HDX1.DE vs. BTC-USD
HDX1.DE (Hashdex Nasdaq Crypto Index Europe ETP EUR) is Cryptocurrency fund tracking the Nasdaq Crypto Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, HDX1.DE returned 19.62%/yr vs 29.19%/yr for BTC-USD. At a 0.49 correlation, their price movements are largely independent.
Performance
HDX1.DE vs. BTC-USD - Performance Comparison
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Different Trading Currencies
HDX1.DE is traded in EUR, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, HDX1.DE achieves a -29.97% return, which is significantly lower than BTC-USD's -26.25% return.
HDX1.DE
- 1D
- -3.83%
- 1M
- -21.06%
- YTD
- -29.97%
- 6M
- -32.20%
- 1Y
- -41.17%
- 3Y*
- 19.62%
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.00%
- 1M
- -20.75%
- YTD
- -26.25%
- 6M
- -28.42%
- 1Y
- -38.10%
- 3Y*
- 29.19%
- 5Y*
- 12.64%
- 10Y*
- 59.66%
HDX1.DE vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HDX1.DE Hashdex Nasdaq Crypto Index Europe ETP EUR | -29.97% | -21.32% | 108.60% | 133.00% | -27.55% |
BTC-USD Bitcoin | -28.60% | -17.40% | 136.59% | 145.80% | -19.76% |
Correlation
The correlation between HDX1.DE and BTC-USD is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2022 | 0.49 |
The correlation between HDX1.DE and BTC-USD shifts across timeframes, from 0.49 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HDX1.DE vs. BTC-USD — Risk / Return Rank
HDX1.DE
BTC-USD
HDX1.DE vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) 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.
| HDX1.DE | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.76 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.35 | -0.01 |
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
| HDX1.DE | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | -0.90 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 1.14 | -0.75 |
Drawdowns
HDX1.DE vs. BTC-USD - Drawdown Comparison
The maximum HDX1.DE drawdown since its inception was -53.03%, smaller than the maximum BTC-USD drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for HDX1.DE and BTC-USD.
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Drawdown Indicators
| HDX1.DE | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.03% | -83.05% | +30.02% |
Max Drawdown (1Y)Largest decline over 1 year | -53.03% | -49.93% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -53.03% | -49.93% | -3.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -73.60% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.51% | — |
Current DrawdownCurrent decline from peak | -53.03% | -48.40% | -4.63% |
Average DrawdownAverage peak-to-trough decline | -16.03% | -39.96% | +23.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.87% | 33.81% | -2.94% |
Volatility
HDX1.DE vs. BTC-USD - Volatility Comparison
Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) and Bitcoin (BTC-USD) have volatilities of 10.07% and 10.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDX1.DE | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.07% | 10.12% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 32.86% | 34.33% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.43% | 35.37% | +8.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.02% | 45.05% | +5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.02% | 55.99% | -4.97% |
Frequently Asked Questions
HDX1.DE and BTC-USD have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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