BTCW vs. ETH

Last updated Jun 24, 2026

BTCW (Wisdom Tree Bitcoin Fund) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -39.83% vs -27.60% for ETH. Their correlation of 0.82 suggests significant overlap in exposure. BTCW charges 0.30%/yr vs 0.15%/yr for ETH.

Performance

BTCW vs. ETH - Performance Comparison

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

Returns By Period

In the year-to-date period, BTCW achieves a -28.98% return, which is significantly higher than ETH's -43.73% return.

BTCW

• 1D: -3.29%
• 1M: -17.89%
• YTD: -28.98%
• 6M: -29.03%
• 1Y: -39.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -4.13%
• 1M: -19.44%
• YTD: -43.73%
• 6M: -43.65%
• 1Y: -27.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCW vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.98%	-6.05%	36.01%
ETH Grayscale Ethereum Staking Mini ETF	-43.73%	-10.89%	-4.58%

Correlation

The correlation between BTCW and ETH is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between BTCW and ETH has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

BTCW vs. ETH — Risk / Return Rank

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

BTCW

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

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.

BTCW vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.40	-0.50
Sortino ratio: Return per unit of downside risk	-1.26	-0.18	-1.08
Omega ratio: Gain probability vs. loss probability	0.86	0.98	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.41	-0.35
Martin ratio: Return relative to average drawdown	-1.31	-0.69	-0.62

BTCW vs. ETH - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -0.91, which is lower than the ETH Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of BTCW and ETH, 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

BTCW vs. ETH - Drawdown Comparison

The maximum BTCW drawdown since its inception was -52.10%, smaller than the maximum ETH drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for BTCW and ETH.

Drawdown Indicators

	BTCW	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-52.10%	-67.19%	+15.09%
Max Drawdown (1Y) Largest decline over 1 year	-52.10%	-67.19%	+15.09%
Current Drawdown Current decline from peak	-50.50%	-65.34%	+14.84%
Average Drawdown Average peak-to-trough decline	-16.79%	-33.50%	+16.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	40.15%	-9.61%

Volatility

BTCW vs. ETH - Volatility Comparison

The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 13.13%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.75%. This indicates that BTCW experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCW	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.13%	19.75%	-6.62%
Volatility (6M) Calculated over the trailing 6-month period	34.47%	46.93%	-12.46%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	69.05%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.09%	72.37%	-22.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.09%	72.37%	-22.28%

BTCW vs. ETH - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

BTCW vs. ETH - Dividend Comparison

Neither BTCW nor ETH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCW and ETH in my portfolio?

BTCW and ETH have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCW or ETH?

ETH has higher volatility (19.75%) compared to BTCW (13.13%). In terms of maximum drawdown, BTCW dropped -52.10% vs ETH's -67.19%.

Which ETF is better, BTCW or ETH?

On 1-year performance, ETH leads with -27.60% vs -39.83% for BTCW. On fees, ETH is cheaper at 0.15% per year. On volatility, BTCW has been the lower-risk option at 13.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or ETH?

Over the 1-year period, ETH has performed better with a -27.60% return vs -39.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.30% for BTCW.

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

BTCW and ETH have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCW and ETH?

They also come from different issuers: WisdomTree and Grayscale. Their fees differ too: 0.30% for BTCW and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.40 vs -0.91), 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.