VBTC.PA vs. VWO

Last updated Jul 21, 2026

VBTC.PA (VanEck Bitcoin ETN A) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - VBTC.PA is a Cryptocurrency fund tracking the MVIS Cryptocompare Bitcoin VWAP Close Index, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 5 years, VBTC.PA returned 14.25%/yr vs 5.83%/yr for VWO. At a 0.26 correlation, their price movements are largely independent. VBTC.PA charges 1.00%/yr vs 0.08%/yr for VWO.

Performance

VBTC.PA vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck Bitcoin ETN A (VBTC.PA) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VBTC.PA is traded in EUR, while VWO is traded in USD. To make them comparable, the VWO values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VBTC.PA achieves a -27.11% return, which is significantly lower than VWO's 11.02% return.

VBTC.PA

• 1D: 0.00%
• 1M: 0.54%
• 6M: -31.17%
• YTD: -27.11%
• 1Y: -45.85%
• 3Y*: 25.95%
• 5Y*: 14.25%
• 10Y*: —
• ALL TIME*: 11.20%

VWO

• 1D: 0.36%
• 1M: -4.28%
• 6M: 5.24%
• YTD: 11.02%
• 1Y: 19.87%
• 3Y*: 14.35%
• 5Y*: 5.83%
• 10Y*: 7.23%
• ALL TIME*: 4.31%

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

VBTC.PA vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VBTC.PA VanEck Bitcoin ETN A	-27.11%	-17.91%	135.65%	144.60%	-63.85%	38.30%
VWO Vanguard FTSE Emerging Markets ETF	11.02%	10.70%	17.89%	5.98%	-12.90%	0.87%

Correlation

The correlation between VBTC.PA and VWO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 1, 2021	0.26

Return for Risk

VBTC.PA vs. VWO — 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: 1
VBTC.PA Sharpe Ratio Rank: 1
VBTC.PA Sortino Ratio Rank: 1
VBTC.PA Omega Ratio Rank: 1
VBTC.PA Calmar Ratio Rank: 2
VBTC.PA Martin Ratio Rank: 2

VWO

VWO Risk / Return Rank: 39
VWO Sharpe Ratio Rank: 37
VWO Sortino Ratio Rank: 36
VWO Omega Ratio Rank: 37
VWO Calmar Ratio Rank: 41
VWO Martin Ratio Rank: 44

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. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin ETN A (VBTC.PA) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	VBTC.PA	VWO	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	1.25	-2.39
Sortino ratio: Return per unit of downside risk	-1.79	1.78	-3.57
Omega ratio: Gain probability vs. loss probability	0.81	1.23	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.87	2.20	-3.07
Martin ratio: Return relative to average drawdown	-1.38	7.15	-8.53

VBTC.PA vs. VWO - Sharpe Ratio Comparison

The current VBTC.PA Sharpe Ratio is -1.14, which is lower than the VWO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of VBTC.PA and VWO, 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

VBTC.PA vs. VWO - Drawdown Comparison

The maximum VBTC.PA drawdown since its inception was -74.29%, which is greater than VWO's maximum drawdown of -62.50%. Use the drawdown chart below to compare losses from any high point for VBTC.PA and VWO.

Drawdown Indicators

	VBTC.PA	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-74.29%	-62.50%	-11.79%
Max Drawdown (1Y) Largest decline over 1 year	-52.67%	-9.08%	-43.59%
Max Drawdown (3Y) Largest decline over 3 years	-52.67%	-17.82%	-34.85%
Max Drawdown (5Y) Largest decline over 5 years	-74.29%	-19.58%	-54.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.80%	—
Current Drawdown Current decline from peak	-48.70%	-5.32%	-43.38%
Average Drawdown Average peak-to-trough decline	-32.53%	-12.69%	-19.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	2.78%	+30.47%

Volatility

VBTC.PA vs. VWO - Volatility Comparison

VanEck Bitcoin ETN A (VBTC.PA) has a higher volatility of 10.32% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.44%. This indicates that VBTC.PA's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBTC.PA	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.32%	5.44%	+4.88%
Volatility (6M) Calculated over the trailing 6-month period	29.37%	13.27%	+16.10%
Volatility (1Y) Calculated over the trailing 1-year period	40.06%	16.00%	+24.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.31%	16.03%	+35.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.47%	18.49%	+33.98%

VBTC.PA vs. VWO - Expense Ratio Comparison

VBTC.PA has a 1.00% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

VBTC.PA vs. VWO - Dividend Comparison

VBTC.PA has not paid dividends to shareholders, while VWO's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBTC.PA VanEck Bitcoin ETN A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.39%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VBTC.PA and VWO in my portfolio?

VBTC.PA and VWO have a correlation of 0.33, 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 VWO?

On fees, VWO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VBTC.PA or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 1.00% for VBTC.PA.

What is the main difference between VBTC.PA and VWO?

VBTC.PA is categorized as Cryptocurrency, while VWO is Emerging Markets Equities. VBTC.PA tracks MVIS Cryptocompare Bitcoin VWAP Close Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 1.00% for VBTC.PA and 0.08% for VWO.