BAVA vs. ETHW

Last updated Jul 1, 2026

BAVA (Bitwise Avalanche ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds from Bitwise. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

BAVA vs. ETHW - Performance Comparison

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

Returns By Period

BAVA

• 1D: -2.24%
• 1M: -25.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHW

• 1D: -2.84%
• 1M: -21.78%
• YTD: -46.97%
• 6M: -46.72%
• 1Y: -37.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAVA vs. ETHW - Yearly Performance Comparison

	2026 (YTD)
BAVA Bitwise Avalanche ETF	-29.45%
ETHW Bitwise Ethereum ETF	-31.93%

Correlation

The correlation between BAVA and ETHW is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 15, 2026	0.79

Return for Risk

BAVA vs. ETHW — Risk / Return Rank

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

BAVA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHW

ETHW Risk / Return Rank: 5
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW 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.

BAVA vs. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Avalanche ETF (BAVA) and Bitwise Ethereum ETF (ETHW). 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.

	BAVA	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.55	—
Sortino ratio: Return per unit of downside risk	—	-0.49	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.55	—
Martin ratio: Return relative to average drawdown	—	-0.91	—

Drawdowns

BAVA vs. ETHW - Drawdown Comparison

The maximum BAVA drawdown since its inception was -40.15%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for BAVA and ETHW.

Drawdown Indicators

	BAVA	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-40.15%	-67.89%	+27.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.89%	—
Current Drawdown Current decline from peak	-35.39%	-67.48%	+32.09%
Average Drawdown Average peak-to-trough decline	-16.47%	-33.99%	+17.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.51%	—

Volatility

Volatility by Period

	BAVA	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	53.55%	69.05%	-15.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	72.06%	-18.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	72.06%	-18.51%

Dividends

BAVA vs. ETHW - Dividend Comparison

Neither BAVA nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BAVA and ETHW in my portfolio?

BAVA and ETHW have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, BAVA or ETHW?

BAVA and ETHW have nearly identical dividend yields, around 0.00%.