparable, the MSTX 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 -26.93% return, which is significantly higher than MSTX's -52.45% return.
2BTC.DE
- 1D
- -3.67%
- 1M
- -21.27%
- YTD
- -26.93%
- 6M
- -31.43%
- 1Y
- -41.35%
- 3Y*
- 28.78%
- 5Y*
- 11.03%
- 10Y*
- —
MSTX
- 1D
- 4.18%
- 1M
- -55.19%
- YTD
- -52.45%
- 6M
- -69.95%
- 1Y
- -95.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
2BTC.DE vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
2BTC.DE 21Shares Bitcoin ETP | -26.93% | -17.79% | 64.57% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -52.45% | -90.35% | 151.57% |
Correlation
The correlation between 2BTC.DE and MSTX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024 | 0.55 |
The correlation between 2BTC.DE and MSTX has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.
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Return for Risk
2BTC.DE vs. MSTX — Risk / Return Rank
2BTC.DE
MSTX
2BTC.DE vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin ETP (2BTC.DE) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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 | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.78 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.98 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.26 | -0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 2BTC.DE | MSTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | -0.68 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | -0.42 | +1.04 |
Drawdowns
2BTC.DE vs. MSTX - Drawdown Comparison
The maximum 2BTC.DE drawdown since its inception was -74.55%, smaller than the maximum MSTX drawdown of -98.80%. Use the drawdown chart below to compare losses from any high point for 2BTC.DE and MSTX.
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Drawdown Indicators
| 2BTC.DE | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.55% | -98.80% | +24.25% |
Max Drawdown (1Y)Largest decline over 1 year | -49.73% | -96.66% | +46.93% |
Max Drawdown (3Y)Largest decline over 3 years | -49.73% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -74.55% | — | — |
Current DrawdownCurrent decline from peak | -49.12% | -98.69% | +49.57% |
Average DrawdownAverage peak-to-trough decline | -30.26% | -70.71% | +40.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.45% | 75.54% | -47.09% |
Volatility
2BTC.DE vs. MSTX - Volatility Comparison
The current volatility for 21Shares Bitcoin ETP (2BTC.DE) is 9.87%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.46%. This indicates that 2BTC.DE experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 2BTC.DE | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 39.46% | -29.59% |
Volatility (6M)Calculated over the trailing 6-month period | 31.32% | 111.61% | -80.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.83% | 139.40% | -99.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.82% | 166.98% | -114.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.93% | 166.98% | -109.05% |
2BTC.DE vs. MSTX - Expense Ratio Comparison
2BTC.DE has a 1.49% expense ratio, which is higher than MSTX's 1.29% expense ratio.
Dividends
2BTC.DE vs. MSTX - Dividend Comparison
Neither 2BTC.DE nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
2BTC.DE 21Shares Bitcoin ETP | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
2BTC.DE and MSTX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MSTX is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MSTX is cheaper with a 1.29% expense ratio, compared with 1.49% for 2BTC.DE.
2BTC.DE is categorized as Cryptocurrency, while MSTX is Leveraged Equities. They also come from different issuers: 21Shares and Defiance. Their fees differ too: 1.49% for 2BTC.DE and 1.29% for MSTX.
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