BITW vs. ETH

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. BITW is passively managed, while ETH is actively managed. Over the past year, BITW returned -33.61% vs -27.60% for ETH. Their correlation of 0.82 suggests significant overlap in exposure. BITW charges 0.75%/yr vs 0.15%/yr for ETH.

Performance

BITW vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.09% return, which is significantly higher than ETH's -41.30% return.

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 10Y*: —

ETH

• 1D: 1.60%
• 1M: -15.97%
• YTD: -41.30%
• 6M: -41.35%
• 1Y: -27.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITW Bitwise 10 Crypto Index ETF	-30.09%	-2.63%	59.19%
ETH Grayscale Ethereum Staking Mini ETF	-41.30%	-10.89%	-4.58%

Correlation

The correlation between BITW and ETH is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BITW and ETH has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

BITW vs. ETH — Risk / Return Rank

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

BITW

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

ETH

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

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.

BITW vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

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.

	BITW	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.40	-0.28
Sortino ratio: Return per unit of downside risk	-0.80	-0.18	-0.62
Omega ratio: Gain probability vs. loss probability	0.91	0.98	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.41	-0.20
Martin ratio: Return relative to average drawdown	-1.04	-0.69	-0.35

BITW vs. ETH - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.68, which is lower than the ETH Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of BITW 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.

Drawdowns

BITW vs. ETH - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than ETH's maximum drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for BITW and ETH.

Drawdown Indicators

	BITW	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-67.19%	-29.27%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-67.19%	+11.68%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-63.85%	-6.60%
Average Drawdown Average peak-to-trough decline	-69.56%	-33.43%	-36.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	39.94%	-7.56%

Volatility

BITW vs. ETH - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 13.95%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.53%. This indicates that BITW 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

	BITW	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	19.53%	-5.58%
Volatility (6M) Calculated over the trailing 6-month period	37.24%	46.79%	-9.55%
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	69.07%	-19.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	72.39%	-6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	72.39%	+35.98%

BITW vs. ETH - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

BITW vs. ETH - Dividend Comparison

Neither BITW nor ETH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITW and ETH in my portfolio?

With a correlation of 0.91, BITW and ETH 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, BITW or ETH?

ETH has higher volatility (19.53%) compared to BITW (13.95%). In terms of maximum drawdown, BITW dropped -96.46% vs ETH's -67.19%.

Which ETF is better, BITW or ETH?

On 1-year performance, ETH leads with -27.60% vs -33.61% for BITW. On fees, ETH is cheaper at 0.15% per year. On volatility, BITW has been the lower-risk option at 13.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or ETH?

Over the 1-year period, ETH has performed better with a -27.60% return vs -33.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.75% for BITW.

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

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

What is the main difference between BITW and ETH?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.75% for BITW and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.40 vs -0.68), 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.