BTCE.DE vs. BCHG
BTCE.DE (Bitwise Physical Bitcoin ETP) is Cryptocurrency fund actively managed by Bitwise, while BCHG (Grayscale Bitcoin Cash Trust) is a stock. Over the past 5 years, BTCE.DE returned 7.21%/yr vs -22.10%/yr for BCHG. Their 0.45 correlation means their historical movements had little consistent relationship.
Performance
BTCE.DE vs. BCHG - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while BCHG is traded in USD. To make them comparable, the BCHG values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTCE.DE achieves a -26.76% return, which is significantly higher than BCHG's -63.53% return.
BTCE.DE
- 1D
- 0.00%
- 1M
- 1.37%
- 6M
- -11.75%
- YTD
- -26.76%
- 1Y
- -44.28%
- 3Y*
- 25.27%
- 5Y*
- 7.21%
- 10Y*
- —
- ALL TIME*
- 30.04%
BCHG
- 1D
- -0.65%
- 1M
- -16.12%
- 6M
- -56.14%
- YTD
- -63.53%
- 1Y
- -62.42%
- 3Y*
- 3.04%
- 5Y*
- -22.10%
- 10Y*
- —
- ALL TIME*
- -38.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| €76.28K | €110.33K | €269.00K | |
BTCE.DE Bitwise Physical Bitcoin ETP | €508.71K | €595.77K | €1.12M |
BTCE.DE vs. BCHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | -26.76% | -18.20% | 125.79% | 146.52% | -63.89% | 81.36% | 117.36% |
BCHG Grayscale Bitcoin Cash Trust | -63.53% | -27.48% | 32.78% | 1,005.03% | -86.77% | -87.06% | -19.66% |
Correlation
The correlation between BTCE.DE and BCHG is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | 0.45 |
The correlation between BTCE.DE and BCHG shifts across timeframes, from 0.45 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTCE.DE vs. BCHG — Risk / Return Rank
BTCE.DE
BCHG
BTCE.DE vs. BCHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Physical Bitcoin ETP (BTCE.DE) and Grayscale Bitcoin Cash Trust (BCHG). 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.
| BTCE.DE | BCHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.87 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.71 | +0.45 |
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Drawdowns
BTCE.DE vs. BCHG - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, smaller than the maximum BCHG drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and BCHG.
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Drawdown Indicators
| BTCE.DE | BCHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -99.26% | +24.64% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -71.96% | +18.90% |
Max Drawdown (3Y)Largest decline over 3 years | -53.06% | -94.10% | +41.04% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | -94.10% | +19.48% |
Current DrawdownCurrent decline from peak | -49.09% | -97.08% | +47.99% |
Average DrawdownAverage peak-to-trough decline | -30.88% | -86.45% | +55.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 36.45% | -1.44% |
Volatility
BTCE.DE vs. BCHG - Volatility Comparison
The current volatility for Bitwise Physical Bitcoin ETP (BTCE.DE) is 8.48%, while Grayscale Bitcoin Cash Trust (BCHG) has a volatility of 13.49%. This indicates that BTCE.DE experiences smaller price fluctuations and is considered to be less risky than BCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCE.DE | BCHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 13.49% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 49.41% | -20.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.94% | 68.70% | -27.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 104.55% | -53.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.53% | 131.96% | -74.43% |
Dividends
BTCE.DE vs. BCHG - Dividend Comparison
Neither BTCE.DE nor BCHG has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and BCHG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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