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BTCN.AS vs. DFND.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTCN.AS vs. DFND.AS

Last updated Jun 5, 2026

BTCN.AS (iShares Bitcoin ETP) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - BTCN.AS is a fund fund actively managed by iShares, while DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. BTCN.AS is actively managed, while DFND.AS is passively managed. BTCN.AS charges 0.15%/yr vs 0.35%/yr for DFND.AS.

Performance

BTCN.AS vs. DFND.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin ETP (BTCN.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

BTCN.AS

1D
-3.78%
1M
-21.67%
YTD
-46.41%
6M
-46.41%
1Y
-39.03%
3Y*
—
5Y*
—
10Y*
—

DFND.AS

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BTCN.AS vs. DFND.AS - Yearly Performance Comparison

2026 (YTD)2025
BTCN.AS
iShares Bitcoin ETP		-46.41%35.30%
DFND.AS
iShares Global Aerospace & Defence UCITS ETF		0.00%0.00%

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iShares Bitcoin ETP

iShares Global Aerospace & Defence UCITS ETF

Often compared with BTCN.AS:
BTCN.AS vs. CSPX.ASBTCN.AS vs. R1GR.ASBTCN.AS vs. XUSE.ASBTCN.AS vs. IDVY.ASBTCN.AS vs. IWDA.ASBTCN.AS vs. IMAE.ASBTCN.AS vs. WINC.AS
Often compared with DFND.AS:
DFND.AS vs. DFNS.LDFND.AS vs. DFEN.DEDFND.AS vs. ITADFND.AS vs. SHLDDFND.AS vs. NATO.LDFND.AS vs. PPADFND.AS vs. VWRP.L

Return for Risk

BTCN.AS vs. DFND.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTCN.AS
BTCN.AS Risk / Return Rank: 33
Overall Rank
BTCN.AS Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BTCN.AS Sortino Ratio Rank: 44
Sortino Ratio Rank
BTCN.AS Omega Ratio Rank: 22
Omega Ratio Rank
BTCN.AS Calmar Ratio Rank: 22
Calmar Ratio Rank
BTCN.AS Martin Ratio Rank: 11
Martin Ratio Rank
DFND.AS
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCN.AS vs. DFND.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin ETP (BTCN.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.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.ASDFND.ASDifference
Sharpe ratioReturn per unit of total volatility
-0.70

—

—

Sortino ratioReturn per unit of downside risk
-0.83

—

—

Omega ratioGain probability vs. loss probability

0.86

—

—

Calmar ratioReturn relative to maximum drawdown

-0.80

—

—

Martin ratioReturn relative to average drawdown

-1.51

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCN.AS vs. DFND.AS - Sharpe Ratio Comparison

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Sharpe Ratios by Period

BTCN.ASDFND.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.70

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

—

—

Drawdowns

BTCN.AS vs. DFND.AS - Drawdown Comparison

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Drawdown Indicators

BTCN.ASDFND.ASDifference

Max Drawdown

Largest peak-to-trough decline

-49.00%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-49.00%

—

—

Current Drawdown

Current decline from peak

-48.93%

—

—

Average Drawdown

Average peak-to-trough decline

-16.27%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.10%

—

—

Volatility

BTCN.AS vs. DFND.AS - Volatility Comparison

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Volatility by Period

BTCN.ASDFND.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.86%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

52.18%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

55.53%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

53.36%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.36%

—

—

BTCN.AS vs. DFND.AS - Expense Ratio Comparison

BTCN.AS has a 0.15% expense ratio, which is lower than DFND.AS's 0.35% expense ratio.

Dividends

BTCN.AS vs. DFND.AS - Dividend Comparison

Neither BTCN.AS nor DFND.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

On fees, BTCN.AS is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

BTCN.AS is cheaper with a 0.15% expense ratio, compared with 0.35% for DFND.AS.

Their fees differ too: 0.15% for BTCN.AS and 0.35% for DFND.AS.

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