VBTC.PA vs. 4GLD.DE

Last updated Jun 5, 2026

VBTC.PA (VanEck Bitcoin ETN A) and 4GLD.DE (Xetra-Gold) are both exchange-traded funds - VBTC.PA is a Cryptocurrency fund tracking the MVIS Cryptocompare Bitcoin VWAP Close Index, while 4GLD.DE is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, VBTC.PA returned 11.58%/yr vs 19.85%/yr for 4GLD.DE. At a 0.02 correlation, their price movements are largely independent. VBTC.PA charges 1.00%/yr vs 0.00%/yr for 4GLD.DE.

Performance

VBTC.PA vs. 4GLD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck Bitcoin ETN A (VBTC.PA) and Xetra-Gold (4GLD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBTC.PA achieves a -27.36% return, which is significantly lower than 4GLD.DE's 2.80% return.

VBTC.PA

• 1D: -3.96%
• 1M: -21.14%
• YTD: -27.36%
• 6M: -31.38%
• 1Y: -40.99%
• 3Y*: 29.35%
• 5Y*: 11.58%
• 10Y*: —

4GLD.DE

• 1D: 0.57%
• 1M: -1.56%
• YTD: 2.80%
• 6M: 6.42%
• 1Y: 30.27%
• 3Y*: 28.18%
• 5Y*: 19.85%
• 10Y*: 13.36%

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

VBTC.PA vs. 4GLD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VBTC.PA VanEck Bitcoin ETN A	-27.36%	-17.91%	135.65%	144.60%	-63.85%	42.43%
4GLD.DE Xetra-Gold	2.80%	49.32%	34.57%	9.32%	7.12%	2.58%

Correlation

The correlation between VBTC.PA and 4GLD.DE is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jun 2, 2021	0.02

The correlation between VBTC.PA and 4GLD.DE shifts across timeframes, from 0.02 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VBTC.PA vs. 4GLD.DE — Risk / Return Rank

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

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

4GLD.DE

4GLD.DE Risk / Return Rank: 36
4GLD.DE Sharpe Ratio Rank: 37
4GLD.DE Sortino Ratio Rank: 34
4GLD.DE Omega Ratio Rank: 40
4GLD.DE Calmar Ratio Rank: 38
4GLD.DE Martin Ratio Rank: 32

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.

VBTC.PA vs. 4GLD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin ETN A (VBTC.PA) and Xetra-Gold (4GLD.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.

	VBTC.PA	4GLD.DE	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.31	-2.35
Sortino ratio: Return per unit of downside risk	-1.56	1.76	-3.32
Omega ratio: Gain probability vs. loss probability	0.83	1.26	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.82	1.82	-2.64
Martin ratio: Return relative to average drawdown	-1.44	4.63	-6.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBTC.PA vs. 4GLD.DE - Sharpe Ratio Comparison

The current VBTC.PA Sharpe Ratio is -1.05, which is lower than the 4GLD.DE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of VBTC.PA and 4GLD.DE, 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

	VBTC.PA	4GLD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	1.31	-2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	1.23	-1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.65	-0.42

Drawdowns

VBTC.PA vs. 4GLD.DE - Drawdown Comparison

The maximum VBTC.PA drawdown since its inception was -74.29%, which is greater than 4GLD.DE's maximum drawdown of -36.79%. Use the drawdown chart below to compare losses from any high point for VBTC.PA and 4GLD.DE.

Drawdown Indicators

	VBTC.PA	4GLD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-74.29%	-36.79%	-37.50%
Max Drawdown (1Y) Largest decline over 1 year	-49.44%	-16.54%	-32.90%
Max Drawdown (3Y) Largest decline over 3 years	-49.44%	-16.54%	-32.90%
Max Drawdown (5Y) Largest decline over 5 years	-74.29%	-16.54%	-57.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.23%	—
Current Drawdown Current decline from peak	-48.88%	-14.95%	-33.93%
Average Drawdown Average peak-to-trough decline	-32.12%	-11.83%	-20.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.43%	6.52%	+21.91%

Volatility

VBTC.PA vs. 4GLD.DE - Volatility Comparison

VanEck Bitcoin ETN A (VBTC.PA) has a higher volatility of 9.68% compared to Xetra-Gold (4GLD.DE) at 5.09%. This indicates that VBTC.PA's price experiences larger fluctuations and is considered to be riskier than 4GLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTC.PA	4GLD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	5.09%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	28.59%	20.09%	+8.50%
Volatility (1Y) Calculated over the trailing 1-year period	38.90%	23.06%	+15.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.76%	16.00%	+36.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.80%	14.37%	+38.43%

VBTC.PA vs. 4GLD.DE - Expense Ratio Comparison

VBTC.PA has a 1.00% expense ratio, which is higher than 4GLD.DE's 0.00% expense ratio.

Dividends

VBTC.PA vs. 4GLD.DE - Dividend Comparison

Neither VBTC.PA nor 4GLD.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VBTC.PA and 4GLD.DE in my portfolio?

VBTC.PA and 4GLD.DE have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VBTC.PA or 4GLD.DE?

On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VBTC.PA or 4GLD.DE?

4GLD.DE is cheaper with a 0.00% expense ratio, compared with 1.00% for VBTC.PA.

What is the main difference between VBTC.PA and 4GLD.DE?

VBTC.PA is categorized as Cryptocurrency, while 4GLD.DE is Gold. VBTC.PA tracks MVIS Cryptocompare Bitcoin VWAP Close Index, while 4GLD.DE tracks LBMA Gold Price. They also come from different issuers: VanEck and Deutsche Börse Commodities. Their fees differ too: 1.00% for VBTC.PA and 0.00% for 4GLD.DE.