BITC.AS vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about CoinShares Physical Bitcoin (BTC) ETP (BITC.AS) and Bitcoin (BTC-USD).

BITC.AS is an actively managed fund by CoinShares. It was launched on Jan 19, 2021.

Performance

BITC.AS vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in CoinShares Physical Bitcoin (BTC) ETP (BITC.AS) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

BITC.AS vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITC.AS CoinShares Physical Bitcoin (BTC) ETP	-21.60%	-17.17%	136.40%	79.86%
BTC-USD Bitcoin	-20.43%	-17.40%	136.59%	80.79%

Different Trading Currencies

BITC.AS is traded in EUR, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, BITC.AS achieves a -21.60% return, which is significantly lower than BTC-USD's -20.43% return.

BITC.AS

• 1D: 1.74%
• 1M: -0.34%
• YTD: -21.60%
• 6M: -40.99%
• 1Y: -24.70%
• 3Y*: 31.33%
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.41%
• 1M: 0.67%
• YTD: -20.43%
• 6M: -41.39%
• 1Y: -24.88%
• 3Y*: 31.18%
• 5Y*: 3.40%
• 10Y*: 66.29%

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

Return for Risk

BITC.AS vs. BTC-USD — Risk / Return Rank

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

BITC.AS

BITC.AS Risk / Return Rank: 4
BITC.AS Sharpe Ratio Rank: 3
BITC.AS Sortino Ratio Rank: 3
BITC.AS Omega Ratio Rank: 3
BITC.AS Calmar Ratio Rank: 5
BITC.AS Martin Ratio Rank: 4

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

BITC.AS vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Bitcoin (BTC) ETP (BITC.AS) and Bitcoin (BTC-USD). 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.

	BITC.AS	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.61	-0.56	-0.05
Sortino ratio Return per unit of downside risk	-0.68	-0.57	-0.12
Omega ratio Gain probability vs. loss probability	0.92	0.94	-0.01
Calmar ratio Return relative to maximum drawdown	-0.45	-1.08	+0.63
Martin ratio Return relative to average drawdown	-0.95	-1.96	+1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITC.AS vs. BTC-USD - Sharpe Ratio Comparison

The current BITC.AS Sharpe Ratio is -0.61, which is comparable to the BTC-USD Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of BITC.AS and BTC-USD, 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

	BITC.AS	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	-0.56	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.19	-0.39

Correlation

The correlation between BITC.AS and BTC-USD is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

BITC.AS vs. BTC-USD - Drawdown Comparison

The maximum BITC.AS drawdown since its inception was -49.38%, smaller than the maximum BTC-USD drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for BITC.AS and BTC-USD.

Drawdown Indicators

	BITC.AS	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-49.38%	-85.30%	+35.92%
Max Drawdown (1Y) Largest decline over 1 year	-49.38%	-49.65%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-44.72%	-45.02%	+0.30%
Average Drawdown Average peak-to-trough decline	-11.68%	-41.99%	+30.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.13%	27.60%	-4.47%

Volatility

BITC.AS vs. BTC-USD - Volatility Comparison

CoinShares Physical Bitcoin (BTC) ETP (BITC.AS) and Bitcoin (BTC-USD) have volatilities of 12.64% and 13.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC.AS	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	13.24%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	32.32%	36.03%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	40.10%	37.16%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.04%	46.68%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.04%	56.03%	-9.99%