BETH vs. ETHE

Last updated Jun 5, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds. BETH is actively managed, while ETHE is passively managed. Over the past year, BETH returned -41.18% vs -33.45% for ETHE. Their correlation of 0.87 suggests significant overlap in exposure. BETH charges 0.95%/yr vs 2.50%/yr for ETHE.

Performance

BETH vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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, BETH achieves a -30.85% return, which is significantly higher than ETHE's -40.50% return.

BETH

• 1D: -2.62%
• 1M: -22.99%
• YTD: -30.85%
• 6M: -34.87%
• 1Y: -41.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: -1.44%
• 1M: -25.23%
• YTD: -40.50%
• 6M: -43.78%
• 1Y: -33.45%
• 3Y*: 21.42%
• 5Y*: -11.85%
• 10Y*: —

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

BETH vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-30.85%	-11.20%	85.03%	42.75%
ETHE Grayscale Ethereum Trust ETF	-40.50%	-13.03%	44.14%	75.09%

Correlation

The correlation between BETH and ETHE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.87

The correlation between BETH and ETHE has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

BETH vs. ETHE — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 2
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 2
BETH Omega Ratio Rank: 3
BETH Calmar Ratio Rank: 2
BETH Martin Ratio Rank: 2

ETHE

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

BETH vs. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.

	BETH	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.49	-0.39
Sortino ratio: Return per unit of downside risk	-1.22	-0.37	-0.85
Omega ratio: Gain probability vs. loss probability	0.86	0.96	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.53	-0.25
Martin ratio: Return relative to average drawdown	-1.33	-0.88	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BETH vs. ETHE - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.88, which is lower than the ETHE Sharpe Ratio of -0.49. The chart below compares the historical Sharpe Ratios of BETH 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.

Sharpe Ratios by Period

	BETH	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	-0.49	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.06	+0.33

Drawdowns

BETH vs. ETHE - Drawdown Comparison

The maximum BETH drawdown since its inception was -53.27%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for BETH and ETHE.

Drawdown Indicators

	BETH	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-53.27%	-96.26%	+42.99%
Max Drawdown (1Y) Largest decline over 1 year	-53.27%	-63.69%	+10.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-66.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-53.27%	-77.50%	+24.23%
Average Drawdown Average peak-to-trough decline	-17.65%	-72.23%	+54.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.89%	38.19%	-7.30%

Volatility

BETH vs. ETHE - Volatility Comparison

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 9.18% and 9.65%, 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

	BETH	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.18%	9.65%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	35.80%	45.28%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	46.84%	68.22%	-21.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.17%	82.25%	-31.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.17%	191.78%	-140.61%

BETH vs. ETHE - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

BETH vs. ETHE - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 59.10%, more than ETHE's 1.37% yield.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	59.10%	57.68%	19.71%	0.36%
ETHE Grayscale Ethereum Trust ETF	1.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETH and ETHE in my portfolio?

With a correlation of 0.92, BETH and ETHE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BETH or ETHE?

ETHE has higher volatility (9.65%) compared to BETH (9.18%). In terms of maximum drawdown, BETH dropped -53.27% vs ETHE's -96.26%.

Which ETF is better, BETH or ETHE?

On 1-year performance, ETHE leads with -33.45% vs -41.18% for BETH. On fees, BETH is cheaper at 0.95% per year. On volatility, BETH has been the lower-risk option at 9.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETH or ETHE?

Over the 1-year period, ETHE has performed better with a -33.45% return vs -41.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or ETHE?

BETH is cheaper with a 0.95% expense ratio, compared with 2.50% for ETHE.

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

BETH has the higher dividend yield at 59.10%, compared with 1.37% for ETHE.

What is the main difference between BETH and ETHE?

They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for BETH and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.49 vs -0.88), 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.