CE31.L vs. BTC-USD
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, CE31.L returned 1.34%/yr vs 60.90%/yr for BTC-USD. At a 0.05 correlation, their price movements are largely independent.
Performance
CE31.L vs. BTC-USD - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly higher than BTC-USD's -27.31% return. Over the past 10 years, CE31.L has underperformed BTC-USD with an annualized return of 1.34%, while BTC-USD has yielded a comparatively higher 60.90% annualized return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
BTC-USD
- 1D
- -1.08%
- 1M
- -20.99%
- YTD
- -27.31%
- 6M
- -31.69%
- 1Y
- -38.94%
- 3Y*
- 31.62%
- 5Y*
- 12.64%
- 10Y*
- 60.90%
CE31.L vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
BTC-USD Bitcoin | -27.31% | -12.95% | 125.81% | 140.73% | -59.81% | 60.91% | 292.68% | 86.71% | -73.15% | 1,284.82% |
Correlation
The correlation between CE31.L and BTC-USD is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2013 | 0.05 |
The correlation between CE31.L and BTC-USD shifts across timeframes, from -0.07 (1 year) to 0.06 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CE31.L vs. BTC-USD — Risk / Return Rank
CE31.L
BTC-USD
CE31.L vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and Bitcoin (BTC-USD). 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.
| CE31.L | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.81 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.86 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.78 | +2.18 |
| Martin ratioReturn relative to average drawdown | 3.13 | -1.39 | +4.52 |
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
| CE31.L | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | -0.93 | +1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.23 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.90 | -0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 1.14 | -1.07 |
Drawdowns
CE31.L vs. BTC-USD - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum BTC-USD drawdown of -84.19%. Use the drawdown chart below to compare losses from any high point for CE31.L and BTC-USD.
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Drawdown Indicators
| CE31.L | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -84.19% | +65.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -49.84% | +47.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -49.84% | +46.79% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -73.24% | +67.26% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -82.15% | +69.01% |
Current DrawdownCurrent decline from peak | -3.78% | -48.98% | +45.20% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -40.26% | +33.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 33.59% | -32.42% |
Volatility
CE31.L vs. BTC-USD - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while Bitcoin (BTC-USD) has a volatility of 10.38%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 10.38% | -9.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 33.67% | -30.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 34.71% | -30.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 44.81% | -39.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 56.04% | -48.97% |
Frequently Asked Questions
CE31.L and BTC-USD have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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