BTCN.AS vs. CSPX.AS
BTCN.AS (iShares Bitcoin ETP) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - BTCN.AS is a fund fund actively managed by iShares, while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. BTCN.AS is actively managed, while CSPX.AS is passively managed. Over the past year, BTCN.AS returned -39.03% vs 27.39% for CSPX.AS. At a 0.34 correlation, their price movements are largely independent. BTCN.AS charges 0.15%/yr vs 0.07%/yr for CSPX.AS.
Performance
BTCN.AS vs. CSPX.AS - Performance Comparison
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Different Trading Currencies
BTCN.AS is traded in USD, while CSPX.AS is traded in EUR. To make them comparable, the CSPX.AS values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTCN.AS achieves a -46.41% return, which is significantly lower than CSPX.AS's 10.24% return.
BTCN.AS
- 1D
- -3.78%
- 1M
- -21.67%
- YTD
- -46.41%
- 6M
- -46.41%
- 1Y
- -39.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSPX.AS
- 1D
- 0.01%
- 1M
- 3.18%
- YTD
- 10.24%
- 6M
- 10.64%
- 1Y
- 27.39%
- 3Y*
- 22.11%
- 5Y*
- 13.71%
- 10Y*
- 15.22%
BTCN.AS vs. CSPX.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCN.AS iShares Bitcoin ETP | -46.41% | 35.30% |
CSPX.AS iShares Core S&P 500 UCITS ETF | 10.24% | 20.51% |
Correlation
The correlation between BTCN.AS and CSPX.AS is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025 | 0.34 |
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Return for Risk
BTCN.AS vs. CSPX.AS — Risk / Return Rank
BTCN.AS
CSPX.AS
BTCN.AS vs. CSPX.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin ETP (BTCN.AS) and iShares Core S&P 500 UCITS ETF (CSPX.AS). 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.
| BTCN.AS | CSPX.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.43 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 3.21 | -4.01 |
| Martin ratioReturn relative to average drawdown | -1.51 | 13.64 | -15.14 |
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
| BTCN.AS | CSPX.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 2.43 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.85 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.92 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.85 | -1.29 |
Drawdowns
BTCN.AS vs. CSPX.AS - Drawdown Comparison
The maximum BTCN.AS drawdown since its inception was -49.00%, which is greater than CSPX.AS's maximum drawdown of -34.12%. Use the drawdown chart below to compare losses from any high point for BTCN.AS and CSPX.AS.
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Drawdown Indicators
| BTCN.AS | CSPX.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.00% | -34.12% | -14.88% |
Max Drawdown (1Y)Largest decline over 1 year | -49.00% | -8.56% | -40.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.12% | — |
Current DrawdownCurrent decline from peak | -48.93% | -0.57% | -48.36% |
Average DrawdownAverage peak-to-trough decline | -16.27% | -4.11% | -12.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.10% | 2.03% | +24.07% |
Volatility
BTCN.AS vs. CSPX.AS - Volatility Comparison
iShares Bitcoin ETP (BTCN.AS) has a higher volatility of 9.86% compared to iShares Core S&P 500 UCITS ETF (CSPX.AS) at 2.79%. This indicates that BTCN.AS's price experiences larger fluctuations and is considered to be riskier than CSPX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTCN.AS | CSPX.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 2.79% | +7.07% |
Volatility (6M)Calculated over the trailing 6-month period | 52.18% | 7.96% | +44.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.53% | 11.30% | +44.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.36% | 15.84% | +37.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.36% | 16.30% | +37.06% |
BTCN.AS vs. CSPX.AS - Expense Ratio Comparison
BTCN.AS has a 0.15% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BTCN.AS vs. CSPX.AS - Dividend Comparison
Neither BTCN.AS nor CSPX.AS has paid dividends to shareholders.
Frequently Asked Questions
BTCN.AS and CSPX.AS have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.15% for BTCN.AS.
Their fees differ too: 0.15% for BTCN.AS and 0.07% for CSPX.AS.
Find the right allocation for BTCN.AS and CSPX.AS
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