SPYE.DE vs. BTCE.DE
SPYE.DE (SPDR MSCI Europe UCITS ETF) and BTCE.DE (ETC Group Physical Bitcoin) are both exchange-traded funds - SPYE.DE is a Europe Equities fund tracking the MSCI Europe, while BTCE.DE is a Cryptocurrency fund actively managed by ETC Issuance. SPYE.DE is passively managed, while BTCE.DE is actively managed. Over the past 5 years, SPYE.DE returned 9.86%/yr vs 10.38%/yr for BTCE.DE. At a 0.29 correlation, their price movements are largely independent. SPYE.DE charges 0.25%/yr vs 2.00%/yr for BTCE.DE.
Performance
SPYE.DE vs. BTCE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYE.DE achieves a 7.68% return, which is significantly higher than BTCE.DE's -27.02% return.
SPYE.DE
- 1D
- 0.62%
- 1M
- 1.21%
- YTD
- 7.68%
- 6M
- 10.03%
- 1Y
- 16.22%
- 3Y*
- 13.73%
- 5Y*
- 9.86%
- 10Y*
- 9.09%
BTCE.DE
- 1D
- -3.79%
- 1M
- -20.95%
- YTD
- -27.02%
- 6M
- -28.72%
- 1Y
- -41.08%
- 3Y*
- 28.04%
- 5Y*
- 10.38%
- 10Y*
- —
SPYE.DE vs. BTCE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPYE.DE SPDR MSCI Europe UCITS ETF | 7.68% | 20.32% | 8.24% | 15.50% | -9.42% | 25.11% | 10.78% |
BTCE.DE ETC Group Physical Bitcoin | -27.02% | -18.20% | 125.79% | 146.52% | -63.89% | 81.36% | 164.73% |
Correlation
The correlation between SPYE.DE and BTCE.DE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020 | 0.29 |
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Return for Risk
SPYE.DE vs. BTCE.DE — Risk / Return Rank
SPYE.DE
BTCE.DE
SPYE.DE vs. BTCE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) 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.
| SPYE.DE | BTCE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.44 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.83 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.83 | +2.57 |
| Martin ratioReturn relative to average drawdown | 6.36 | -1.46 | +7.81 |
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
| SPYE.DE | BTCE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | -1.04 | +2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.20 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.58 | -0.06 |
Drawdowns
SPYE.DE vs. BTCE.DE - Drawdown Comparison
The maximum SPYE.DE drawdown since its inception was -35.54%, smaller than the maximum BTCE.DE drawdown of -74.62%. Use the drawdown chart below to compare losses from any high point for SPYE.DE and BTCE.DE.
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Drawdown Indicators
| SPYE.DE | BTCE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.54% | -74.62% | +39.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.45% | -49.76% | +40.31% |
Max Drawdown (3Y)Largest decline over 3 years | -16.65% | -49.76% | +33.11% |
Max Drawdown (5Y)Largest decline over 5 years | -19.53% | -74.62% | +55.09% |
Max Drawdown (10Y)Largest decline over 10 years | -35.54% | — | — |
Current DrawdownCurrent decline from peak | -1.47% | -49.27% | +47.80% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -30.28% | +24.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 28.52% | -25.93% |
Volatility
SPYE.DE vs. BTCE.DE - Volatility Comparison
The current volatility for SPDR MSCI Europe UCITS ETF (SPYE.DE) is 4.24%, while ETC Group Physical Bitcoin (BTCE.DE) has a volatility of 9.82%. This indicates that SPYE.DE experiences smaller price fluctuations and is considered to be less risky than BTCE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYE.DE | BTCE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 9.82% | -5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 31.25% | -20.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.87% | 39.81% | -26.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.30% | 52.58% | -38.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 57.85% | -42.14% |
SPYE.DE vs. BTCE.DE - Expense Ratio Comparison
SPYE.DE has a 0.25% expense ratio, which is lower than BTCE.DE's 2.00% expense ratio.
Dividends
SPYE.DE vs. BTCE.DE - Dividend Comparison
Neither SPYE.DE nor BTCE.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYE.DE and BTCE.DE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYE.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYE.DE is cheaper with a 0.25% expense ratio, compared with 2.00% for BTCE.DE.
SPYE.DE is categorized as Europe Equities, while BTCE.DE is Cryptocurrency. They also come from different issuers: State Street and ETC Issuance. Their fees differ too: 0.25% for SPYE.DE and 2.00% for BTCE.DE.
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