CSH2.L vs. BTC-USD

Last updated Jun 9, 2026

CSH2.L (Lyxor Smart Overnight Return UCITS ETF C-GBP) is Money Market fund actively managed by Amundi, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, CSH2.L returned 2.08%/yr vs 60.93%/yr for BTC-USD. At a correlation of -0.00, they often move in opposite directions.

Performance

CSH2.L vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CSH2.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, CSH2.L achieves a 1.77% return, which is significantly higher than BTC-USD's -26.97% return. Over the past 10 years, CSH2.L has underperformed BTC-USD with an annualized return of 2.08%, while BTC-USD has yielded a comparatively higher 60.93% annualized return.

CSH2.L

• 1D: 0.02%
• 1M: 0.32%
• YTD: 1.77%
• 6M: 2.12%
• 1Y: 4.31%
• 3Y*: 4.99%
• 5Y*: 3.66%
• 10Y*: 2.08%

BTC-USD

• 1D: 0.00%
• 1M: -19.38%
• YTD: -26.97%
• 6M: -30.31%
• 1Y: -39.31%
• 3Y*: 31.07%
• 5Y*: 12.34%
• 10Y*: 60.93%

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

CSH2.L vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP	1.77%	4.67%	5.61%	4.72%	1.54%	0.13%	0.30%	0.82%	0.70%	0.42%
BTC-USD Bitcoin	-27.84%	-12.95%	125.81%	140.73%	-59.81%	60.91%	292.68%	86.71%	-73.15%	1,284.82%

Correlation

The correlation between CSH2.L and BTC-USD is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 29, 2015	-0.00

Return for Risk

CSH2.L vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

BTC-USD

BTC-USD Risk / Return Rank: 28
BTC-USD Sharpe Ratio Rank: 12
BTC-USD Sortino Ratio Rank: 33
BTC-USD Omega Ratio Rank: 33
BTC-USD Calmar Ratio Rank: 46
BTC-USD Martin Ratio Rank: 16

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.

CSH2.L vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.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.

	CSH2.L	BTC-USD	Difference
Sharpe ratio: Return per unit of total volatility	7.99	-0.94	+8.93
Sortino ratio: Return per unit of downside risk	14.85	-1.30	+16.15
Omega ratio: Gain probability vs. loss probability	4.32	0.86	+3.47
Calmar ratio: Return relative to maximum drawdown	27.26	-0.78	+28.04
Martin ratio: Return relative to average drawdown	159.68	-1.38	+161.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSH2.L vs. BTC-USD - Sharpe Ratio Comparison

The current CSH2.L Sharpe Ratio is 7.99, which is higher than the BTC-USD Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of CSH2.L and BTC-USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSH2.L	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.99	-0.94	+8.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.51	0.23	+6.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	4.69	0.90	+3.78
Sharpe Ratio (All Time) Calculated using the full available price history	4.62	1.15	+3.47

Drawdowns

CSH2.L vs. BTC-USD - Drawdown Comparison

The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum BTC-USD drawdown of -84.19%. Use the drawdown chart below to compare losses from any high point for CSH2.L and BTC-USD.

Drawdown Indicators

	CSH2.L	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-0.37%	-84.19%	+83.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-50.55%	+50.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.29%	-50.55%	+50.26%
Max Drawdown (5Y) Largest decline over 5 years	-0.29%	-73.24%	+72.95%
Max Drawdown (10Y) Largest decline over 10 years	-0.37%	-82.15%	+81.78%
Current Drawdown Current decline from peak	0.00%	-48.74%	+48.74%
Average Drawdown Average peak-to-trough decline	-0.00%	-40.30%	+40.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	34.17%	-34.14%

Volatility

CSH2.L vs. BTC-USD - Volatility Comparison

The current volatility for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) is 0.08%, while Bitcoin (BTC-USD) has a volatility of 11.65%. This indicates that CSH2.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.

Volatility by Period

	CSH2.L	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	11.65%	-11.57%
Volatility (6M) Calculated over the trailing 6-month period	0.25%	33.91%	-33.66%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	34.77%	-34.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.56%	44.72%	-44.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.44%	56.05%	-55.61%

Frequently Asked Questions

Can I hold both CSH2.L and BTC-USD in my portfolio?

CSH2.L and BTC-USD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.