In 1819, a composer and publisher, Anton Diabelli requested Viennese composers to each contribute one variation on a 32-bar waltz theme he had composed. As a result, a set of variations by a total of 50 composers, including Schubert and his friends, as well as Czerny and the young Liszt, was published in 1824. It is well-known that Beethoven refused this collaborative project and instead composed 33 variations entirely on his own.

The variations were arranged alphabetically by composer, and Schubert's was placed as the 38th variation. His C minor variation, dated March 1821, consistently presents a static character, suppressing the brilliance and virtuosity often found in the variations by other composers.