SPYI.DE vs. BITC.AS

Last updated Jun 13, 2026

SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) and BITC.AS (CoinShares Physical Bitcoin (BTC) ETP) are both exchange-traded funds - SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI), while BITC.AS is a Cryptocurrency fund actively managed by CoinShares. SPYI.DE is passively managed, while BITC.AS is actively managed. Over the past 3 years, SPYI.DE returned 16.73%/yr vs 29.34%/yr for BITC.AS. At a 0.34 correlation, their price movements are largely independent. SPYI.DE charges 0.17%/yr vs 0.25%/yr for BITC.AS.

Performance

SPYI.DE vs. BITC.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and CoinShares Physical Bitcoin (BTC) ETP (BITC.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI.DE achieves a 12.53% return, which is significantly higher than BITC.AS's -27.10% return.

SPYI.DE

• 1D: 1.91%
• 1M: 2.37%
• YTD: 12.53%
• 6M: 14.24%
• 1Y: 27.76%
• 3Y*: 16.73%
• 5Y*: 11.62%
• 10Y*: 12.27%

BITC.AS

• 1D: -3.60%
• 1M: -19.17%
• YTD: -27.10%
• 6M: -28.56%
• 1Y: -39.92%
• 3Y*: 29.34%
• 5Y*: —
• 10Y*: —

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

SPYI.DE vs. BITC.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF	12.53%	9.07%	22.98%	13.59%
BITC.AS CoinShares Physical Bitcoin (BTC) ETP	-27.10%	-17.17%	136.40%	82.20%

Correlation

The correlation between SPYI.DE and BITC.AS is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.34

Return for Risk

SPYI.DE vs. BITC.AS — Risk / Return Rank

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

SPYI.DE

SPYI.DE Risk / Return Rank: 85
SPYI.DE Sharpe Ratio Rank: 83
SPYI.DE Sortino Ratio Rank: 83
SPYI.DE Omega Ratio Rank: 83
SPYI.DE Calmar Ratio Rank: 86
SPYI.DE Martin Ratio Rank: 88

BITC.AS

BITC.AS Risk / Return Rank: 2
BITC.AS Sharpe Ratio Rank: 1
BITC.AS Sortino Ratio Rank: 2
BITC.AS Omega Ratio Rank: 2
BITC.AS Calmar Ratio Rank: 2
BITC.AS Martin Ratio Rank: 2

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.

SPYI.DE vs. BITC.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and CoinShares Physical Bitcoin (BTC) ETP (BITC.AS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPYI.DE	BITC.AS	Difference
Sharpe ratio: Return per unit of total volatility	2.31	-1.02	+3.33
Sortino ratio: Return per unit of downside risk	3.23	-1.50	+4.73
Omega ratio: Gain probability vs. loss probability	1.43	0.84	+0.60
Calmar ratio: Return relative to maximum drawdown	4.20	-0.81	+5.01
Martin ratio: Return relative to average drawdown	16.67	-1.43	+18.10

SPYI.DE vs. BITC.AS - Sharpe Ratio Comparison

The current SPYI.DE Sharpe Ratio is 2.31, which is higher than the BITC.AS Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of SPYI.DE and BITC.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYI.DE vs. BITC.AS - Drawdown Comparison

The maximum SPYI.DE drawdown since its inception was -41.58%, smaller than the maximum BITC.AS drawdown of -49.38%. Use the drawdown chart below to compare losses from any high point for SPYI.DE and BITC.AS.

Drawdown Indicators

	SPYI.DE	BITC.AS	Difference
Max Drawdown Largest peak-to-trough decline	-41.58%	-49.38%	+7.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-49.38%	+42.93%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-49.38%	+27.74%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.49%	—	—
Current Drawdown Current decline from peak	-1.23%	-48.60%	+47.37%
Average Drawdown Average peak-to-trough decline	-8.43%	-13.07%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	28.31%	-26.68%

Volatility

SPYI.DE vs. BITC.AS - Volatility Comparison

The current volatility for SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) is 3.48%, while CoinShares Physical Bitcoin (BTC) ETP (BITC.AS) has a volatility of 9.70%. This indicates that SPYI.DE experiences smaller price fluctuations and is considered to be less risky than BITC.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI.DE	BITC.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	9.70%	-6.22%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	29.08%	-20.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	39.42%	-27.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.96%	45.62%	-31.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	45.62%	-29.66%

SPYI.DE vs. BITC.AS - Expense Ratio Comparison

SPYI.DE has a 0.17% expense ratio, which is lower than BITC.AS's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYI.DE vs. BITC.AS - Dividend Comparison

Neither SPYI.DE nor BITC.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPYI.DE and BITC.AS in my portfolio?

SPYI.DE and BITC.AS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYI.DE or BITC.AS?

On fees, SPYI.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYI.DE or BITC.AS?

SPYI.DE is cheaper with a 0.17% expense ratio, compared with 0.25% for BITC.AS.

What is the main difference between SPYI.DE and BITC.AS?

SPYI.DE is categorized as Global Equities, while BITC.AS is Cryptocurrency. They also come from different issuers: State Street and CoinShares. Their fees differ too: 0.17% for SPYI.DE and 0.25% for BITC.AS.