BTCE.DE vs. DA20.DE
BTCE.DE (Bitwise Physical Bitcoin ETP) and DA20.DE (Bitwise MSCI Digital Assets Select 20 ETP) are both Cryptocurrency funds from Bitwise. BTCE.DE is actively managed, while DA20.DE is passively managed. Over the past 3 years, BTCE.DE returned 25.27%/yr vs 10.51%/yr for DA20.DE. Their correlation of 0.91 means they have usually moved in the same direction. BTCE.DE charges 2.00%/yr vs 1.49%/yr for DA20.DE.
Performance
BTCE.DE vs. DA20.DE - Performance Comparison
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Returns By Period
In the year-to-date period, BTCE.DE achieves a -26.76% return, which is significantly higher than DA20.DE's -35.13% 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%
DA20.DE
- 1D
- 0.00%
- 1M
- -0.50%
- 6M
- -16.27%
- YTD
- -35.13%
- 1Y
- -51.65%
- 3Y*
- 10.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | €508.71K | €595.77K | €1.12M |
| €14.88K | €16.60K | €29.46K |
BTCE.DE vs. DA20.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | -26.76% | -18.20% | 125.79% | 49.71% |
DA20.DE Bitwise MSCI Digital Assets Select 20 ETP | -35.13% | -25.93% | 90.42% | 52.76% |
Correlation
The correlation between BTCE.DE and DA20.DE is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2023 | 0.91 |
The correlation between BTCE.DE and DA20.DE has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
BTCE.DE vs. DA20.DE — Risk / Return Rank
BTCE.DE
DA20.DE
BTCE.DE vs. DA20.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Physical Bitcoin ETP (BTCE.DE) and Bitwise MSCI Digital Assets Select 20 ETP (DA20.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.
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 | DA20.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.82 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.21 | -0.06 |
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Drawdowns
BTCE.DE vs. DA20.DE - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than DA20.DE's maximum drawdown of -62.91%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and DA20.DE.
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Drawdown Indicators
| BTCE.DE | DA20.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -62.91% | -11.71% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -62.91% | +9.85% |
Max Drawdown (3Y)Largest decline over 3 years | -53.06% | -62.91% | +9.85% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.09% | -59.49% | +10.40% |
Average DrawdownAverage peak-to-trough decline | -30.88% | -22.30% | -8.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 42.84% | -7.83% |
Volatility
BTCE.DE vs. DA20.DE - Volatility Comparison
The current volatility for Bitwise Physical Bitcoin ETP (BTCE.DE) is 8.48%, while Bitwise MSCI Digital Assets Select 20 ETP (DA20.DE) has a volatility of 9.73%. This indicates that BTCE.DE experiences smaller price fluctuations and is considered to be less risky than DA20.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 | DA20.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 9.73% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 33.29% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.94% | 49.46% | -8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 52.56% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.53% | 52.56% | +4.97% |
BTCE.DE vs. DA20.DE - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than DA20.DE's 1.49% expense ratio.
Dividends
BTCE.DE vs. DA20.DE - Dividend Comparison
Neither BTCE.DE nor DA20.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, BTCE.DE and DA20.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, DA20.DE is cheaper at 1.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DA20.DE is cheaper with a 1.49% expense ratio, compared with 2.00% for BTCE.DE.
Their fees differ too: 2.00% for BTCE.DE and 1.49% for DA20.DE.
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