BTCN.AS vs. XUSE.AS
BTCN.AS (iShares Bitcoin ETP) and XUSE.AS (iShares MSCI World ex-USA UCITS ETF) are both exchange-traded funds - BTCN.AS is a fund fund actively managed by iShares, while XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index. BTCN.AS is actively managed, while XUSE.AS is passively managed. Over the past year, BTCN.AS returned -39.03% vs 22.24% for XUSE.AS. At a 0.31 correlation, their price movements are largely independent. BTCN.AS charges 0.15%/yr vs 0.25%/yr for XUSE.AS.
Performance
BTCN.AS vs. XUSE.AS - Performance Comparison
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Returns By Period
In the year-to-date period, BTCN.AS achieves a -46.41% return, which is significantly lower than XUSE.AS's 8.38% return.
BTCN.AS
- 1D
- -3.78%
- 1M
- -21.67%
- YTD
- -46.41%
- 6M
- -46.41%
- 1Y
- -39.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XUSE.AS
- 1D
- 0.27%
- 1M
- 0.21%
- YTD
- 8.38%
- 6M
- 11.50%
- 1Y
- 22.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTCN.AS vs. XUSE.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTCN.AS iShares Bitcoin ETP | -46.41% | 35.30% |
XUSE.AS iShares MSCI World ex-USA UCITS ETF | 8.38% | 21.32% |
Correlation
The correlation between BTCN.AS and XUSE.AS 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 (All Time) Calculated using the full available price history since Mar 25, 2025 | 0.31 |
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Return for Risk
BTCN.AS vs. XUSE.AS — Risk / Return Rank
BTCN.AS
XUSE.AS
BTCN.AS vs. XUSE.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin ETP (BTCN.AS) and iShares MSCI World ex-USA UCITS ETF (XUSE.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 | XUSE.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.11 | -2.91 |
| Martin ratioReturn relative to average drawdown | -1.51 | 7.72 | -9.23 |
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 | XUSE.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 1.52 | -2.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 1.56 | -2.00 |
Drawdowns
BTCN.AS vs. XUSE.AS - Drawdown Comparison
The maximum BTCN.AS drawdown since its inception was -49.00%, which is greater than XUSE.AS's maximum drawdown of -12.97%. Use the drawdown chart below to compare losses from any high point for BTCN.AS and XUSE.AS.
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Drawdown Indicators
| BTCN.AS | XUSE.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.00% | -12.97% | -36.03% |
Max Drawdown (1Y)Largest decline over 1 year | -49.00% | -10.54% | -38.46% |
Current DrawdownCurrent decline from peak | -48.93% | -1.23% | -47.70% |
Average DrawdownAverage peak-to-trough decline | -16.27% | -1.72% | -14.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.10% | 2.90% | +23.20% |
Volatility
BTCN.AS vs. XUSE.AS - Volatility Comparison
iShares Bitcoin ETP (BTCN.AS) has a higher volatility of 9.86% compared to iShares MSCI World ex-USA UCITS ETF (XUSE.AS) at 4.32%. This indicates that BTCN.AS's price experiences larger fluctuations and is considered to be riskier than XUSE.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 | XUSE.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 4.32% | +5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 52.18% | 12.35% | +39.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.53% | 14.62% | +40.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.36% | 16.45% | +36.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.36% | 16.45% | +36.91% |
BTCN.AS vs. XUSE.AS - Expense Ratio Comparison
BTCN.AS has a 0.15% expense ratio, which is lower than XUSE.AS's 0.25% expense ratio. Despite the difference, 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. XUSE.AS - Dividend Comparison
Neither BTCN.AS nor XUSE.AS has paid dividends to shareholders.
Frequently Asked Questions
BTCN.AS and XUSE.AS 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, 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 0.25% for XUSE.AS.
Their fees differ too: 0.15% for BTCN.AS and 0.25% for XUSE.AS.
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