GCVG.L vs. BMAX

Last updated Jun 4, 2026

GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) are both Convertible Bonds funds. GCVG.L is passively managed, while BMAX is actively managed. At a 0.17 correlation, their price movements are largely independent. GCVG.L charges 0.55%/yr vs 1.14%/yr for BMAX.

Performance

GCVG.L vs. BMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCVG.L is traded in GBP, while BMAX is traded in USD. To make them comparable, the BMAX values have been converted to GBP using the latest available exchange rates.

Returns By Period

GCVG.L

• 1D: -0.19%
• 1M: 5.17%
• YTD: 18.39%
• 6M: 21.00%
• 1Y: 37.25%
• 3Y*: 19.49%
• 5Y*: —
• 10Y*: —

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCVG.L vs. BMAX - Yearly Performance Comparison

	2026 (YTD)	2025
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	18.39%	19.55%
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	3.59%	-16.51%

Correlation

The correlation between GCVG.L and BMAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.17

Return for Risk

GCVG.L vs. BMAX — Risk / Return Rank

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

GCVG.L

GCVG.L Risk / Return Rank: 92
GCVG.L Sharpe Ratio Rank: 91
GCVG.L Sortino Ratio Rank: 92
GCVG.L Omega Ratio Rank: 93
GCVG.L Calmar Ratio Rank: 90
GCVG.L Martin Ratio Rank: 93

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.

GCVG.L vs. BMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 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.

	GCVG.L	BMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	—	—
Sortino ratio: Return per unit of downside risk	4.52	—	—
Omega ratio: Gain probability vs. loss probability	1.64	—	—
Calmar ratio: Return relative to maximum drawdown	5.67	—	—
Martin ratio: Return relative to average drawdown	24.59	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GCVG.L	BMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	—	—

Drawdowns

Drawdown Indicators

	GCVG.L	BMAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.60%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	—	—
Current Drawdown Current decline from peak	-0.19%	—	—
Average Drawdown Average peak-to-trough decline	-5.49%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	—	—

Volatility

Volatility by Period

	GCVG.L	BMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.93%	—	—

GCVG.L vs. BMAX - Expense Ratio Comparison

GCVG.L has a 0.55% expense ratio, which is lower than BMAX's 1.14% expense ratio.

Dividends

GCVG.L vs. BMAX - Dividend Comparison

GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while BMAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%	0.00%	0.00%
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	0.52%	0.59%	0.41%	0.28%

Frequently Asked Questions

Can I hold both GCVG.L and BMAX in my portfolio?

GCVG.L and BMAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCVG.L or BMAX?

On fees, GCVG.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCVG.L or BMAX?

GCVG.L is cheaper with a 0.55% expense ratio, compared with 1.14% for BMAX.

What is the main difference between GCVG.L and BMAX?

They also come from different issuers: State Street and REX. Their fees differ too: 0.55% for GCVG.L and 1.14% for BMAX.