AETH vs. ETH-USD
AETH (Bitwise Ethereum Strategy ETF) is Cryptocurrency fund actively managed by Bitwise, while ETH-USD (Ethereum) is a cryptocurrency. Over the past year, AETH returned -11.35% vs -36.89% for ETH-USD. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
AETH vs. ETH-USD - Performance Comparison
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Returns By Period
In the year-to-date period, AETH achieves a -9.78% return, which is significantly higher than ETH-USD's -47.28% return.
AETH
- 1D
- -0.01%
- 1M
- -1.61%
- YTD
- -9.78%
- 6M
- -12.04%
- 1Y
- -11.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH-USD
- 1D
- -1.18%
- 1M
- -31.72%
- YTD
- -47.28%
- 6M
- -48.53%
- 1Y
- -36.89%
- 3Y*
- -5.14%
- 5Y*
- -9.61%
- 10Y*
- 59.54%
AETH vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AETH Bitwise Ethereum Strategy ETF | -9.78% | -0.11% | 31.76% | 37.65% |
ETH-USD Ethereum | -47.28% | -10.91% | 46.00% | 37.20% |
Correlation
The correlation between AETH and ETH-USD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | 0.54 |
The correlation between AETH and ETH-USD shifts across timeframes, from 0.42 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AETH vs. ETH-USD — Risk / Return Rank
AETH
ETH-USD
AETH vs. ETH-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Ethereum (ETH-USD). 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.
| AETH | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.95 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | -0.55 | +0.25 |
| Martin ratioReturn relative to average drawdown | -0.41 | -0.96 | +0.55 |
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
| AETH | ETH-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | -0.55 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.13 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.74 | -0.37 |
Drawdowns
AETH vs. ETH-USD - Drawdown Comparison
The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum ETH-USD drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for AETH and ETH-USD.
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Drawdown Indicators
| AETH | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.78% | -94.01% | +46.23% |
Max Drawdown (1Y)Largest decline over 1 year | -43.98% | -67.62% | +23.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -67.62% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -79.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.01% | — |
Current DrawdownCurrent decline from peak | -43.85% | -67.62% | +23.77% |
Average DrawdownAverage peak-to-trough decline | -24.71% | -50.88% | +26.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.09% | 44.21% | -13.12% |
Volatility
AETH vs. ETH-USD - Volatility Comparison
The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 3.93%, while Ethereum (ETH-USD) has a volatility of 14.69%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AETH | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 14.69% | -10.76% |
Volatility (6M)Calculated over the trailing 6-month period | 27.18% | 46.21% | -19.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.88% | 56.24% | -11.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.60% | 59.61% | -5.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.60% | 78.01% | -23.41% |
Frequently Asked Questions
AETH and ETH-USD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (14.69%) compared to AETH (3.93%). In terms of maximum drawdown, AETH dropped -47.78% vs ETH-USD's -94.01%.
AETH currently has the higher Sharpe Ratio (-0.29 vs -0.55), 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.
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