ADOT.DE vs. BTIC.DE

Last updated Apr 2, 2026

Compare and contrast key facts about 21Shares Polkadot ETP (ADOT.DE) and Invesco Physical Bitcoin ETP (BTIC.DE).

ADOT.DE and BTIC.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ADOT.DE is an actively managed fund by 21Shares. It was launched on Feb 3, 2021. BTIC.DE is managed by Invesco. It was launched on Nov 23, 2021.

Performance

ADOT.DE vs. BTIC.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in 21Shares Polkadot ETP (ADOT.DE) and Invesco Physical Bitcoin ETP (BTIC.DE). The values are adjusted to include any dividend payments, if applicable.

ADOT.DE vs. BTIC.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ADOT.DE 21Shares Polkadot ETP	-29.95%	-76.97%	-16.76%	86.93%	-84.20%	-21.31%
BTIC.DE Invesco Physical Bitcoin ETP	-19.53%	-26.09%	143.52%	141.40%	-61.47%	-13.29%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ADOT.DE achieves a -29.95% return, which is significantly lower than BTIC.DE's -19.53% return.

ADOT.DE

• 1D: 0.42%
• 1M: -18.84%
• YTD: -29.95%
• 6M: -68.96%
• 1Y: -72.95%
• 3Y*: -44.19%
• 5Y*: —
• 10Y*: —

BTIC.DE

• 1D: 1.89%
• 1M: 0.92%
• YTD: -19.53%
• 6M: -40.04%
• 1Y: -29.84%
• 3Y*: 27.93%
• 5Y*: —
• 10Y*: —

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

ADOT.DE vs. BTIC.DE - Expense Ratio Comparison

ADOT.DE has a 2.50% expense ratio, which is higher than BTIC.DE's 0.10% expense ratio.

ADOT.DE

21Shares Polkadot ETP

BTIC.DE

Invesco Physical Bitcoin ETP

Return for Risk

ADOT.DE vs. BTIC.DE — Risk / Return Rank

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

ADOT.DE

ADOT.DE Risk / Return Rank: 1
ADOT.DE Sharpe Ratio Rank: 1
ADOT.DE Sortino Ratio Rank: 0
ADOT.DE Omega Ratio Rank: 0
ADOT.DE Calmar Ratio Rank: 0
ADOT.DE Martin Ratio Rank: 1

BTIC.DE

BTIC.DE Risk / Return Rank: 3
BTIC.DE Sharpe Ratio Rank: 3
BTIC.DE Sortino Ratio Rank: 3
BTIC.DE Omega Ratio Rank: 4
BTIC.DE Calmar Ratio Rank: 4
BTIC.DE Martin Ratio Rank: 3

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.

ADOT.DE vs. BTIC.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Polkadot ETP (ADOT.DE) and Invesco Physical Bitcoin ETP (BTIC.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.

	ADOT.DE	BTIC.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.96	-0.71	-0.24
Sortino ratio Return per unit of downside risk	-1.88	-0.88	-1.00
Omega ratio Gain probability vs. loss probability	0.79	0.90	-0.11
Calmar ratio Return relative to maximum drawdown	-0.93	-0.62	-0.31
Martin ratio Return relative to average drawdown	-1.53	-1.34	-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.

ADOT.DE vs. BTIC.DE - Sharpe Ratio Comparison

The current ADOT.DE Sharpe Ratio is -0.96, which is lower than the BTIC.DE Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of ADOT.DE and BTIC.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

	ADOT.DE	BTIC.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	-0.71	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.07	-0.70

Correlation

The correlation between ADOT.DE and BTIC.DE is 0.72, 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

ADOT.DE vs. BTIC.DE - Dividend Comparison

Neither ADOT.DE nor BTIC.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ADOT.DE vs. BTIC.DE - Drawdown Comparison

The maximum ADOT.DE drawdown since its inception was -97.96%, which is greater than BTIC.DE's maximum drawdown of -68.94%. Use the drawdown chart below to compare losses from any high point for ADOT.DE and BTIC.DE.

Drawdown Indicators

	ADOT.DE	BTIC.DE	Difference
Max Drawdown Largest peak-to-trough decline	-97.96%	-70.64%	-27.32%
Max Drawdown (1Y) Largest decline over 1 year	-77.96%	-49.42%	-28.54%
Current Drawdown Current decline from peak	-97.88%	-44.59%	-53.29%
Average Drawdown Average peak-to-trough decline	-83.34%	-31.05%	-52.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.39%	23.00%	+24.39%

Volatility

ADOT.DE vs. BTIC.DE - Volatility Comparison

The current volatility for 21Shares Polkadot ETP (ADOT.DE) is 11.23%, while Invesco Physical Bitcoin ETP (BTIC.DE) has a volatility of 13.50%. This indicates that ADOT.DE experiences smaller price fluctuations and is considered to be less risky than BTIC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADOT.DE	BTIC.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.23%	13.50%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	58.98%	33.08%	+25.90%
Volatility (1Y) Calculated over the trailing 1-year period	76.30%	41.78%	+34.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.36%	50.98%	+30.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.36%	50.98%	+30.38%