BTCE.DE vs. HDX1.DE
BTCE.DE (Bitwise Physical Bitcoin ETP) and HDX1.DE (Hashdex Nasdaq Crypto Index Europe ETP EUR) are both Cryptocurrency funds. BTCE.DE is actively managed, while HDX1.DE is passively managed. Over the past 3 years, BTCE.DE returned 25.27%/yr vs 18.75%/yr for HDX1.DE. Their correlation of 0.91 means they have usually moved in the same direction. BTCE.DE charges 2.00%/yr vs 1.00%/yr for HDX1.DE.
Performance
BTCE.DE vs. HDX1.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 HDX1.DE's -29.62% 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%
HDX1.DE
- 1D
- 0.00%
- 1M
- 0.77%
- 6M
- -13.12%
- YTD
- -29.62%
- 1Y
- -46.75%
- 3Y*
- 18.75%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.94%
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 |
| €19.00K | €20.16K | €25.40K |
BTCE.DE vs. HDX1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | -26.76% | -18.20% | 125.79% | 146.52% | -19.24% |
HDX1.DE Hashdex Nasdaq Crypto Index Europe ETP EUR | -29.62% | -21.32% | 108.60% | 133.00% | -26.82% |
Correlation
The correlation between BTCE.DE and HDX1.DE is 0.99 - 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. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.91 |
The correlation between BTCE.DE and HDX1.DE has been stable across timeframes, ranging from 0.91 to 0.99 - a consistent structural relationship.
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Return for Risk
BTCE.DE vs. HDX1.DE — Risk / Return Rank
BTCE.DE
HDX1.DE
BTCE.DE vs. HDX1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Physical Bitcoin ETP (BTCE.DE) and Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.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 | HDX1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.83 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.24 | -0.03 |
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Drawdowns
BTCE.DE vs. HDX1.DE - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than HDX1.DE's maximum drawdown of -56.57%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and HDX1.DE.
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Drawdown Indicators
| BTCE.DE | HDX1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -56.57% | -18.05% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -56.57% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -53.06% | -56.57% | +3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | — | — |
Current DrawdownCurrent decline from peak | -49.09% | -52.80% | +3.71% |
Average DrawdownAverage peak-to-trough decline | -30.88% | -17.50% | -13.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 37.82% | -2.81% |
Volatility
BTCE.DE vs. HDX1.DE - Volatility Comparison
Bitwise Physical Bitcoin ETP (BTCE.DE) and Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) have volatilities of 8.48% and 8.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCE.DE | HDX1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 8.92% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 30.05% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.94% | 43.96% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 50.14% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.53% | 50.14% | +7.39% |
BTCE.DE vs. HDX1.DE - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than HDX1.DE's 1.00% expense ratio.
Dividends
BTCE.DE vs. HDX1.DE - Dividend Comparison
Neither BTCE.DE nor HDX1.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, BTCE.DE and HDX1.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, HDX1.DE is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HDX1.DE is cheaper with a 1.00% expense ratio, compared with 2.00% for BTCE.DE.
They also come from different issuers: Bitwise and Hashdex. Their fees differ too: 2.00% for BTCE.DE and 1.00% for HDX1.DE.
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