BTC-USD vs. ETHE
BTC-USD (Bitcoin) is a cryptocurrency, while ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index . Over the past 5 years, BTC-USD returned 10.82%/yr vs -11.18%/yr for ETHE. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
BTC-USD vs. ETHE - Performance Comparison
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Returns By Period
In the year-to-date period, BTC-USD achieves a -28.54% return, which is significantly higher than ETHE's -43.52% return.
BTC-USD
- 1D
- -1.22%
- 1M
- -22.47%
- YTD
- -28.54%
- 6M
- -31.02%
- 1Y
- -40.89%
- 3Y*
- 33.16%
- 5Y*
- 10.82%
- 10Y*
- 59.68%
ETHE
- 1D
- 6.90%
- 1M
- -27.33%
- YTD
- -43.52%
- 6M
- -46.57%
- 1Y
- -33.22%
- 3Y*
- 20.84%
- 5Y*
- -11.18%
- 10Y*
- —
BTC-USD vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BTC-USD Bitcoin | -28.54% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | -13.03% |
ETHE Grayscale Ethereum Trust ETF | -43.52% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
Correlation
The correlation between BTC-USD and ETHE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.52 |
The correlation between BTC-USD and ETHE has been stable across timeframes, ranging from 0.52 to 0.62 - a consistent structural relationship.
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Return for Risk
BTC-USD vs. ETHE — Risk / Return Rank
BTC-USD
ETHE
BTC-USD vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.
| BTC-USD | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.96 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.49 | -0.31 |
| Martin ratioReturn relative to average drawdown | -1.42 | -0.86 | -0.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC-USD | ETHE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.48 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | -0.14 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.13 | 0.06 | +1.07 |
Drawdowns
BTC-USD vs. ETHE - Drawdown Comparison
The maximum BTC-USD drawdown since its inception was -85.30%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for BTC-USD and ETHE.
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Drawdown Indicators
| BTC-USD | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.30% | -96.26% | +10.96% |
Max Drawdown (1Y)Largest decline over 1 year | -51.21% | -67.77% | +16.56% |
Max Drawdown (3Y)Largest decline over 3 years | -51.21% | -67.77% | +16.56% |
Max Drawdown (5Y)Largest decline over 5 years | -76.67% | -89.85% | +13.18% |
Max Drawdown (10Y)Largest decline over 10 years | -83.80% | — | — |
Current DrawdownCurrent decline from peak | -49.86% | -78.64% | +28.78% |
Average DrawdownAverage peak-to-trough decline | -42.32% | -72.24% | +29.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.46% | 38.65% | -4.19% |
Volatility
BTC-USD vs. ETHE - Volatility Comparison
The current volatility for Bitcoin (BTC-USD) is 11.59%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 16.62%. This indicates that BTC-USD experiences smaller price fluctuations and is considered to be less risky than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTC-USD | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.59% | 16.62% | -5.03% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 46.92% | -12.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.67% | 69.50% | -33.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.95% | 82.39% | -37.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.71% | 191.74% | -135.03% |
Frequently Asked Questions
BTC-USD and ETHE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (16.62%) compared to BTC-USD (11.59%). In terms of maximum drawdown, BTC-USD dropped -85.30% vs ETHE's -96.26%.
ETHE currently has the higher Sharpe Ratio (-0.48 vs -0.95), 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.
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