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

BTCN.AS vs. EUEA.AS

Last updated Jun 5, 2026

BTCN.AS (iShares Bitcoin ETP) and EUEA.AS (iShares EURO STOXX 50 UCITS ETF) are both exchange-traded funds - BTCN.AS is a fund fund actively managed by iShares, while EUEA.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. BTCN.AS is actively managed, while EUEA.AS is passively managed. Over the past year, BTCN.AS returned -39.03% vs 17.38% for EUEA.AS. At a 0.32 correlation, their price movements are largely independent. BTCN.AS charges 0.15%/yr vs 0.10%/yr for EUEA.AS.

Performance

BTCN.AS vs. EUEA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin ETP (BTCN.AS) and iShares EURO STOXX 50 UCITS ETF (EUEA.AS). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

BTCN.AS is traded in USD, while EUEA.AS is traded in EUR. To make them comparable, the EUEA.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 EUEA.AS's 6.21% return.

BTCN.AS

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

EUEA.AS

1D
0.93%
1M
0.56%
YTD
6.21%
6M
8.23%
1Y
17.38%
3Y*
18.75%
5Y*
10.48%
10Y*
10.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025
BTCN.AS
iShares Bitcoin ETP		-46.41%35.30%
EUEA.AS
iShares EURO STOXX 50 UCITS ETF		6.21%19.12%

Correlation

The correlation between BTCN.AS and EUEA.AS is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2025

0.32

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iShares Bitcoin ETP

iShares EURO STOXX 50 UCITS ETF

Often compared with BTCN.AS:
BTCN.AS vs. CSPX.ASBTCN.AS vs. R1GR.ASBTCN.AS vs. XUSE.ASBTCN.AS vs. DFND.ASBTCN.AS vs. IDVY.ASBTCN.AS vs. IWDA.ASBTCN.AS vs. IMAE.AS
Often compared with EUEA.AS:
EUEA.AS vs. IMAE.ASEUEA.AS vs. IESE.ASEUEA.AS vs. RWREUEA.AS vs. IDJG.ASEUEA.AS vs. EGRW.LEUEA.AS vs. FTAL.LEUEA.AS vs. EUNA.AS

Return for Risk

BTCN.AS vs. EUEA.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
EUEA.AS
EUEA.AS Risk / Return Rank: 3030
Overall Rank
EUEA.AS Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
EUEA.AS Sortino Ratio Rank: 2929
Sortino Ratio Rank
EUEA.AS Omega Ratio Rank: 2828
Omega Ratio Rank
EUEA.AS Calmar Ratio Rank: 3030
Calmar Ratio Rank
EUEA.AS Martin Ratio Rank: 3333
Martin Ratio Rank
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. EUEA.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin ETP (BTCN.AS) and iShares EURO STOXX 50 UCITS ETF (EUEA.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.ASEUEA.ASDifference
Sharpe ratioReturn per unit of total volatility
-0.70
1.00

-1.71

Sortino ratioReturn per unit of downside risk
-0.83
1.56

-2.39

Omega ratioGain probability vs. loss probability

0.86

1.19

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.80

1.34

-2.13

Martin ratioReturn relative to average drawdown

-1.51

4.53

-6.04

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. EUEA.AS - Sharpe Ratio Comparison

The current BTCN.AS Sharpe Ratio is -0.70, which is lower than the EUEA.AS Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of BTCN.AS and EUEA.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BTCN.ASEUEA.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.70

1.00

-1.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.50

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.52

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.44

0.12

-0.56

Drawdowns

BTCN.AS vs. EUEA.AS - Drawdown Comparison

The maximum BTCN.AS drawdown since its inception was -49.00%, smaller than the maximum EUEA.AS drawdown of -65.70%. Use the drawdown chart below to compare losses from any high point for BTCN.AS and EUEA.AS.

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Drawdown Indicators

BTCN.ASEUEA.ASDifference

Max Drawdown

Largest peak-to-trough decline

-49.00%

-65.70%

+16.70%

Max Drawdown (1Y)

Largest decline over 1 year

-49.00%

-13.11%

-35.89%

Max Drawdown (3Y)

Largest decline over 3 years

—

-15.48%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-34.95%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.64%

—

Current Drawdown

Current decline from peak

-48.93%

-1.24%

-47.69%

Average Drawdown

Average peak-to-trough decline

-16.27%

-27.38%

+11.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.10%

3.89%

+22.21%

Volatility

BTCN.AS vs. EUEA.AS - Volatility Comparison

iShares Bitcoin ETP (BTCN.AS) has a higher volatility of 9.86% compared to iShares EURO STOXX 50 UCITS ETF (EUEA.AS) at 5.36%. This indicates that BTCN.AS's price experiences larger fluctuations and is considered to be riskier than EUEA.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.ASEUEA.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.86%

5.36%

+4.50%

Volatility (6M)

Calculated over the trailing 6-month period

52.18%

14.56%

+37.62%

Volatility (1Y)

Calculated over the trailing 1-year period

55.53%

17.52%

+38.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

53.36%

20.59%

+32.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.36%

20.37%

+32.99%

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

BTCN.AS has a 0.15% expense ratio, which is higher than EUEA.AS's 0.10% 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. EUEA.AS - Dividend Comparison

BTCN.AS has not paid dividends to shareholders, while EUEA.AS's dividend yield for the trailing twelve months is around 2.55%.

PositionTTM20252024202320222021202020192018201720162015
BTCN.AS
iShares Bitcoin ETP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EUEA.AS
iShares EURO STOXX 50 UCITS ETF		2.55%2.52%3.01%3.02%2.94%2.05%2.16%3.05%3.67%2.85%3.38%2.96%

Frequently Asked Questions

BTCN.AS and EUEA.AS have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EUEA.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EUEA.AS is cheaper with a 0.10% expense ratio, compared with 0.15% for BTCN.AS.

Their fees differ too: 0.15% for BTCN.AS and 0.10% for EUEA.AS.

Portfolio Optimizer

Find the right allocation for BTCN.AS and EUEA.AS

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