INRA.AS vs. VBTC.PA

Last updated Jun 5, 2026

INRA.AS (iShares Global Clean Energy Transition UCITS ETF USD Accumulating) and VBTC.PA (VanEck Bitcoin ETN A) are both exchange-traded funds - INRA.AS is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Transition, while VBTC.PA is a Cryptocurrency fund tracking the MVIS Cryptocompare Bitcoin VWAP Close Index. Both are passively managed. Over the past 3 years, INRA.AS returned 8.13%/yr vs 32.88%/yr for VBTC.PA. At a 0.28 correlation, their price movements are largely independent. INRA.AS charges 0.65%/yr vs 1.00%/yr for VBTC.PA.

Performance

INRA.AS vs. VBTC.PA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) and VanEck Bitcoin ETN A (VBTC.PA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INRA.AS is traded in USD, while VBTC.PA is traded in EUR. To make them comparable, the VBTC.PA values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, INRA.AS achieves a 38.49% return, which is significantly higher than VBTC.PA's -28.18% return.

INRA.AS

• 1D: -1.95%
• 1M: 7.70%
• YTD: 38.49%
• 6M: 36.79%
• 1Y: 80.34%
• 3Y*: 8.13%
• 5Y*: —
• 10Y*: —

VBTC.PA

• 1D: -3.85%
• 1M: -21.68%
• YTD: -28.18%
• 6M: -31.57%
• 1Y: -39.98%
• 3Y*: 32.88%
• 5Y*: 10.55%
• 10Y*: —

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

INRA.AS vs. VBTC.PA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INRA.AS iShares Global Clean Energy Transition UCITS ETF USD Accumulating	38.49%	45.54%	-25.57%	-20.66%	-0.42%
VBTC.PA VanEck Bitcoin ETN A	-28.18%	-6.88%	121.07%	152.33%	-63.02%

Correlation

The correlation between INRA.AS and VBTC.PA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 3, 2022	0.28

Return for Risk

INRA.AS vs. VBTC.PA — Risk / Return Rank

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

INRA.AS

INRA.AS Risk / Return Rank: 89
INRA.AS Sharpe Ratio Rank: 91
INRA.AS Sortino Ratio Rank: 89
INRA.AS Omega Ratio Rank: 82
INRA.AS Calmar Ratio Rank: 94
INRA.AS Martin Ratio Rank: 91

VBTC.PA

VBTC.PA Risk / Return Rank: 2
VBTC.PA Sharpe Ratio Rank: 1
VBTC.PA Sortino Ratio Rank: 1
VBTC.PA Omega Ratio Rank: 2
VBTC.PA Calmar Ratio Rank: 2
VBTC.PA Martin Ratio Rank: 1

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.

INRA.AS vs. VBTC.PA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) and VanEck Bitcoin ETN A (VBTC.PA). 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.

	INRA.AS	VBTC.PA	Difference
Sharpe ratio: Return per unit of total volatility	3.13	-1.02	+4.14
Sortino ratio: Return per unit of downside risk	4.06	-1.48	+5.54
Omega ratio: Gain probability vs. loss probability	1.48	0.84	+0.64
Calmar ratio: Return relative to maximum drawdown	6.97	-0.80	+7.78
Martin ratio: Return relative to average drawdown	21.66	-1.40	+23.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INRA.AS vs. VBTC.PA - Sharpe Ratio Comparison

The current INRA.AS Sharpe Ratio is 3.13, which is higher than the VBTC.PA Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of INRA.AS and VBTC.PA, 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

	INRA.AS	VBTC.PA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	-1.02	+4.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.20	-0.05

Drawdowns

INRA.AS vs. VBTC.PA - Drawdown Comparison

The maximum INRA.AS drawdown since its inception was -54.31%, smaller than the maximum VBTC.PA drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for INRA.AS and VBTC.PA.

Drawdown Indicators

	INRA.AS	VBTC.PA	Difference
Max Drawdown Largest peak-to-trough decline	-54.31%	-76.86%	+22.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-49.32%	+37.98%
Max Drawdown (3Y) Largest decline over 3 years	-43.81%	-49.32%	+5.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.86%	—
Current Drawdown Current decline from peak	-2.87%	-49.32%	+46.45%
Average Drawdown Average peak-to-trough decline	-29.12%	-33.30%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	28.53%	-24.86%

Volatility

INRA.AS vs. VBTC.PA - Volatility Comparison

iShares Global Clean Energy Transition UCITS ETF USD Accumulating (INRA.AS) and VanEck Bitcoin ETN A (VBTC.PA) have volatilities of 9.96% and 9.60%, 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.

Volatility by Period

	INRA.AS	VBTC.PA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	9.60%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	19.11%	28.58%	-9.47%
Volatility (1Y) Calculated over the trailing 1-year period	25.31%	39.05%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.82%	53.42%	-26.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.82%	53.45%	-26.63%

INRA.AS vs. VBTC.PA - Expense Ratio Comparison

INRA.AS has a 0.65% expense ratio, which is lower than VBTC.PA's 1.00% expense ratio.

Dividends

INRA.AS vs. VBTC.PA - Dividend Comparison

Neither INRA.AS nor VBTC.PA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both INRA.AS and VBTC.PA in my portfolio?

INRA.AS and VBTC.PA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INRA.AS or VBTC.PA?

On fees, INRA.AS is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INRA.AS or VBTC.PA?

INRA.AS is cheaper with a 0.65% expense ratio, compared with 1.00% for VBTC.PA.

What is the main difference between INRA.AS and VBTC.PA?

INRA.AS is categorized as Alternative Energy Equities, while VBTC.PA is Cryptocurrency. INRA.AS tracks S&P Global Clean Energy Transition, while VBTC.PA tracks MVIS Cryptocompare Bitcoin VWAP Close Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.65% for INRA.AS and 1.00% for VBTC.PA.