BOLD.DE vs. BTCE.DE
BOLD.DE (21Shares Bitcoin Gold ETP) and BTCE.DE (ETC Group Physical Bitcoin) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BOLD.DE returned 27.91%/yr vs 31.54%/yr for BTCE.DE. A 0.68 correlation means they provide meaningful diversification when combined. BOLD.DE charges 0.65%/yr vs 2.00%/yr for BTCE.DE.
Performance
BOLD.DE vs. BTCE.DE - Performance Comparison
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Different Trading Currencies
BOLD.DE is traded in USD, while BTCE.DE is traded in EUR. To make them comparable, the BTCE.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BOLD.DE achieves a -6.72% return, which is significantly higher than BTCE.DE's -27.86% return.
BOLD.DE
- 1D
- -1.18%
- 1M
- -10.54%
- YTD
- -6.72%
- 6M
- -6.50%
- 1Y
- 2.15%
- 3Y*
- 27.91%
- 5Y*
- —
- 10Y*
- —
BTCE.DE
- 1D
- -3.67%
- 1M
- -21.82%
- YTD
- -27.86%
- 6M
- -31.85%
- 1Y
- -40.65%
- 3Y*
- 31.54%
- 5Y*
- 9.36%
- 10Y*
- —
BOLD.DE vs. BTCE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BOLD.DE 21Shares Bitcoin Gold ETP | -6.72% | 25.46% | 57.68% | 33.01% | -10.84% |
BTCE.DE ETC Group Physical Bitcoin | -27.86% | -7.65% | 112.88% | 154.31% | -43.78% |
Correlation
The correlation between BOLD.DE and BTCE.DE is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 25, 2022 | 0.68 |
The correlation between BOLD.DE and BTCE.DE has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
BOLD.DE vs. BTCE.DE — Risk / Return Rank
BOLD.DE
BTCE.DE
BOLD.DE vs. BTCE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 21Shares Bitcoin Gold ETP (BOLD.DE) and ETC Group Physical Bitcoin (BTCE.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.
| BOLD.DE | BTCE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.84 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | -0.82 | +0.94 |
| Martin ratioReturn relative to average drawdown | 0.31 | -1.42 | +1.73 |
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
| BOLD.DE | BTCE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.10 | -1.01 | +1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.18 | 0.59 | +0.59 |
Drawdowns
BOLD.DE vs. BTCE.DE - Drawdown Comparison
The maximum BOLD.DE drawdown since its inception was -16.73%, smaller than the maximum BTCE.DE drawdown of -77.07%. Use the drawdown chart below to compare losses from any high point for BOLD.DE and BTCE.DE.
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Drawdown Indicators
| BOLD.DE | BTCE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.73% | -77.07% | +60.34% |
Max Drawdown (1Y)Largest decline over 1 year | -16.73% | -49.71% | +32.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.73% | -49.71% | +32.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.07% | — |
Current DrawdownCurrent decline from peak | -16.73% | -49.71% | +32.98% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -31.24% | +27.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 28.63% | -21.77% |
Volatility
BOLD.DE vs. BTCE.DE - Volatility Comparison
The current volatility for 21Shares Bitcoin Gold ETP (BOLD.DE) is 5.37%, while ETC Group Physical Bitcoin (BTCE.DE) has a volatility of 9.77%. This indicates that BOLD.DE experiences smaller price fluctuations and is considered to be less risky than BTCE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOLD.DE | BTCE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 9.77% | -4.40% |
Volatility (6M)Calculated over the trailing 6-month period | 18.78% | 31.28% | -12.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.16% | 39.98% | -17.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.01% | 53.24% | -35.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 58.58% | -40.57% |
BOLD.DE vs. BTCE.DE - Expense Ratio Comparison
BOLD.DE has a 0.65% expense ratio, which is lower than BTCE.DE's 2.00% expense ratio.
Dividends
BOLD.DE vs. BTCE.DE - Dividend Comparison
Neither BOLD.DE nor BTCE.DE has paid dividends to shareholders.
Frequently Asked Questions
BOLD.DE and BTCE.DE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BOLD.DE is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BOLD.DE is cheaper with a 0.65% expense ratio, compared with 2.00% for BTCE.DE.
They also come from different issuers: 21Shares and ETC Issuance. Their fees differ too: 0.65% for BOLD.DE and 2.00% for BTCE.DE.
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