BPI vs. ETHE

Last updated Jun 30, 2026

BPI (Grayscale Bitcoin Premium Income ETF) and ETHE (Grayscale Ethereum Trust ETF) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index. BPI is actively managed, while ETHE is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. BPI charges 0.65%/yr vs 2.50%/yr for ETHE.

Performance

BPI vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Premium Income ETF (BPI) and Grayscale Ethereum Trust ETF (ETHE). 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*: —

ETHE

• 1D: 3.14%
• 1M: -19.40%
• YTD: -45.60%
• 6M: -44.76%
• 1Y: -33.74%
• 3Y*: 10.08%
• 5Y*: -9.93%
• 10Y*: —

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

BPI vs. ETHE - Yearly Performance Comparison

	2026 (YTD)
BPI Grayscale Bitcoin Premium Income ETF	-19.78%
ETHE Grayscale Ethereum Trust ETF	-27.35%

Correlation

The correlation between BPI 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 (All Time) Calculated using the full available price history since Apr 30, 2026	0.92

Return for Risk

BPI vs. ETHE — 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.

ETHE

ETHE Risk / Return Rank: 6
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE 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. ETHE - Risk-Adjusted Trends Comparison

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

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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.49	—
Sortino ratio: Return per unit of downside risk	—	-0.37	—
Omega ratio: Gain probability vs. loss probability	—	0.96	—
Calmar ratio: Return relative to maximum drawdown	—	-0.50	—
Martin ratio: Return relative to average drawdown	—	-0.81	—

Drawdowns

BPI vs. ETHE - Drawdown Comparison

The maximum BPI drawdown since its inception was -26.45%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for BPI and ETHE.

Drawdown Indicators

	BPI	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-26.45%	-96.26%	+69.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-68.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-68.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-25.06%	-79.43%	+54.37%
Average Drawdown Average peak-to-trough decline	-12.33%	-72.25%	+59.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.54%	—

Volatility

Volatility by Period

	BPI	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.13%	69.04%	-31.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.13%	81.95%	-44.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.13%	190.99%	-153.86%

BPI vs. ETHE - Expense Ratio Comparison

BPI has a 0.65% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

BPI vs. ETHE - Dividend Comparison

BPI's dividend yield for the trailing twelve months is around 3.52%, more than ETHE's 1.50% yield.

Position	TTM
BPI Grayscale Bitcoin Premium Income ETF	3.52%
ETHE Grayscale Ethereum Trust ETF	1.50%

Frequently Asked Questions

Can I hold both BPI and ETHE in my portfolio?

With a correlation of 0.92, BPI 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 ETF is better, BPI or ETHE?

On fees, BPI is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPI or ETHE?

BPI is cheaper with a 0.65% expense ratio, compared with 2.50% for ETHE.

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

BPI has the higher dividend yield at 3.52%, compared with 1.50% for ETHE.

What is the main difference between BPI and ETHE?

BPI is categorized as Derivative Income, while ETHE is Cryptocurrency. Their fees differ too: 0.65% for BPI and 2.50% for ETHE.