VBTC.PA vs. IBIT
VBTC.PA (VanEck Bitcoin ETN A) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - VBTC.PA tracks the MVIS Cryptocompare Bitcoin VWAP Close Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, VBTC.PA returned -40.99% vs -40.62% for IBIT. A 0.74 correlation means they provide meaningful diversification when combined. VBTC.PA charges 1.00%/yr vs 0.25%/yr for IBIT.
Performance
VBTC.PA vs. IBIT - Performance Comparison
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Different Trading Currencies
VBTC.PA is traded in EUR, while IBIT is traded in USD. To make them comparable, the IBIT values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with VBTC.PA having a -27.36% return and IBIT slightly higher at -26.63%.
VBTC.PA
- 1D
- -3.96%
- 1M
- -21.14%
- YTD
- -27.36%
- 6M
- -31.38%
- 1Y
- -40.99%
- 3Y*
- 29.35%
- 5Y*
- 11.58%
- 10Y*
- —
IBIT
- 1D
- -2.78%
- 1M
- -21.65%
- YTD
- -26.63%
- 6M
- -31.22%
- 1Y
- -40.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VBTC.PA vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VBTC.PA VanEck Bitcoin ETN A | -27.36% | -17.91% | 114.40% |
IBIT iShares Bitcoin Trust ETF | -26.63% | -17.52% | 111.13% |
Correlation
The correlation between VBTC.PA and IBIT is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.74 |
The correlation between VBTC.PA and IBIT has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.
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Return for Risk
VBTC.PA vs. IBIT — Risk / Return Rank
VBTC.PA
IBIT
VBTC.PA vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin ETN A (VBTC.PA) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.85 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.82 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.43 | -0.01 |
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
| VBTC.PA | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | -0.94 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.22 | +0.01 |
Drawdowns
VBTC.PA vs. IBIT - Drawdown Comparison
The maximum VBTC.PA drawdown since its inception was -74.29%, which is greater than IBIT's maximum drawdown of -49.64%. Use the drawdown chart below to compare losses from any high point for VBTC.PA and IBIT.
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Drawdown Indicators
| VBTC.PA | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.29% | -49.64% | -24.65% |
Max Drawdown (1Y)Largest decline over 1 year | -49.44% | -49.64% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -49.44% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -74.29% | — | — |
Current DrawdownCurrent decline from peak | -48.88% | -49.04% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -32.12% | -16.49% | -15.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.43% | 28.49% | -0.06% |
Volatility
VBTC.PA vs. IBIT - Volatility Comparison
VanEck Bitcoin ETN A (VBTC.PA) has a higher volatility of 9.68% compared to iShares Bitcoin Trust ETF (IBIT) at 9.09%. This indicates that VBTC.PA's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTC.PA | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.68% | 9.09% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 28.59% | 33.74% | -5.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.90% | 43.44% | -4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.76% | 50.17% | +2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.80% | 50.17% | +2.63% |
VBTC.PA vs. IBIT - Expense Ratio Comparison
VBTC.PA has a 1.00% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
VBTC.PA vs. IBIT - Dividend Comparison
Neither VBTC.PA nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
VBTC.PA and IBIT have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBIT is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.00% for VBTC.PA.
VBTC.PA tracks MVIS Cryptocompare Bitcoin VWAP Close Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: VanEck and iShares. Their fees differ too: 1.00% for VBTC.PA and 0.25% for IBIT.
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