BTCE.DE vs. CMFP.L

Last updated Jun 5, 2026

BTCE.DE (ETC Group Physical Bitcoin) and CMFP.L (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - BTCE.DE is a Cryptocurrency fund actively managed by ETC Issuance, while CMFP.L is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. BTCE.DE is actively managed, while CMFP.L is passively managed. Over the past 5 years, BTCE.DE returned 10.38%/yr vs 13.14%/yr for CMFP.L. At a 0.08 correlation, their price movements are largely independent. BTCE.DE charges 2.00%/yr vs 0.30%/yr for CMFP.L.

Performance

BTCE.DE vs. CMFP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in ETC Group Physical Bitcoin (BTCE.DE) and L&G Longer Dated All Commodities UCITS ETF (CMFP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCE.DE is traded in EUR, while CMFP.L is traded in GBp. To make them comparable, the CMFP.L 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 CMFP.L's 20.23% 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*: —

CMFP.L

• 1D: -1.21%
• 1M: -1.37%
• YTD: 20.23%
• 6M: 19.80%
• 1Y: 28.55%
• 3Y*: 10.75%
• 5Y*: 13.14%
• 10Y*: 8.18%

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

BTCE.DE vs. CMFP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BTCE.DE ETC Group Physical Bitcoin	-27.02%	-18.20%	125.79%	146.52%	-63.89%	81.36%	164.73%
CMFP.L L&G Longer Dated All Commodities UCITS ETF	20.23%	2.83%	12.02%	-9.56%	25.95%	43.36%	11.96%

Correlation

The correlation between BTCE.DE and CMFP.L is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020	0.08

Return for Risk

BTCE.DE vs. CMFP.L — Risk / Return Rank

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

BTCE.DE

BTCE.DE Risk / Return Rank: 1
BTCE.DE Sharpe Ratio Rank: 1
BTCE.DE Sortino Ratio Rank: 1
BTCE.DE Omega Ratio Rank: 2
BTCE.DE Calmar Ratio Rank: 2
BTCE.DE Martin Ratio Rank: 1

CMFP.L

CMFP.L Risk / Return Rank: 69
CMFP.L Sharpe Ratio Rank: 66
CMFP.L Sortino Ratio Rank: 59
CMFP.L Omega Ratio Rank: 65
CMFP.L Calmar Ratio Rank: 86
CMFP.L Martin Ratio Rank: 65

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.

BTCE.DE vs. CMFP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) and L&G Longer Dated All Commodities UCITS ETF (CMFP.L). 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	CMFP.L	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.90	-2.95
Sortino ratio: Return per unit of downside risk	-1.56	2.53	-4.10
Omega ratio: Gain probability vs. loss probability	0.83	1.33	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.83	3.76	-4.59
Martin ratio: Return relative to average drawdown	-1.46	8.54	-10.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCE.DE vs. CMFP.L - Sharpe Ratio Comparison

The current BTCE.DE Sharpe Ratio is -1.04, which is lower than the CMFP.L Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of BTCE.DE and CMFP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTCE.DE	CMFP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	1.90	-2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.85	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.26	+0.32

Drawdowns

BTCE.DE vs. CMFP.L - Drawdown Comparison

The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than CMFP.L's maximum drawdown of -48.33%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and CMFP.L.

Drawdown Indicators

	BTCE.DE	CMFP.L	Difference
Max Drawdown Largest peak-to-trough decline	-74.62%	-48.33%	-26.29%
Max Drawdown (1Y) Largest decline over 1 year	-49.76%	-7.56%	-42.20%
Max Drawdown (3Y) Largest decline over 3 years	-49.76%	-14.91%	-34.85%
Max Drawdown (5Y) Largest decline over 5 years	-74.62%	-22.95%	-51.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.81%	—
Current Drawdown Current decline from peak	-49.27%	-3.52%	-45.75%
Average Drawdown Average peak-to-trough decline	-30.28%	-23.08%	-7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.52%	3.34%	+25.18%

Volatility

BTCE.DE vs. CMFP.L - Volatility Comparison

ETC Group Physical Bitcoin (BTCE.DE) has a higher volatility of 9.82% compared to L&G Longer Dated All Commodities UCITS ETF (CMFP.L) at 5.13%. This indicates that BTCE.DE's price experiences larger fluctuations and is considered to be riskier than CMFP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCE.DE	CMFP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.82%	5.13%	+4.69%
Volatility (6M) Calculated over the trailing 6-month period	31.25%	12.48%	+18.77%
Volatility (1Y) Calculated over the trailing 1-year period	39.81%	14.96%	+24.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.58%	15.43%	+37.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.85%	13.83%	+44.02%

BTCE.DE vs. CMFP.L - Expense Ratio Comparison

BTCE.DE has a 2.00% expense ratio, which is higher than CMFP.L's 0.30% expense ratio.

Dividends

BTCE.DE vs. CMFP.L - Dividend Comparison

Neither BTCE.DE nor CMFP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCE.DE and CMFP.L in my portfolio?

BTCE.DE and CMFP.L have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCE.DE or CMFP.L?

On fees, CMFP.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCE.DE or CMFP.L?

CMFP.L is cheaper with a 0.30% expense ratio, compared with 2.00% for BTCE.DE.

What is the main difference between BTCE.DE and CMFP.L?

BTCE.DE is categorized as Cryptocurrency, while CMFP.L is Commodities. They also come from different issuers: ETC Issuance and Legal & General. Their fees differ too: 2.00% for BTCE.DE and 0.30% for CMFP.L.