BTCX-B.TO vs. STCE

Last updated Aug 4, 2026

BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) and STCE (Schwab Crypto Thematic ETF) are both exchange-traded funds - BTCX-B.TO is a Cryptocurrency fund tracking the No Index (Physical Bitcoin), while STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index. Both are passively managed. Over the past 3 years, BTCX-B.TO returned 30.49%/yr vs 41.21%/yr for STCE. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BTCX-B.TO charges 0.80%/yr vs 0.30%/yr for STCE.

Performance

BTCX-B.TO vs. STCE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Schwab Crypto Thematic ETF (STCE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTCX-B.TO is traded in CAD, while STCE is traded in USD. To make them comparable, the STCE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTCX-B.TO achieves a -26.95% return, which is significantly lower than STCE's 10.81% return.

BTCX-B.TO

• 1D: -2.81%
• 1M: -0.23%
• 6M: -17.61%
• YTD: -26.95%
• 1Y: -44.02%
• 3Y*: 30.49%
• 5Y*: 11.20%
• 10Y*: —
• ALL TIME*: 3.32%

STCE

• 1D: 3.97%
• 1M: -2.95%
• 6M: 5.08%
• YTD: 10.81%
• 1Y: 29.97%
• 3Y*: 41.21%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	CA$935.28K	CA$1.05M	CA$1.72M
STCE Schwab Crypto Thematic ETF	CA$9.18M	CA$10.96M	CA$15.15M

BTCX-B.TO vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-26.95%	-11.32%	139.01%	149.40%	-26.22%
STCE Schwab Crypto Thematic ETF	10.81%	29.91%	53.76%	103.69%	-37.78%

Correlation

The correlation between BTCX-B.TO and STCE is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (All Time) Calculated using the full available price history since Aug 4, 2022	0.64

The correlation between BTCX-B.TO and STCE has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

BTCX-B.TO vs. STCE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 1
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 2
BTCX-B.TO Martin Ratio Rank: 2

STCE

STCE Risk / Return Rank: 23
STCE Sharpe Ratio Rank: 22
STCE Sortino Ratio Rank: 28
STCE Omega Ratio Rank: 26
STCE Calmar Ratio Rank: 20
STCE Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCX-B.TO vs. STCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) and Schwab Crypto Thematic ETF (STCE). 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.

	BTCX-B.TO	STCE	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	0.47	-1.52
Sortino ratio: Return per unit of downside risk	-1.60	1.08	-2.68
Omega ratio: Gain probability vs. loss probability	0.83	1.12	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.87	0.55	-1.43
Martin ratio: Return relative to average drawdown	-1.31	0.89	-2.20

BTCX-B.TO vs. STCE - Sharpe Ratio Comparison

The current BTCX-B.TO Sharpe Ratio is -1.05, which is lower than the STCE Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of BTCX-B.TO and STCE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTCX-B.TO vs. STCE - Drawdown Comparison

The maximum BTCX-B.TO drawdown since its inception was -75.26%, which is greater than STCE's maximum drawdown of -54.58%. Use the drawdown chart below to compare losses from any high point for BTCX-B.TO and STCE.

Drawdown Indicators

	BTCX-B.TO	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-75.26%	-54.58%	-20.68%
Max Drawdown (1Y) Largest decline over 1 year	-52.71%	-54.58%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-52.71%	-54.58%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-75.26%	—	—
Current Drawdown Current decline from peak	-49.98%	-39.13%	-10.85%
Average Drawdown Average peak-to-trough decline	-33.43%	-21.41%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.25%	33.71%	+1.54%

Volatility

BTCX-B.TO vs. STCE - Volatility Comparison

The current volatility for CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) is 8.27%, while Schwab Crypto Thematic ETF (STCE) has a volatility of 20.58%. This indicates that BTCX-B.TO experiences smaller price fluctuations and is considered to be less risky than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCX-B.TO	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	20.58%	-12.31%
Volatility (6M) Calculated over the trailing 6-month period	33.34%	44.29%	-10.95%
Volatility (1Y) Calculated over the trailing 1-year period	43.84%	64.02%	-20.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.26%	56.35%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.52%	56.35%	-1.83%

BTCX-B.TO vs. STCE - Expense Ratio Comparison

BTCX-B.TO has a 0.80% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

BTCX-B.TO vs. STCE - Dividend Comparison

BTCX-B.TO has not paid dividends to shareholders, while STCE's dividend yield for the trailing twelve months is around 1.75%.

Position	TTM	2025	2024	2023	2022
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	0.00%	0.00%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.75%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both BTCX-B.TO and STCE in my portfolio?

BTCX-B.TO and STCE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCX-B.TO or STCE?

On fees, STCE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCX-B.TO or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.80% for BTCX-B.TO.

What is the main difference between BTCX-B.TO and STCE?

BTCX-B.TO is categorized as Cryptocurrency, while STCE is Blockchain. BTCX-B.TO tracks No Index (Physical Bitcoin), while STCE tracks Schwab Crypto Thematic Index. They also come from different issuers: CI and Charles Schwab. Their fees differ too: 0.80% for BTCX-B.TO and 0.30% for STCE.