BTC-USD vs. USRD

Last updated Jun 12, 2026

BTC-USD (Bitcoin) is a cryptocurrency, while USRD (Themes US R&D Champions ETF) is Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index. Over the past year, BTC-USD returned -41.49% vs 21.33% for USRD. At a 0.30 correlation, their price movements are largely independent.

Performance

BTC-USD vs. USRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin (BTC-USD) and Themes US R&D Champions ETF (USRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC-USD achieves a -27.34% return, which is significantly lower than USRD's 12.31% return.

BTC-USD

• 1D: 3.47%
• 1M: -21.00%
• YTD: -27.34%
• 6M: -31.30%
• 1Y: -41.49%
• 3Y*: 34.89%
• 5Y*: 12.33%
• 10Y*: 56.84%

USRD

• 1D: 1.76%
• 1M: 4.18%
• YTD: 12.31%
• 6M: 9.99%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTC-USD vs. USRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTC-USD Bitcoin	-27.34%	-6.27%	120.76%	1.95%
USRD Themes US R&D Champions ETF	12.31%	12.44%	15.53%	5.32%

Correlation

The correlation between BTC-USD and USRD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.30

Return for Risk

BTC-USD vs. USRD — Risk / Return Rank

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

BTC-USD

BTC-USD Risk / Return Rank: 35
BTC-USD Sharpe Ratio Rank: 15
BTC-USD Sortino Ratio Rank: 41
BTC-USD Omega Ratio Rank: 38
BTC-USD Calmar Ratio Rank: 52
BTC-USD Martin Ratio Rank: 27

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

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.

BTC-USD vs. USRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) and Themes US R&D Champions ETF (USRD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTC-USD	USRD	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.21	-2.18
Sortino ratio: Return per unit of downside risk	-1.39	1.72	-3.10
Omega ratio: Gain probability vs. loss probability	0.86	1.22	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.81	1.59	-2.40
Martin ratio: Return relative to average drawdown	-1.42	4.81	-6.23

BTC-USD vs. USRD - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -0.97, which is lower than the USRD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of BTC-USD and USRD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTC-USD vs. USRD - Drawdown Comparison

The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than USRD's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for BTC-USD and USRD.

Drawdown Indicators

	BTC-USD	USRD	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-23.79%	-61.51%
Max Drawdown (1Y) Largest decline over 1 year	-51.21%	-13.49%	-37.72%
Max Drawdown (3Y) Largest decline over 3 years	-51.21%	—	—
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	-49.02%	-7.42%	-41.60%
Average Drawdown Average peak-to-trough decline	-42.34%	-3.71%	-38.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.89%	4.45%	+30.44%

Volatility

BTC-USD vs. USRD - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 12.11% compared to Themes US R&D Champions ETF (USRD) at 8.08%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than USRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC-USD	USRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	8.08%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	34.67%	14.50%	+20.17%
Volatility (1Y) Calculated over the trailing 1-year period	35.64%	17.70%	+17.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.75%	19.49%	+25.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.63%	19.49%	+37.14%

Frequently Asked Questions

Can I hold both BTC-USD and USRD in my portfolio?

BTC-USD and USRD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC-USD or USRD?

BTC-USD has higher volatility (12.11%) compared to USRD (8.08%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs USRD's -23.79%.

Which has better risk-adjusted returns?

USRD currently has the higher Sharpe Ratio (1.21 vs -0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.