ERO.L vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR MSCI Europe UCITS ETF (ERO.L) and Bitcoin (BTC-USD).

ERO.L is a passively managed fund by State Street that tracks the performance of the MSCI Europe NR EUR. It was launched on Dec 5, 2014.

Performance

ERO.L vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe UCITS ETF (ERO.L) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERO.L SPDR MSCI Europe UCITS ETF	1.23%	25.68%	3.93%	13.00%	-3.77%	16.91%	2.21%	19.36%	-9.30%	14.82%
BTC-USD Bitcoin	-20.34%	-12.95%	125.81%	140.73%	-59.81%	60.91%	292.68%	86.71%	-73.15%	1,284.82%

Different Trading Currencies

ERO.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, ERO.L achieves a 1.23% return, which is significantly higher than BTC-USD's -20.55% return. Over the past 10 years, ERO.L has underperformed BTC-USD with an annualized return of 9.83%, while BTC-USD has yielded a comparatively higher 67.69% annualized return.

ERO.L

• 1D: 2.22%
• 1M: -4.43%
• YTD: 1.23%
• 6M: 6.46%
• 1Y: 17.81%
• 3Y*: 11.66%
• 5Y*: 10.26%
• 10Y*: 9.83%

BTC-USD

• 1D: 0.00%
• 1M: 0.48%
• YTD: -20.55%
• 6M: -41.39%
• 1Y: -21.72%
• 3Y*: 30.74%
• 5Y*: 3.89%
• 10Y*: 67.69%

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

Return for Risk

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

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

ERO.L

ERO.L Risk / Return Rank: 64
ERO.L Sharpe Ratio Rank: 69
ERO.L Sortino Ratio Rank: 64
ERO.L Omega Ratio Rank: 66
ERO.L Calmar Ratio Rank: 62
ERO.L Martin Ratio Rank: 60

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (ERO.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.

	ERO.L	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	1.28	-0.50	+1.78
Sortino ratio Return per unit of downside risk	1.69	-0.47	+2.16
Omega ratio Gain probability vs. loss probability	1.25	0.95	+0.31
Calmar ratio Return relative to maximum drawdown	1.71	-1.07	+2.78
Martin ratio Return relative to average drawdown	6.55	-1.96	+8.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ERO.L Sharpe Ratio is 1.28, which is higher than the BTC-USD Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of ERO.L and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERO.L	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	-0.50	+1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.07	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	1.00	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.21	-0.64

Correlation

The correlation between ERO.L and BTC-USD is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

ERO.L vs. BTC-USD - Drawdown Comparison

The maximum ERO.L drawdown since its inception was -28.41%, smaller than the maximum BTC-USD drawdown of -84.19%. Use the drawdown chart below to compare losses from any high point for ERO.L and BTC-USD.

Drawdown Indicators

	ERO.L	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-28.41%	-85.30%	+56.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-49.65%	+38.92%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-76.67%	+60.91%
Max Drawdown (10Y) Largest decline over 10 years	-28.41%	-83.80%	+55.39%
Current Drawdown Current decline from peak	-6.45%	-45.02%	+38.57%
Average Drawdown Average peak-to-trough decline	-4.35%	-41.99%	+37.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	27.60%	-24.80%

Volatility

ERO.L vs. BTC-USD - Volatility Comparison

The current volatility for SPDR MSCI Europe UCITS ETF (ERO.L) is 5.83%, while Bitcoin (BTC-USD) has a volatility of 13.30%. This indicates that ERO.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

	ERO.L	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	13.30%	-7.47%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	35.05%	-25.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.94%	36.16%	-22.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	46.45%	-32.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	56.08%	-41.22%