BTC vs. ETCO
BTC (Grayscale Bitcoin Mini Trust ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. BTC charges 0.15%/yr vs 0.66%/yr for ETCO.
Performance
BTC vs. ETCO - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -25.36% return, which is significantly higher than ETCO's -33.38% return.
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETCO
- 1D
- -5.43%
- 1M
- -20.32%
- YTD
- -33.38%
- 6M
- -34.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. ETCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -20.34% |
ETCO Grayscale Ethereum Covered Call ETF | -33.38% | -24.78% |
Correlation
The correlation between BTC and ETCO is 0.90, 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 Sep 5, 2025 | 0.90 |
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Return for Risk
BTC vs. ETCO — Risk / Return Rank
BTC
ETCO
BTC vs. ETCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and Grayscale Ethereum Covered Call ETF (ETCO). 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 | ETCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.86 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | — | — |
| Martin ratioReturn relative to average drawdown | -1.36 | — | — |
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 | ETCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -1.16 | +1.16 |
Drawdowns
BTC vs. ETCO - Drawdown Comparison
The maximum BTC drawdown since its inception was -49.34%, smaller than the maximum ETCO drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for BTC and ETCO.
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Drawdown Indicators
| BTC | ETCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.34% | -56.81% | +7.47% |
Max Drawdown (1Y)Largest decline over 1 year | -49.34% | — | — |
Current DrawdownCurrent decline from peak | -47.98% | -54.32% | +6.34% |
Average DrawdownAverage peak-to-trough decline | -16.61% | -34.43% | +17.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.38% | — | — |
Volatility
BTC vs. ETCO - Volatility Comparison
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Volatility by Period
| BTC | ETCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.40% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 52.49% | -8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.30% | 52.49% | -4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.30% | 52.49% | -4.19% |
BTC vs. ETCO - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than ETCO's 0.66% expense ratio.
Dividends
BTC vs. ETCO - Dividend Comparison
BTC has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 127.41%.
| Position | TTM | 2025 |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% |
ETCO Grayscale Ethereum Covered Call ETF | 127.41% | 42.29% |
Frequently Asked Questions
BTC and ETCO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.66% for ETCO.
ETCO has the higher dividend yield at 127.41%, compared with 0.00% for BTC.
Their fees differ too: 0.15% for BTC and 0.66% for ETCO.
Find the right allocation for BTC and ETCO
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