BTCE.DE vs. ZPRV.DE
BTCE.DE (Bitwise Physical Bitcoin ETP) and ZPRV.DE (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - BTCE.DE is a Cryptocurrency fund actively managed by Bitwise, while ZPRV.DE is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. BTCE.DE is actively managed, while ZPRV.DE is passively managed. Over the past 5 years, BTCE.DE returned 7.21%/yr vs 12.28%/yr for ZPRV.DE. Their 0.29 correlation means their historical movements had little consistent relationship. BTCE.DE charges 2.00%/yr vs 0.30%/yr for ZPRV.DE.
Performance
BTCE.DE vs. ZPRV.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 lower than ZPRV.DE's 23.61% 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%
ZPRV.DE
- 1D
- -0.18%
- 1M
- 2.44%
- 6M
- 15.23%
- YTD
- 23.61%
- 1Y
- 39.97%
- 3Y*
- 15.97%
- 5Y*
- 12.28%
- 10Y*
- 11.82%
- ALL TIME*
- 10.49%
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 |
| €1.55M | €1.36M | €1.92M |
BTCE.DE vs. ZPRV.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTCE.DE Bitwise Physical Bitcoin ETP | -26.76% | -18.20% | 125.79% | 146.52% | -63.89% | 81.36% | 130.73% |
ZPRV.DE SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 23.61% | 2.99% | 14.07% | 19.11% | -5.40% | 48.22% | 12.34% |
Correlation
The correlation between BTCE.DE and ZPRV.DE is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2020 | 0.29 |
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Return for Risk
BTCE.DE vs. ZPRV.DE — Risk / Return Rank
BTCE.DE
ZPRV.DE
BTCE.DE vs. ZPRV.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Physical Bitcoin ETP (BTCE.DE) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (ZPRV.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 | ZPRV.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.84 | ||
| Sortino ratioReturn per unit of downside risk | -5.48 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.48 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 6.78 | -7.61 |
| Martin ratioReturn relative to average drawdown | -1.27 | 22.77 | -24.03 |
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Drawdowns
BTCE.DE vs. ZPRV.DE - Drawdown Comparison
The maximum BTCE.DE drawdown since its inception was -74.62%, which is greater than ZPRV.DE's maximum drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for BTCE.DE and ZPRV.DE.
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Drawdown Indicators
| BTCE.DE | ZPRV.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.62% | -46.04% | -28.58% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -5.87% | -47.19% |
Max Drawdown (3Y)Largest decline over 3 years | -53.06% | -31.14% | -21.92% |
Max Drawdown (5Y)Largest decline over 5 years | -74.62% | -31.14% | -43.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.04% | — |
Current DrawdownCurrent decline from peak | -49.09% | -0.37% | -48.72% |
Average DrawdownAverage peak-to-trough decline | -30.88% | -8.46% | -22.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 1.75% | +33.26% |
Volatility
BTCE.DE vs. ZPRV.DE - Volatility Comparison
Bitwise Physical Bitcoin ETP (BTCE.DE) has a higher volatility of 8.48% compared to SPDR MSCI USA Small Cap Value Weighted UCITS ETF (ZPRV.DE) at 4.83%. This indicates that BTCE.DE's price experiences larger fluctuations and is considered to be riskier than ZPRV.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 | ZPRV.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.48% | 4.83% | +3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 9.31% | +19.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.94% | 14.45% | +26.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 20.30% | +30.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.53% | 22.20% | +35.33% |
BTCE.DE vs. ZPRV.DE - Expense Ratio Comparison
BTCE.DE has a 2.00% expense ratio, which is higher than ZPRV.DE's 0.30% expense ratio.
Dividends
BTCE.DE vs. ZPRV.DE - Dividend Comparison
Neither BTCE.DE nor ZPRV.DE has paid dividends to shareholders.
Frequently Asked Questions
BTCE.DE and ZPRV.DE have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPRV.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPRV.DE is cheaper with a 0.30% expense ratio, compared with 2.00% for BTCE.DE.
BTCE.DE is categorized as Cryptocurrency, while ZPRV.DE is Small Cap Value Equities. They also come from different issuers: Bitwise and State Street. Their fees differ too: 2.00% for BTCE.DE and 0.30% for ZPRV.DE.
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