AETH vs. VOO

Last updated Jul 15, 2026

AETH (Bitwise Ethereum Strategy ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while VOO is a S&P 500 fund tracking the S&P 500 Index. AETH is actively managed, while VOO is passively managed. Over the past year, AETH returned -23.44% vs 21.75% for VOO. At a 0.31 correlation, their price movements are largely independent. AETH charges 0.90%/yr vs 0.03%/yr for VOO.

Performance

AETH vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -15.21% return, which is significantly lower than VOO's 10.87% return.

AETH

• 1D: 5.99%
• 1M: -6.11%
• 6M: -17.26%
• YTD: -15.21%
• 1Y: -23.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: 0.38%
• 1M: 1.64%
• 6M: 8.98%
• YTD: 10.87%
• 1Y: 21.75%
• 3Y*: 20.31%
• 5Y*: 13.16%
• 10Y*: 15.20%

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

AETH vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-15.21%	-0.11%	31.76%	33.21%
VOO Vanguard S&P 500 ETF	10.87%	17.82%	24.98%	11.69%

Correlation

The correlation between AETH and VOO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.31

Return for Risk

AETH vs. VOO — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 5
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 5
AETH Omega Ratio Rank: 4
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

VOO

VOO Risk / Return Rank: 67
VOO Sharpe Ratio Rank: 67
VOO Sortino Ratio Rank: 66
VOO Omega Ratio Rank: 67
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 73

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.75	-2.29
Sortino ratio: Return per unit of downside risk	-0.61	2.41	-3.02
Omega ratio: Gain probability vs. loss probability	0.91	1.32	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.46	2.45	-2.91
Martin ratio: Return relative to average drawdown	-0.68	10.70	-11.39

AETH vs. VOO - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.54, which is lower than the VOO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of AETH and VOO, 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. VOO - Drawdown Comparison

The maximum AETH drawdown since its inception was -51.08%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for AETH and VOO.

Drawdown Indicators

	AETH	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-51.08%	-33.99%	-17.09%
Max Drawdown (1Y) Largest decline over 1 year	-51.08%	-8.90%	-42.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-47.23%	-0.74%	-46.49%
Average Drawdown Average peak-to-trough decline	-25.55%	-3.67%	-21.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.38%	2.04%	+32.34%

Volatility

AETH vs. VOO - Volatility Comparison

Bitwise Ethereum Strategy ETF (AETH) has a higher volatility of 9.91% compared to Vanguard S&P 500 ETF (VOO) at 3.86%. This indicates that AETH's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.91%	3.86%	+6.05%
Volatility (6M) Calculated over the trailing 6-month period	26.03%	9.96%	+16.07%
Volatility (1Y) Calculated over the trailing 1-year period	43.25%	12.51%	+30.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.94%	16.93%	+37.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.94%	18.00%	+35.94%

AETH vs. VOO - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

AETH vs. VOO - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.84%, more than VOO's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AETH Bitwise Ethereum Strategy ETF	2.84%	2.41%	14.73%	6.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.06%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both AETH and VOO in my portfolio?

AETH and VOO have a correlation of 0.36, 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 VOO?

AETH has higher volatility (9.91%) compared to VOO (3.86%). In terms of maximum drawdown, AETH dropped -51.08% vs VOO's -33.99%.

Which ETF is better, AETH or VOO?

On 1-year performance, VOO leads with 21.75% vs -23.44% for AETH. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or VOO?

Over the 1-year period, VOO has performed better with a 21.75% return vs -23.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.90% for AETH.

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

AETH has the higher dividend yield at 2.84%, compared with 1.06% for VOO.

What is the main difference between AETH and VOO?

AETH is categorized as Cryptocurrency, while VOO is S&P 500. They also come from different issuers: Bitwise and Vanguard. Their fees differ too: 0.90% for AETH and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.75 vs -0.54), 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.