BTCE.DE vs. SPYE.DE
BTCE.DE (ETC Group Physical Bitcoin) and SPYE.DE (SPDR MSCI Europe UCITS ETF) are both exchange-traded funds - BTCE.DE is a Cryptocurrency fund actively managed by ETC Issuance, while SPYE.DE is a Europe Equities fund tracking the MSCI Europe. BTCE.DE is actively managed, while SPYE.DE is passively managed. Over the past 5 years, BTCE.DE returned 10.38%/yr vs 9.92%/yr for SPYE.DE. At a 0.29 correlation, their price movements are largely independent. BTCE.DE charges 2.00%/yr vs 0.25%/yr for SPYE.DE.
Performance
BTCE.DE vs. SPYE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, BTCE.DE achieves a -27.02% return, which is significantly lower than SPYE.DE's 9.23% return.
BTCE.DE
- 1D
- -3.79%
- 1M
- -18.81%
- YTD
- -27.02%
- 6M
- -28.97%
- 1Y
- -41.88%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
SPYE.DE
- 1D
- 1.76%
- 1M
- 3.41%
- YTD
- 9.23%
- 6M
- 11.81%
- 1Y
- 19.38%
- 3Y*
- 13.98%
- 5Y*
- 9.92%
- 10Y*
- 9.95%
BTCE.DE vs. SPYE.DE - 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% | 162.37% |
SPYE.DE SPDR MSCI Europe UCITS ETF | 9.23% | 20.32% | 8.24% | 15.50% | -9.42% | 25.11% | 9.74% |
Correlation
The correlation between BTCE.DE and SPYE.DE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2020 | 0.29 |
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Return for Risk
BTCE.DE vs. SPYE.DE — Risk / Return Rank
BTCE.DE
SPYE.DE
BTCE.DE vs. SPYE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETC Group Physical Bitcoin (BTCE.DE) and SPDR MSCI Europe UCITS ETF (SPYE.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 | SPYE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.60 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.26 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.92 | -2.76 |
| Martin ratioReturn relative to average drawdown | -1.46 | 7.17 | -8.63 |
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Drawdowns
BTCE.DE vs. SPYE.DE - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than SPYE.DE's maximum drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and SPYE.DE.
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Drawdown Indicators
| BTCE.DE | SPYE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -35.54% | -39.08% |
Max Drawdown (1Y)Largest decline over 1 year | -49.76% | -9.45% | -40.31% |
Max Drawdown (3Y)Largest decline over 3 years | -49.76% | -16.65% | -33.11% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | -19.53% | -55.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.54% | — |
Current DrawdownCurrent decline from peak | -49.27% | -0.05% | -49.22% |
Average DrawdownAverage peak-to-trough decline | -30.26% | -5.49% | -24.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.52% | 2.54% | +25.98% |
Volatility
BTCE.DE vs. SPYE.DE - Volatility Comparison
ETC Group Physical Bitcoin (BTCE.DE) has a higher volatility of 9.82% compared to SPDR MSCI Europe UCITS ETF (SPYE.DE) at 4.17%. This indicates that BTCE.DE's price experiences larger fluctuations and is considered to be riskier than SPYE.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 | SPYE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.82% | 4.17% | +5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 31.25% | 10.79% | +20.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.81% | 13.03% | +26.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.58% | 14.33% | +38.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.83% | 15.67% | +42.16% |
BTCE.DE vs. SPYE.DE - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than SPYE.DE's 0.25% expense ratio.
Dividends
BTCE.DE vs. SPYE.DE - Dividend Comparison
Neither BTCE.DE nor SPYE.DE has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and SPYE.DE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYE.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYE.DE is cheaper with a 0.25% expense ratio, compared with 2.00% for BTCE.DE.
BTCE.DE is categorized as Cryptocurrency, while SPYE.DE is Europe Equities. They also come from different issuers: ETC Issuance and State Street. Their fees differ too: 2.00% for BTCE.DE and 0.25% for SPYE.DE.
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