BCHS.L vs. GXLK.L
BCHS.L (Invesco CoinShares Global Blockchain UCITS ETF Acc) and GXLK.L (SPDR S&P US Technology Select Sector UCITS ETF) are both Technology Equities funds tracking the MSCI World/Information Tech NR USD, from Invesco and State Street respectively. Both are passively managed. Over the past 3 years, BCHS.L returned 42.48%/yr vs 26.51%/yr for GXLK.L. A 0.58 correlation means they provide meaningful diversification when combined. BCHS.L charges 0.65%/yr vs 0.15%/yr for GXLK.L.
Performance
BCHS.L vs. GXLK.L - Performance Comparison
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Different Trading Currencies
BCHS.L is traded in GBp, while GXLK.L is traded in GBP. To make them comparable, the GXLK.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, BCHS.L achieves a 26.66% return, which is significantly higher than GXLK.L's 23.38% return.
BCHS.L
- 1D
- -1.63%
- 1M
- 10.46%
- YTD
- 26.66%
- 6M
- 16.86%
- 1Y
- 61.41%
- 3Y*
- 42.48%
- 5Y*
- 12.62%
- 10Y*
- —
GXLK.L
- 1D
- -2.05%
- 1M
- 14.24%
- YTD
- 23.38%
- 6M
- 22.20%
- 1Y
- 53.75%
- 3Y*
- 26.51%
- 5Y*
- —
- 10Y*
- —
BCHS.L vs. GXLK.L - 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% | -42.99% |
GXLK.L SPDR S&P US Technology Select Sector UCITS ETF | 23.38% | 15.88% | 24.73% | 48.31% | -16.12% |
Correlation
The correlation between BCHS.L and GXLK.L is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.58 |
The correlation between BCHS.L and GXLK.L has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
BCHS.L vs. GXLK.L — Risk / Return Rank
BCHS.L
GXLK.L
BCHS.L vs. GXLK.L - 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 SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L). 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 | GXLK.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.46 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 3.21 | -1.14 |
| Martin ratioReturn relative to average drawdown | 4.20 | 8.20 | -4.00 |
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 | GXLK.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.63 | 2.77 | -1.14 |
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 | 0.79 | -0.08 |
Drawdowns
BCHS.L vs. GXLK.L - Drawdown Comparison
The maximum BCHS.L drawdown since its inception was -55.89%, which is greater than GXLK.L's maximum drawdown of -28.24%. Use the drawdown chart below to compare losses from any high point for BCHS.L and GXLK.L.
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Drawdown Indicators
| BCHS.L | GXLK.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.89% | -28.24% | -27.65% |
Max Drawdown (1Y)Largest decline over 1 year | -29.49% | -16.67% | -12.82% |
Max Drawdown (3Y)Largest decline over 3 years | -35.64% | -28.24% | -7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -55.89% | — | — |
Current DrawdownCurrent decline from peak | -3.94% | -2.76% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -21.40% | -7.64% | -13.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.57% | 6.54% | +8.03% |
Volatility
BCHS.L vs. GXLK.L - Volatility Comparison
Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) has a higher volatility of 10.49% compared to SPDR S&P US Technology Select Sector UCITS ETF (GXLK.L) at 6.90%. This indicates that BCHS.L's price experiences larger fluctuations and is considered to be riskier than GXLK.L 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 | GXLK.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.49% | 6.90% | +3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 24.68% | 14.09% | +10.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.46% | 19.32% | +18.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.61% | 26.83% | +8.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.37% | 26.83% | +7.54% |
BCHS.L vs. GXLK.L - Expense Ratio Comparison
BCHS.L has a 0.65% expense ratio, which is higher than GXLK.L's 0.15% expense ratio.
Dividends
BCHS.L vs. GXLK.L - Dividend Comparison
Neither BCHS.L nor GXLK.L has paid dividends to shareholders.
Frequently Asked Questions
BCHS.L and GXLK.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GXLK.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLK.L is cheaper with a 0.15% expense ratio, compared with 0.65% for BCHS.L.
Both ETFs track MSCI World/Information Tech NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.65% for BCHS.L and 0.15% for GXLK.L.
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