AETH vs. ETH

Last updated Jun 25, 2026

AETH (Bitwise Ethereum Strategy ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, AETH returned -14.41% vs -34.47% for ETH. A 0.68 correlation means they provide meaningful diversification when combined. AETH charges 0.90%/yr vs 0.15%/yr for ETH.

Performance

AETH vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Grayscale Ethereum Staking Mini ETF (ETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -17.82% return, which is significantly higher than ETH's -46.40% return.

AETH

• 1D: -4.82%
• 1M: -8.81%
• YTD: -17.82%
• 6M: -17.79%
• 1Y: -14.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -4.75%
• 1M: -23.27%
• YTD: -46.40%
• 6M: -45.72%
• 1Y: -34.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AETH vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AETH Bitwise Ethereum Strategy ETF	-17.82%	-0.11%	-6.99%
ETH Grayscale Ethereum Staking Mini ETF	-46.40%	-10.89%	-4.58%

Correlation

The correlation between AETH and ETH is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.68

The correlation between AETH and ETH has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

Return for Risk

AETH vs. ETH — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 6
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 6
AETH Calmar Ratio Rank: 6
AETH Martin Ratio Rank: 7

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 5

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.

AETH vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Grayscale Ethereum Staking Mini ETF (ETH). 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.

	AETH	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	-0.50	+0.17
Sortino ratio: Return per unit of downside risk	-0.21	-0.39	+0.17
Omega ratio: Gain probability vs. loss probability	0.97	0.96	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.30	-0.51	+0.22
Martin ratio: Return relative to average drawdown	-0.44	-0.85	+0.41

AETH vs. ETH - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.33, which is higher than the ETH Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of AETH and ETH, 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

AETH vs. ETH - Drawdown Comparison

The maximum AETH drawdown since its inception was -48.85%, smaller than the maximum ETH drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for AETH and ETH.

Drawdown Indicators

	AETH	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-48.85%	-67.19%	+18.34%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	-67.19%	+18.34%
Current Drawdown Current decline from peak	-48.85%	-66.99%	+18.14%
Average Drawdown Average peak-to-trough decline	-25.09%	-33.57%	+8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.47%	40.37%	-7.90%

Volatility

AETH vs. ETH - Volatility Comparison

The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 6.43%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.94%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	19.94%	-13.51%
Volatility (6M) Calculated over the trailing 6-month period	25.54%	46.45%	-20.91%
Volatility (1Y) Calculated over the trailing 1-year period	43.78%	69.09%	-25.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.27%	72.38%	-18.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.27%	72.38%	-18.11%

AETH vs. ETH - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

AETH vs. ETH - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.93%, while ETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.93%	2.41%	14.73%	6.64%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and ETH in my portfolio?

AETH and ETH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or ETH?

ETH has higher volatility (19.94%) compared to AETH (6.43%). In terms of maximum drawdown, AETH dropped -48.85% vs ETH's -67.19%.

Which ETF is better, AETH or ETH?

On 1-year performance, AETH leads with -14.41% vs -34.47% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, AETH has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or ETH?

Over the 1-year period, AETH has performed better with a -14.41% return vs -34.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, AETH or ETH?

AETH has the higher dividend yield at 2.93%, compared with 0.00% for ETH.

What is the main difference between AETH and ETH?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.90% for AETH and 0.15% for ETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.33 vs -0.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.