BMAX vs. SPF1.DE
Compare and contrast key facts about REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.DE).
BMAX and SPF1.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BMAX is an actively managed fund by REX. It was launched on Mar 13, 2025. SPF1.DE is a passively managed fund by SPDR that tracks the performance of the FTSE Qualified Global Convertible Index (EUR Hedged). It was launched on Jan 31, 2022.
Performance
BMAX vs. SPF1.DE - Performance Comparison
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BMAX vs. SPF1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF | -0.32% | -13.05% |
SPF1.DE SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating | 3.10% | 27.49% |
Different Trading Currencies
BMAX is traded in USD, while SPF1.DE is traded in EUR. To make them comparable, the SPF1.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BMAX achieves a -0.32% return, which is significantly lower than SPF1.DE's 3.10% return.
BMAX
- 1D
- 0.39%
- 1M
- -2.97%
- YTD
- -0.32%
- 6M
- -20.22%
- 1Y
- -11.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPF1.DE
- 1D
- 3.65%
- 1M
- -3.90%
- YTD
- 3.10%
- 6M
- 6.89%
- 1Y
- 33.34%
- 3Y*
- 16.28%
- 5Y*
- 2.98%
- 10Y*
- —
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BMAX vs. SPF1.DE - Expense Ratio Comparison
BMAX has a 1.14% expense ratio, which is higher than SPF1.DE's 0.55% expense ratio.
Return for Risk
BMAX vs. SPF1.DE — Risk / Return Rank
BMAX
SPF1.DE
BMAX vs. SPF1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.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.
| BMAX | SPF1.DE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.38 | 2.15 | -2.53 |
Sortino ratioReturn per unit of downside risk | -0.36 | 3.06 | -3.42 |
Omega ratioGain probability vs. loss probability | 0.96 | 1.41 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.30 | 3.41 | -3.70 |
Martin ratioReturn relative to average drawdown | -0.50 | 14.40 | -14.90 |
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
| BMAX | SPF1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.38 | 2.15 | -2.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.43 | -0.83 |
Correlation
The correlation between BMAX and SPF1.DE is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BMAX vs. SPF1.DE - Dividend Comparison
Neither BMAX nor SPF1.DE has paid dividends to shareholders.
Drawdowns
BMAX vs. SPF1.DE - Drawdown Comparison
The maximum BMAX drawdown since its inception was -31.32%, smaller than the maximum SPF1.DE drawdown of -44.77%. Use the drawdown chart below to compare losses from any high point for BMAX and SPF1.DE.
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Drawdown Indicators
| BMAX | SPF1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.32% | -30.44% | -0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -31.32% | -7.07% | -24.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.99% | — |
Current DrawdownCurrent decline from peak | -28.90% | -3.77% | -25.13% |
Average DrawdownAverage peak-to-trough decline | -15.10% | -11.55% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.53% | 1.64% | +16.89% |
Volatility
BMAX vs. SPF1.DE - Volatility Comparison
The current volatility for REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is 5.57%, while SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.DE) has a volatility of 6.61%. This indicates that BMAX experiences smaller price fluctuations and is considered to be less risky than SPF1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMAX | SPF1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.57% | 6.61% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 19.08% | 10.84% | +8.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.73% | 15.44% | +16.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.26% | 14.35% | +17.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.26% | 14.84% | +17.42% |