BMAX vs. SPF2.DE

Last updated Jun 4, 2026

BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) and SPF2.DE (SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)) are both Convertible Bonds funds. BMAX is actively managed, while SPF2.DE is passively managed. At a 0.21 correlation, their price movements are largely independent. BMAX charges 1.14%/yr vs 0.50%/yr for SPF2.DE.

Performance

BMAX vs. SPF2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) and SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPF2.DE

• 1D: -0.10%
• 1M: 5.24%
• YTD: 18.47%
• 6M: 21.41%
• 1Y: 37.65%
• 3Y*: 20.03%
• 5Y*: —
• 10Y*: —

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

BMAX vs. SPF2.DE - Yearly Performance Comparison

	2026 (YTD)	2025
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	4.03%	-13.05%
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)	18.47%	20.30%

Correlation

The correlation between BMAX and SPF2.DE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.21

Return for Risk

BMAX vs. SPF2.DE — Risk / Return Rank

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

SPF2.DE

SPF2.DE Risk / Return Rank: 93
SPF2.DE Sharpe Ratio Rank: 93
SPF2.DE Sortino Ratio Rank: 94
SPF2.DE Omega Ratio Rank: 94
SPF2.DE Calmar Ratio Rank: 91
SPF2.DE Martin Ratio Rank: 93

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.

BMAX vs. SPF2.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 USD Hedged UCITS ETF (Dist) (SPF2.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BMAX	SPF2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.12	—

Drawdowns

Drawdown Indicators

	BMAX	SPF2.DE	Difference
Max Drawdown Largest peak-to-trough decline	—	-16.29%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.21%	—
Current Drawdown Current decline from peak	—	-0.10%	—
Average Drawdown Average peak-to-trough decline	—	-4.68%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.49%	—

Volatility

Volatility by Period

	BMAX	SPF2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.16%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	10.14%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	10.14%	—

BMAX vs. SPF2.DE - Expense Ratio Comparison

BMAX has a 1.14% expense ratio, which is higher than SPF2.DE's 0.50% expense ratio.

Dividends

BMAX vs. SPF2.DE - Dividend Comparison

BMAX has not paid dividends to shareholders, while SPF2.DE's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025	2024	2023
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%	0.00%
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)	0.53%	0.60%	0.43%	0.25%

Frequently Asked Questions

Can I hold both BMAX and SPF2.DE in my portfolio?

BMAX and SPF2.DE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMAX or SPF2.DE?

On fees, SPF2.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMAX or SPF2.DE?

SPF2.DE is cheaper with a 0.50% expense ratio, compared with 1.14% for BMAX.

What is the main difference between BMAX and SPF2.DE?

They also come from different issuers: REX and State Street. Their fees differ too: 1.14% for BMAX and 0.50% for SPF2.DE.