BTCC vs. AETH

Last updated Jul 15, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCC returned -37.83% vs -23.44% for AETH. At a 0.41 correlation, their price movements are largely independent. BTCC charges 0.66%/yr vs 0.90%/yr for AETH.

Performance

BTCC vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) and Bitwise Ethereum Strategy ETF (AETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC achieves a -21.47% return, which is significantly lower than AETH's -15.21% return.

BTCC

• 1D: 3.01%
• 1M: 0.33%
• 6M: -25.83%
• YTD: -21.47%
• 1Y: -37.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AETH

• 1D: 5.99%
• 1M: -6.11%
• 6M: -17.26%
• YTD: -15.21%
• 1Y: -23.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-21.47%	-6.05%
AETH Bitwise Ethereum Strategy ETF	-15.21%	35.33%

Correlation

The correlation between BTCC and AETH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.41

Return for Risk

BTCC vs. AETH — Risk / Return Rank

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

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 2
BTCC Martin Ratio Rank: 1

AETH

AETH Risk / Return Rank: 5
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 5
AETH Omega Ratio Rank: 4
AETH Calmar Ratio Rank: 5
AETH 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.

BTCC vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Bitwise Ethereum Strategy ETF (AETH). 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.

	BTCC	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.54	-0.56
Sortino ratio: Return per unit of downside risk	-1.51	-0.61	-0.90
Omega ratio: Gain probability vs. loss probability	0.80	0.91	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.46	-0.39
Martin ratio: Return relative to average drawdown	-1.43	-0.68	-0.74

BTCC vs. AETH - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.10, which is lower than the AETH Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of BTCC and AETH, 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

BTCC vs. AETH - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, smaller than the maximum AETH drawdown of -51.08%. Use the drawdown chart below to compare losses from any high point for BTCC and AETH.

Drawdown Indicators

	BTCC	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-51.08%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-51.08%	+6.68%
Current Drawdown Current decline from peak	-39.94%	-47.23%	+7.29%
Average Drawdown Average peak-to-trough decline	-17.69%	-25.55%	+7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.56%	34.38%	-7.82%

Volatility

BTCC vs. AETH - Volatility Comparison

The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 8.23%, while Bitwise Ethereum Strategy ETF (AETH) has a volatility of 9.91%. This indicates that BTCC experiences smaller price fluctuations and is considered to be less risky than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	9.91%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	28.62%	26.03%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	34.40%	43.25%	-8.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.85%	53.94%	-22.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.85%	53.94%	-22.09%

BTCC vs. AETH - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than AETH's 0.90% expense ratio.

Dividends

BTCC vs. AETH - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 102.62%, more than AETH's 2.84% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.84%	2.41%	14.73%	6.64%
BTCC Grayscale Bitcoin Covered Call ETF	102.62%	63.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCC and AETH in my portfolio?

BTCC and AETH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCC or AETH?

AETH has higher volatility (9.91%) compared to BTCC (8.23%). In terms of maximum drawdown, BTCC dropped -44.40% vs AETH's -51.08%.

Which ETF is better, BTCC or AETH?

On 1-year performance, AETH leads with -23.44% vs -37.83% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BTCC has been the lower-risk option at 8.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or AETH?

Over the 1-year period, AETH has performed better with a -23.44% return vs -37.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or AETH?

BTCC is cheaper with a 0.66% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, BTCC or AETH?

BTCC has the higher dividend yield at 102.62%, compared with 2.84% for AETH.

What is the main difference between BTCC and AETH?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.66% for BTCC and 0.90% for AETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.54 vs -1.10), 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.