AETH vs. ETHE

Last updated Aug 4, 2026

AETH (Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds. AETH is actively managed, while ETHE is passively managed. Over the past year, AETH returned -34.66% vs -47.38% for ETHE. Their 0.76 correlation means they have sometimes moved together and sometimes differently. AETH charges 0.89%/yr vs 2.50%/yr for ETHE.

Performance

AETH vs. ETHE - Performance Comparison

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

Returns By Period

In the year-to-date period, AETH achieves a -15.81% return, which is significantly higher than ETHE's -37.42% return.

AETH

• 1D: 0.17%
• 1M: 4.00%
• 6M: -13.15%
• YTD: -15.81%
• 1Y: -34.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.72%

ETHE

• 1D: 0.20%
• 1M: 9.84%
• 6M: -19.78%
• YTD: -37.42%
• 1Y: -47.38%
• 3Y*: 10.22%
• 5Y*: -9.36%
• 10Y*: —
• ALL TIME*: 12.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF	$27.84K	$19.14K	$18.72K
ETHE Grayscale Ethereum Trust ETF	$26.24M	$26.49M	$34.17M

AETH vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF	-15.81%	-0.11%	31.76%	33.21%
ETHE Grayscale Ethereum Trust ETF	-37.42%	-13.03%	44.14%	75.77%

Correlation

The correlation between AETH and ETHE is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.76

The correlation between AETH and ETHE shifts across timeframes, from 0.59 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AETH vs. ETHE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AETH

AETH Risk / Return Rank: 3
AETH Sharpe Ratio Rank: 2
AETH Sortino Ratio Rank: 3
AETH Omega Ratio Rank: 2
AETH Calmar Ratio Rank: 4
AETH Martin Ratio Rank: 5

ETHE

ETHE Risk / Return Rank: 4
ETHE Sharpe Ratio Rank: 3
ETHE Sortino Ratio Rank: 4
ETHE Omega Ratio Rank: 4
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AETH vs. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Trendwise Ethereum and Treasuries Rotation 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.

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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.71	-0.14
Sortino ratio: Return per unit of downside risk	-1.21	-0.88	-0.33
Omega ratio: Gain probability vs. loss probability	0.82	0.90	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.70	+0.02
Martin ratio: Return relative to average drawdown	-0.96	-1.04	+0.07

AETH vs. ETHE - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.85, which is comparable to the ETHE Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of AETH and ETHE, 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. ETHE - Drawdown Comparison

The maximum AETH drawdown since its inception was -51.08%, 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	-51.08%	-96.26%	+45.18%
Max Drawdown (1Y) Largest decline over 1 year	-51.08%	-68.17%	+17.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-68.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-47.60%	-76.34%	+28.74%
Average Drawdown Average peak-to-trough decline	-25.96%	-72.31%	+46.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.10%	45.81%	-9.71%

Volatility

AETH vs. ETHE - Volatility Comparison

The current volatility for Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF (AETH) is 11.22%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 12.35%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than ETHE based on this measure. 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	11.22%	12.35%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	24.81%	45.60%	-20.79%
Volatility (1Y) Calculated over the trailing 1-year period	41.17%	66.97%	-25.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.64%	81.04%	-27.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.64%	189.78%	-136.14%

AETH vs. ETHE - Expense Ratio Comparison

AETH has a 0.89% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

AETH vs. ETHE - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.86%, more than ETHE's 1.45% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF	2.86%	2.41%	14.73%	6.64%
ETHE Grayscale Ethereum Trust ETF	1.45%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and ETHE in my portfolio?

AETH and ETHE have a correlation of 0.59, 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 ETHE?

ETHE has higher volatility (12.35%) compared to AETH (11.22%). In terms of maximum drawdown, AETH dropped -51.08% vs ETHE's -96.26%.

Which ETF is better, AETH or ETHE?

On 1-year performance, AETH leads with -34.66% vs -47.38% for ETHE. On fees, AETH is cheaper at 0.89% per year. On volatility, AETH has been the lower-risk option at 11.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or ETHE?

Over the 1-year period, AETH has performed better with a -34.66% return vs -47.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or ETHE?

AETH is cheaper with a 0.89% expense ratio, compared with 2.50% for ETHE.

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

AETH has the higher dividend yield at 2.86%, compared with 1.45% for ETHE.

What is the main difference between AETH and ETHE?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.89% for AETH and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.71 vs -0.85), 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.