BITB vs. ETH

Last updated Jun 4, 2026

BITB (Bitwise Bitcoin ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. BITB is passively managed, while ETH is actively managed. Over the past year, BITB returned -38.62% vs -30.84% for ETH. Their correlation of 0.82 suggests significant overlap in exposure. BITB charges 0.20%/yr vs 0.15%/yr for ETH.

Performance

BITB vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Grayscale Ethereum Staking Mini ETF (ETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITB achieves a -25.38% return, which is significantly higher than ETH's -38.95% return.

BITB

• 1D: -2.74%
• 1M: -18.38%
• YTD: -25.38%
• 6M: -29.75%
• 1Y: -38.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-25.38%	-6.47%	42.32%
ETH Grayscale Ethereum Staking Mini ETF	-38.95%	-10.89%	-3.70%

Correlation

The correlation between BITB and ETH is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.82

The correlation between BITB and ETH has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

BITB vs. ETH — Risk / Return Rank

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

BITB

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

ETH

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

BITB vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Grayscale Ethereum Staking Mini ETF (ETH). 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.

	BITB	ETH	Difference
Sharpe ratio Return per unit of total volatility	-0.89	-0.45	-0.44
Sortino ratio Return per unit of downside risk	-1.22	-0.29	-0.93
Omega ratio Gain probability vs. loss probability	0.86	0.97	-0.11
Calmar ratio Return relative to maximum drawdown	-0.78	-0.50	-0.29
Martin ratio Return relative to average drawdown	-1.36	-0.82	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITB vs. ETH - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -0.89, which is lower than the ETH Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of BITB and ETH, 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

	BITB	ETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.45	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.41	+0.71

Drawdowns

BITB vs. ETH - Drawdown Comparison

The maximum BITB drawdown since its inception was -49.38%, smaller than the maximum ETH drawdown of -64.01%. Use the drawdown chart below to compare losses from any high point for BITB and ETH.

Drawdown Indicators

	BITB	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-49.38%	-64.01%	+14.63%
Max Drawdown (1Y) Largest decline over 1 year	-49.38%	-62.40%	+13.02%
Current Drawdown Current decline from peak	-48.02%	-62.40%	+14.38%
Average Drawdown Average peak-to-trough decline	-16.02%	-32.58%	+16.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.42%	37.50%	-9.08%

Volatility

BITB vs. ETH - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 9.39%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 9.90%. This indicates that BITB experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	9.90%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	34.39%	46.02%	-11.63%
Volatility (1Y) Calculated over the trailing 1-year period	43.62%	68.34%	-24.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.98%	72.26%	-22.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.98%	72.26%	-22.28%

BITB vs. ETH - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is higher than ETH's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BITB vs. ETH - Dividend Comparison

Neither BITB nor ETH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITB and ETH in my portfolio?

BITB and ETH have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITB or ETH?

ETH has higher volatility (9.90%) compared to BITB (9.39%). In terms of maximum drawdown, BITB dropped -49.38% vs ETH's -64.01%.

Which ETF is better, BITB or ETH?

On 1-year performance, ETH leads with -30.84% vs -38.62% for BITB. On fees, ETH is cheaper at 0.15% per year. On volatility, BITB has been the lower-risk option at 9.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or ETH?

Over the 1-year period, ETH has performed better with a -30.84% return vs -38.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.20% for BITB.

Which ETF pays a higher dividend yield, BITB or ETH?

BITB and ETH have nearly identical dividend yields, around 0.00%.

What is the main difference between BITB and ETH?

They also come from different issuers: Bitwise Asset Management and Grayscale. Their fees differ too: 0.20% for BITB and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.45 vs -0.89), 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.