2BTC.DE vs. TLT
2BTC.DE (21Shares Bitcoin ETP) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - 2BTC.DE is a Cryptocurrency fund actively managed by 21Shares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. 2BTC.DE is actively managed, while TLT is passively managed. Over the past 5 years, 2BTC.DE returned 11.03%/yr vs -5.43%/yr for TLT. At a correlation of -0.07, they often move in opposite directions. 2BTC.DE charges 1.49%/yr vs 0.15%/yr for TLT.
Performance
2BTC.DE vs. TLT - Performance Comparison
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Different Trading Currencies
2BTC.DE is traded in EUR, while TLT is traded in USD. To make them comparable, the TLT 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 lower than TLT's 0.92% 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*
- —
TLT
- 1D
- 0.00%
- 1M
- 0.98%
- YTD
- 0.92%
- 6M
- -1.17%
- 1Y
- 1.58%
- 3Y*
- -4.34%
- 5Y*
- -5.43%
- 10Y*
- -1.79%
2BTC.DE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
2BTC.DE 21Shares Bitcoin ETP | -26.93% | -17.79% | 127.95% | 147.44% | -63.76% | 82.65% | 177.87% |
TLT iShares 20+ Year Treasury Bond ETF | 1.09% | -8.12% | -1.98% | -0.31% | -26.97% | 2.54% | -10.74% |
Correlation
The correlation between 2BTC.DE and TLT is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2020 | -0.07 |
The correlation between 2BTC.DE and TLT shifts across timeframes, from -0.07 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
2BTC.DE vs. TLT — Risk / Return Rank
2BTC.DE
TLT
2BTC.DE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin ETP (2BTC.DE) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.04 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.21 | -1.04 |
| Martin ratioReturn relative to average drawdown | -1.45 | 0.46 | -1.91 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 0.16 | -1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.34 | +0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.22 | +0.40 |
Drawdowns
2BTC.DE vs. TLT - Drawdown Comparison
The maximum 2BTC.DE drawdown since its inception was -74.55%, which is greater than TLT's maximum drawdown of -46.77%. Use the drawdown chart below to compare losses from any high point for 2BTC.DE and TLT.
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Drawdown Indicators
| 2BTC.DE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.55% | -46.77% | -27.78% |
Max Drawdown (1Y)Largest decline over 1 year | -49.73% | -7.42% | -42.31% |
Max Drawdown (3Y)Largest decline over 3 years | -49.73% | -17.36% | -32.37% |
Max Drawdown (5Y)Largest decline over 5 years | -74.55% | -39.79% | -34.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.77% | — |
Current DrawdownCurrent decline from peak | -49.12% | -44.04% | -5.08% |
Average DrawdownAverage peak-to-trough decline | -30.26% | -18.49% | -11.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.45% | 3.47% | +24.98% |
Volatility
2BTC.DE vs. TLT - Volatility Comparison
21Shares Bitcoin ETP (2BTC.DE) has a higher volatility of 9.87% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.19%. This indicates that 2BTC.DE's price experiences larger fluctuations and is considered to be riskier than TLT 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 | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 2.19% | +7.68% |
Volatility (6M)Calculated over the trailing 6-month period | 31.32% | 7.05% | +24.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.83% | 9.81% | +30.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.82% | 16.23% | +36.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.93% | 15.64% | +42.29% |
2BTC.DE vs. TLT - Expense Ratio Comparison
2BTC.DE has a 1.49% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
2BTC.DE vs. TLT - Dividend Comparison
2BTC.DE has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
2BTC.DE 21Shares Bitcoin ETP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
2BTC.DE and TLT have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLT is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLT is cheaper with a 0.15% expense ratio, compared with 1.49% for 2BTC.DE.
2BTC.DE is categorized as Cryptocurrency, while TLT is Government Bonds. They also come from different issuers: 21Shares and iShares. Their fees differ too: 1.49% for 2BTC.DE and 0.15% for TLT.
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