BTCE.DE vs. BOLD.DE
BTCE.DE (ETC Group Physical Bitcoin) and BOLD.DE (21Shares Bitcoin Gold ETP) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BTCE.DE returned 28.04%/yr vs 24.50%/yr for BOLD.DE. A 0.62 correlation means they provide meaningful diversification when combined. BTCE.DE charges 2.00%/yr vs 0.65%/yr for BOLD.DE.
Performance
BTCE.DE vs. BOLD.DE - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while BOLD.DE is traded in USD. To make them comparable, the BOLD.DE 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 -27.02% return, which is significantly lower than BOLD.DE's -5.66% return.
BTCE.DE
- 1D
- -3.79%
- 1M
- -21.28%
- YTD
- -27.02%
- 6M
- -31.67%
- 1Y
- -41.65%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
BOLD.DE
- 1D
- -1.31%
- 1M
- -9.94%
- YTD
- -5.66%
- 6M
- -6.24%
- 1Y
- 0.44%
- 3Y*
- 24.50%
- 5Y*
- —
- 10Y*
- —
BTCE.DE vs. BOLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | -27.02% | -18.20% | 125.79% | 146.52% | -43.61% |
BOLD.DE 21Shares Bitcoin Gold ETP | -5.66% | 11.16% | 67.20% | 29.02% | -10.58% |
Correlation
The correlation between BTCE.DE and BOLD.DE is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 25, 2022 | 0.62 |
The correlation between BTCE.DE and BOLD.DE has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.
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Return for Risk
BTCE.DE vs. BOLD.DE — Risk / Return Rank
BTCE.DE
BOLD.DE
BTCE.DE vs. BOLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) and 21Shares Bitcoin Gold ETP (BOLD.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.
| BTCE.DE | BOLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.02 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.03 | -0.87 |
| Martin ratioReturn relative to average drawdown | -1.46 | 0.07 | -1.53 |
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
| BTCE.DE | BOLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 0.02 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.95 | -0.37 |
Drawdowns
BTCE.DE vs. BOLD.DE - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than BOLD.DE's maximum drawdown of -15.60%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and BOLD.DE.
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Drawdown Indicators
| BTCE.DE | BOLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -15.60% | -59.02% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | -14.30% | -35.46% |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | -14.30% | -35.46% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.27% | -14.30% | -34.97% |
Average DrawdownAverage peak-to-trough decline | -30.28% | -5.09% | -25.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 6.09% | +22.43% |
Volatility
BTCE.DE vs. BOLD.DE - Volatility Comparison
ETC Group Physical Bitcoin (BTCE.DE) has a higher volatility of 9.82% compared to 21Shares Bitcoin Gold ETP (BOLD.DE) at 5.39%. This indicates that BTCE.DE's price experiences larger fluctuations and is considered to be riskier than BOLD.DE 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 | BOLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 5.39% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | 19.13% | +12.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 23.07% | +16.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 19.87% | +32.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.85% | 19.87% | +37.98% |
BTCE.DE vs. BOLD.DE - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than BOLD.DE's 0.65% expense ratio.
Dividends
BTCE.DE vs. BOLD.DE - Dividend Comparison
Neither BTCE.DE nor BOLD.DE has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and BOLD.DE have a correlation of 0.70, 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: ETC Issuance and 21Shares. Their fees differ too: 2.00% for BTCE.DE and 0.65% for BOLD.DE.
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