BTCE.DE vs. GBTC
BTCE.DE (ETC Group Physical Bitcoin) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds. BTCE.DE is actively managed, while GBTC is passively managed. Over the past 5 years, BTCE.DE returned 10.38%/yr vs 10.83%/yr for GBTC. A 0.69 correlation means they provide meaningful diversification when combined. BTCE.DE charges 2.00%/yr vs 1.50%/yr for GBTC.
Performance
BTCE.DE vs. GBTC - Performance Comparison
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Different Trading Currencies
BTCE.DE is traded in EUR, while GBTC is traded in USD. To make them comparable, the GBTC values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with BTCE.DE having a -27.02% return and GBTC slightly higher at -27.00%.
BTCE.DE
- 1D
- -3.79%
- 1M
- -21.28%
- YTD
- -27.02%
- 6M
- -31.67%
- 1Y
- -41.65%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
GBTC
- 1D
- -2.88%
- 1M
- -21.73%
- YTD
- -27.00%
- 6M
- -31.65%
- 1Y
- -41.35%
- 3Y*
- 49.28%
- 5Y*
- 10.83%
- 10Y*
- 48.88%
BTCE.DE vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust ETF | -27.00% | -18.61% | 127.92% | 305.09% | -74.30% | 15.04% | 177.34% |
Correlation
The correlation between BTCE.DE and GBTC is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020 | 0.69 |
The correlation between BTCE.DE and GBTC shifts across timeframes, from 0.68 (5 years) to 0.83 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTCE.DE vs. GBTC — Risk / Return Rank
BTCE.DE
GBTC
BTCE.DE vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.85 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.83 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.44 | -0.02 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | -0.96 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.18 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.65 | -0.06 |
Drawdowns
BTCE.DE vs. GBTC - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, smaller than the maximum GBTC drawdown of -89.54%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and GBTC.
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Drawdown Indicators
| BTCE.DE | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -89.54% | +14.92% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | -49.83% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | -49.83% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | -84.21% | +9.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.54% | — |
Current DrawdownCurrent decline from peak | -49.27% | -49.44% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -30.28% | -42.32% | +12.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 28.68% | -0.16% |
Volatility
BTCE.DE vs. GBTC - Volatility Comparison
ETC Group Physical Bitcoin (BTCE.DE) has a higher volatility of 9.82% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.03%. This indicates that BTCE.DE's price experiences larger fluctuations and is considered to be riskier than GBTC 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 | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 9.03% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | 33.70% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 43.37% | -3.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 61.63% | -9.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.85% | 82.01% | -24.16% |
BTCE.DE vs. GBTC - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than GBTC's 1.50% expense ratio.
Dividends
BTCE.DE vs. GBTC - Dividend Comparison
Neither BTCE.DE nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTCE.DE ETC Group Physical Bitcoin | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
BTCE.DE and GBTC have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBTC is cheaper at 1.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.00% for BTCE.DE.
They also come from different issuers: ETC Issuance and Grayscale. Their fees differ too: 2.00% for BTCE.DE and 1.50% for GBTC.
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