SPAP.L vs. BTCE.DE
SPAP.L (Invesco Physical Palladium) and BTCE.DE (ETC Group Physical Bitcoin) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while BTCE.DE is a Cryptocurrency fund actively managed by ETC Issuance. SPAP.L is passively managed, while BTCE.DE is actively managed. Over the past 5 years, SPAP.L returned -13.39%/yr vs 10.54%/yr for BTCE.DE. At a 0.11 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 2.00%/yr for BTCE.DE.
Performance
SPAP.L vs. BTCE.DE - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while BTCE.DE is traded in EUR. To make them comparable, the BTCE.DE values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly higher than BTCE.DE's -27.59% return.
SPAP.L
- 1D
- -1.09%
- 1M
- -11.47%
- YTD
- -16.50%
- 6M
- -9.54%
- 1Y
- 33.92%
- 3Y*
- -4.77%
- 5Y*
- -13.39%
- 10Y*
- 9.55%
BTCE.DE
- 1D
- -3.67%
- 1M
- -21.10%
- YTD
- -27.59%
- 6M
- -32.33%
- 1Y
- -40.08%
- 3Y*
- 28.23%
- 5Y*
- 10.54%
- 10Y*
- —
SPAP.L vs. BTCE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -16.50% | 62.74% | -17.91% | -41.14% | 5.62% | -19.64% | 13.01% |
BTCE.DE ETC Group Physical Bitcoin | -27.59% | -13.94% | 115.95% | 141.60% | -61.91% | 68.57% | 164.72% |
Correlation
The correlation between SPAP.L and BTCE.DE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020 | 0.11 |
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Return for Risk
SPAP.L vs. BTCE.DE — Risk / Return Rank
SPAP.L
BTCE.DE
SPAP.L vs. BTCE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and ETC Group Physical Bitcoin (BTCE.DE). 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.
| SPAP.L | BTCE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.78 | ||
| Sortino ratioReturn per unit of downside risk | +2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.84 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | -0.81 | +1.71 |
| Martin ratioReturn relative to average drawdown | 2.00 | -1.41 | +3.41 |
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
| SPAP.L | BTCE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | -1.02 | +1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.20 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.57 | -0.41 |
Drawdowns
SPAP.L vs. BTCE.DE - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, roughly equal to the maximum BTCE.DE drawdown of -74.21%. Use the drawdown chart below to compare losses from any high point for SPAP.L and BTCE.DE.
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Drawdown Indicators
| SPAP.L | BTCE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -74.21% | +3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -49.53% | +12.34% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -49.53% | +8.87% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -74.21% | +3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -57.83% | -49.48% | -8.35% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -30.38% | +3.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 28.44% | -11.56% |
Volatility
SPAP.L vs. BTCE.DE - Volatility Comparison
Invesco Physical Palladium (SPAP.L) and ETC Group Physical Bitcoin (BTCE.DE) have volatilities of 9.69% and 10.19%, 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
| SPAP.L | BTCE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 10.19% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 30.62% | +6.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 39.30% | +5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 52.25% | -10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 57.53% | -20.15% |
SPAP.L vs. BTCE.DE - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than BTCE.DE's 2.00% expense ratio.
Dividends
SPAP.L vs. BTCE.DE - Dividend Comparison
Neither SPAP.L nor BTCE.DE has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and BTCE.DE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPAP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPAP.L is cheaper with a 0.19% expense ratio, compared with 2.00% for BTCE.DE.
SPAP.L is categorized as Precious Metals, while BTCE.DE is Cryptocurrency. They also come from different issuers: Invesco and ETC Issuance. Their fees differ too: 0.19% for SPAP.L and 2.00% for BTCE.DE.
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