BPI vs. ETH

Last updated Jun 30, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while ETH is a Cryptocurrency fund actively managed by Grayscale. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. BPI charges 0.65%/yr vs 0.15%/yr for ETH.

Performance

BPI vs. ETH - Performance Comparison

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

Returns By Period

BPI

• 1D: 1.02%
• 1M: -17.13%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: 3.21%
• 1M: -19.33%
• YTD: -44.98%
• 6M: -44.10%
• 1Y: -32.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BPI vs. ETH - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-19.78%
ETH Grayscale Ethereum Staking Mini ETF	-27.10%

Correlation

The correlation between BPI 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 (All Time) Calculated using the full available price history since Apr 30, 2026	0.91

Return for Risk

BPI vs. ETH — Risk / Return Rank

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

BPI

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

ETH

ETH Risk / Return Rank: 6
ETH Sharpe Ratio Rank: 6
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.

BPI vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) 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.

	BPI	ETH	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.47	—
Sortino ratio: Return per unit of downside risk	—	-0.31	—
Omega ratio: Gain probability vs. loss probability	—	0.97	—
Calmar ratio: Return relative to maximum drawdown	—	-0.48	—
Martin ratio: Return relative to average drawdown	—	-0.78	—

Drawdowns

BPI vs. ETH - Drawdown Comparison

The maximum BPI drawdown since its inception was -26.45%, smaller than the maximum ETH drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for BPI and ETH.

Drawdown Indicators

	BPI	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-26.45%	-67.52%	+41.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.52%	—
Current Drawdown Current decline from peak	-25.06%	-66.11%	+41.05%
Average Drawdown Average peak-to-trough decline	-12.33%	-33.78%	+21.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.03%	—

Volatility

Volatility by Period

	BPI	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.13%	69.12%	-31.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.13%	72.21%	-35.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.13%	72.21%	-35.08%

BPI vs. ETH - Expense Ratio Comparison

BPI has a 0.65% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

BPI vs. ETH - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 3.52%, while ETH has not paid dividends to shareholders.

Position	TTM
BPI Grayscale Bitcoin Premium Income ETF	3.52%
ETH Grayscale Ethereum Staking Mini ETF	0.00%

Frequently Asked Questions

Can I hold both BPI and ETH in my portfolio?

With a correlation of 0.91, BPI 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 ETF is better, BPI or ETH?

On fees, ETH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPI or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.65% for BPI.

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

BPI has the higher dividend yield at 3.52%, compared with 0.00% for ETH.

What is the main difference between BPI and ETH?

BPI is categorized as Derivative Income, while ETH is Cryptocurrency. Their fees differ too: 0.65% for BPI and 0.15% for ETH.