CTEN.DE vs. CSWC

Last updated Jun 5, 2026

CTEN.DE (CoinShares Physical Top10 Crypto Market ETP) is Cryptocurrency fund actively managed by CoinShares, while CSWC (Capital Southwest Corporation) is a stock. Over the past 3 years, CTEN.DE returned 17.30%/yr vs 17.90%/yr for CSWC. At a 0.16 correlation, their price movements are largely independent.

Performance

CTEN.DE vs. CSWC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in CoinShares Physical Top10 Crypto Market ETP (CTEN.DE) and Capital Southwest Corporation (CSWC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CTEN.DE is traded in EUR, while CSWC is traded in USD. To make them comparable, the CSWC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, CTEN.DE achieves a -30.10% return, which is significantly lower than CSWC's 12.45% return.

CTEN.DE

• 1D: -1.29%
• 1M: -17.15%
• YTD: -30.10%
• 6M: -36.14%
• 1Y: -36.76%
• 3Y*: 17.30%
• 5Y*: —
• 10Y*: —

CSWC

• 1D: 1.50%
• 1M: -1.65%
• YTD: 12.45%
• 6M: 14.21%
• 1Y: 27.20%
• 3Y*: 17.90%
• 5Y*: 10.00%
• 10Y*: 17.07%

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

CTEN.DE vs. CSWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CTEN.DE CoinShares Physical Top10 Crypto Market ETP	-30.10%	-19.43%	96.51%	53.65%
CSWC Capital Southwest Corporation	12.45%	0.72%	8.88%	45.52%

Correlation

The correlation between CTEN.DE and CSWC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.16

Return for Risk

CTEN.DE vs. CSWC — Risk / Return Rank

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

CTEN.DE

CTEN.DE Risk / Return Rank: 3
CTEN.DE Sharpe Ratio Rank: 3
CTEN.DE Sortino Ratio Rank: 3
CTEN.DE Omega Ratio Rank: 3
CTEN.DE Calmar Ratio Rank: 3
CTEN.DE Martin Ratio Rank: 4

CSWC

CSWC Risk / Return Rank: 78
CSWC Sharpe Ratio Rank: 83
CSWC Sortino Ratio Rank: 79
CSWC Omega Ratio Rank: 76
CSWC Calmar Ratio Rank: 74
CSWC Martin Ratio Rank: 79

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.

CTEN.DE vs. CSWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Top10 Crypto Market ETP (CTEN.DE) and Capital Southwest Corporation (CSWC). 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.

	CTEN.DE	CSWC	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	1.41	-2.17
Sortino ratio: Return per unit of downside risk	-0.99	2.08	-3.06
Omega ratio: Gain probability vs. loss probability	0.89	1.26	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.66	1.83	-2.49
Martin ratio: Return relative to average drawdown	-1.10	5.93	-7.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CTEN.DE vs. CSWC - Sharpe Ratio Comparison

The current CTEN.DE Sharpe Ratio is -0.76, which is lower than the CSWC Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of CTEN.DE and CSWC, 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

	CTEN.DE	CSWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	1.41	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.37	-0.02

Drawdowns

CTEN.DE vs. CSWC - Drawdown Comparison

The maximum CTEN.DE drawdown since its inception was -56.27%, smaller than the maximum CSWC drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for CTEN.DE and CSWC.

Drawdown Indicators

	CTEN.DE	CSWC	Difference
Max Drawdown Largest peak-to-trough decline	-56.27%	-60.58%	+4.31%
Max Drawdown (1Y) Largest decline over 1 year	-56.27%	-14.91%	-41.36%
Max Drawdown (3Y) Largest decline over 3 years	-56.27%	-28.32%	-27.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.58%	—
Current Drawdown Current decline from peak	-55.40%	-1.65%	-53.75%
Average Drawdown Average peak-to-trough decline	-19.06%	-15.72%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.71%	4.60%	+29.11%

Volatility

CTEN.DE vs. CSWC - Volatility Comparison

CoinShares Physical Top10 Crypto Market ETP (CTEN.DE) has a higher volatility of 9.77% compared to Capital Southwest Corporation (CSWC) at 5.49%. This indicates that CTEN.DE's price experiences larger fluctuations and is considered to be riskier than CSWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTEN.DE	CSWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	5.49%	+4.28%
Volatility (6M) Calculated over the trailing 6-month period	35.00%	14.28%	+20.72%
Volatility (1Y) Calculated over the trailing 1-year period	49.20%	19.32%	+29.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.10%	23.04%	+29.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.10%	27.77%	+24.33%

Dividends

CTEN.DE vs. CSWC - Dividend Comparison

CTEN.DE has not paid dividends to shareholders, while CSWC's dividend yield for the trailing twelve months is around 12.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSWC Capital Southwest Corporation	12.52%	11.56%	11.59%	10.21%	12.46%	10.13%	11.49%	13.07%	10.77%	7.01%	2.35%	216.86%
CTEN.DE CoinShares Physical Top10 Crypto Market 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%

Frequently Asked Questions

Can I hold both CTEN.DE and CSWC in my portfolio?

CTEN.DE and CSWC have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.