BCHS.L vs. CBUT.DE
BCHS.L (Invesco CoinShares Global Blockchain UCITS ETF Acc) and CBUT.DE (iShares Blockchain Technology UCITS ETF USD (Acc)) are both Technology Equities funds - BCHS.L tracks the MSCI World/Information Tech NR USD while CBUT.DE tracks the NYSE FactSet Global Blockchain Technologies Capped. Both are passively managed. Over the past 3 years, BCHS.L returned 42.48%/yr vs 44.75%/yr for CBUT.DE. Their correlation of 0.89 suggests significant overlap in exposure. BCHS.L charges 0.65%/yr vs 0.50%/yr for CBUT.DE.
Performance
BCHS.L vs. CBUT.DE - Performance Comparison
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Different Trading Currencies
BCHS.L is traded in GBp, while CBUT.DE is traded in EUR. To make them comparable, the CBUT.DE values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with BCHS.L having a 26.66% return and CBUT.DE slightly lower at 25.50%.
BCHS.L
- 1D
- -1.63%
- 1M
- 10.46%
- YTD
- 26.66%
- 6M
- 16.86%
- 1Y
- 61.41%
- 3Y*
- 42.48%
- 5Y*
- 12.62%
- 10Y*
- —
CBUT.DE
- 1D
- -3.29%
- 1M
- 10.37%
- YTD
- 25.50%
- 6M
- 10.14%
- 1Y
- 67.63%
- 3Y*
- 44.75%
- 5Y*
- —
- 10Y*
- —
BCHS.L vs. CBUT.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BCHS.L Invesco CoinShares Global Blockchain UCITS ETF Acc | 26.66% | 35.24% | 18.50% | 58.28% | -9.56% |
CBUT.DE iShares Blockchain Technology UCITS ETF USD (Acc) | 25.50% | 19.06% | 7.53% | 228.71% | -35.43% |
Correlation
The correlation between BCHS.L and CBUT.DE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022 | 0.89 |
The correlation between BCHS.L and CBUT.DE has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
BCHS.L vs. CBUT.DE — Risk / Return Rank
BCHS.L
CBUT.DE
BCHS.L vs. CBUT.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) and iShares Blockchain Technology UCITS ETF USD (Acc) (CBUT.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.
| BCHS.L | CBUT.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.22 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.56 | +0.52 |
| Martin ratioReturn relative to average drawdown | 4.20 | 2.92 | +1.28 |
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
| BCHS.L | CBUT.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.63 | 1.32 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.66 | +0.05 |
Drawdowns
BCHS.L vs. CBUT.DE - Drawdown Comparison
The maximum BCHS.L drawdown since its inception was -55.89%, which is greater than CBUT.DE's maximum drawdown of -52.60%. Use the drawdown chart below to compare losses from any high point for BCHS.L and CBUT.DE.
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Drawdown Indicators
| BCHS.L | CBUT.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.89% | -52.60% | -3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -29.49% | -43.27% | +13.78% |
Max Drawdown (3Y)Largest decline over 3 years | -35.64% | -52.60% | +16.96% |
Max Drawdown (5Y)Largest decline over 5 years | -55.89% | — | — |
Current DrawdownCurrent decline from peak | -3.94% | -15.93% | +11.99% |
Average DrawdownAverage peak-to-trough decline | -21.40% | -19.87% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.57% | 23.10% | -8.53% |
Volatility
BCHS.L vs. CBUT.DE - Volatility Comparison
The current volatility for Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) is 10.49%, while iShares Blockchain Technology UCITS ETF USD (Acc) (CBUT.DE) has a volatility of 14.28%. This indicates that BCHS.L experiences smaller price fluctuations and is considered to be less risky than CBUT.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCHS.L | CBUT.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.49% | 14.28% | -3.79% |
Volatility (6M)Calculated over the trailing 6-month period | 24.68% | 35.60% | -10.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.46% | 51.08% | -13.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.61% | 60.16% | -24.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.37% | 60.16% | -25.79% |
BCHS.L vs. CBUT.DE - Expense Ratio Comparison
BCHS.L has a 0.65% expense ratio, which is higher than CBUT.DE's 0.50% expense ratio.
Dividends
BCHS.L vs. CBUT.DE - Dividend Comparison
Neither BCHS.L nor CBUT.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, BCHS.L and CBUT.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CBUT.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBUT.DE is cheaper with a 0.50% expense ratio, compared with 0.65% for BCHS.L.
BCHS.L tracks MSCI World/Information Tech NR USD, while CBUT.DE tracks NYSE FactSet Global Blockchain Technologies Capped. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.65% for BCHS.L and 0.50% for CBUT.DE.
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