AETH vs. ETHE

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Ethereum Strategy ETF (AETH) and Grayscale Ethereum Trust ETF (ETHE).

AETH and ETHE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AETH is an actively managed fund by Bitwise. It was launched on Sep 29, 2023. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017.

Performance

AETH vs. ETHE - Performance Comparison

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

AETH vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-5.52%	-0.11%	31.76%	37.65%
ETHE Grayscale Ethereum Trust ETF	-28.06%	-13.03%	44.14%	75.09%

Returns By Period

In the year-to-date period, AETH achieves a -5.52% return, which is significantly higher than ETHE's -28.06% return.

AETH

• 1D: 0.01%
• 1M: -2.71%
• YTD: -5.52%
• 6M: -27.06%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: 2.11%
• 1M: 5.07%
• YTD: -28.06%
• 6M: -50.86%
• 1Y: 10.20%
• 3Y*: 26.95%
• 5Y*: -1.42%
• 10Y*: —

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

AETH vs. ETHE - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is lower than ETHE's 2.50% expense ratio.

ETHE

Grayscale Ethereum Trust ETF

AETH

Bitwise Ethereum Strategy ETF

Return for Risk

AETH vs. ETHE — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 32
AETH Sharpe Ratio Rank: 28
AETH Sortino Ratio Rank: 43
AETH Omega Ratio Rank: 45
AETH Calmar Ratio Rank: 27
AETH Martin Ratio Rank: 19

ETHE

ETHE Risk / Return Rank: 19
ETHE Sharpe Ratio Rank: 15
ETHE Sortino Ratio Rank: 25
ETHE Omega Ratio Rank: 22
ETHE Calmar Ratio Rank: 17
ETHE Martin Ratio Rank: 15

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. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Grayscale Ethereum Trust ETF (ETHE). 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	ETHE	Difference
Sharpe ratio Return per unit of total volatility	0.55	0.14	+0.41
Sortino ratio Return per unit of downside risk	1.25	0.76	+0.49
Omega ratio Gain probability vs. loss probability	1.18	1.09	+0.10
Calmar ratio Return relative to maximum drawdown	0.67	0.25	+0.42
Martin ratio Return relative to average drawdown	1.07	0.49	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AETH vs. ETHE - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is 0.55, which is higher than the ETHE Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of AETH and ETHE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AETH	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	0.14	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.08	+0.35

Correlation

The correlation between AETH and ETHE is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AETH vs. ETHE - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.55%, more than ETHE's 0.74% yield.

	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.55%	2.41%	14.73%	6.64%
ETHE Grayscale Ethereum Trust ETF	0.74%	0.00%	0.00%	0.00%

Drawdowns

AETH vs. ETHE - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for AETH and ETHE.

Drawdown Indicators

	AETH	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-96.26%	+48.48%
Max Drawdown (1Y) Largest decline over 1 year	-41.40%	-61.89%	+20.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-41.19%	-72.79%	+31.60%
Average Drawdown Average peak-to-trough decline	-23.51%	-72.24%	+48.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.81%	30.81%	-5.00%

Volatility

AETH vs. ETHE - Volatility Comparison

Bitwise Ethereum Strategy ETF (AETH) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 18.61% and 19.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.61%	19.07%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	28.66%	53.57%	-24.91%
Volatility (1Y) Calculated over the trailing 1-year period	51.00%	75.68%	-24.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.15%	85.12%	-28.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.15%	194.12%	-137.97%