BTCW vs. ETH

Last updated Aug 2, 2026

BTCW (Wisdom Tree Bitcoin Fund) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. BTCW is passively managed, while ETH is actively managed. Over the past year, BTCW returned -44.53% vs -46.03% for ETH. Their correlation of 0.82 means they have usually moved in the same direction. BTCW charges 0.25%/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 -28.33% return, which is significantly higher than ETH's -36.56% return.

BTCW

• 1D: -2.95%
• 1M: 2.34%
• 6M: -25.06%
• YTD: -28.33%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.76%

ETH

• 1D: -2.84%
• 1M: 10.01%
• 6M: -29.59%
• YTD: -36.56%
• 1Y: -46.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCW Wisdom Tree Bitcoin Fund	$1.20M	$1.71M	$1.37M
ETH Grayscale Ethereum Staking Mini ETF	$31.73M	$33.86M	$46.60M

BTCW vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-28.33%	-6.05%	36.01%
ETH Grayscale Ethereum Staking Mini ETF	-36.56%	-10.89%	-4.58%

Correlation

The correlation between BTCW and ETH is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
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 0.91 - a consistent structural relationship.

Return for Risk

BTCW vs. ETH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCW

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

ETH

ETH Risk / Return Rank: 4
ETH Sharpe Ratio Rank: 3
ETH Sortino Ratio Rank: 4
ETH Omega Ratio Rank: 4
ETH Calmar Ratio Rank: 3
ETH Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-1.05	-0.74	-0.31
Sortino ratio: Return per unit of downside risk	-1.59	-0.95	-0.64
Omega ratio: Gain probability vs. loss probability	0.83	0.89	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.73	-0.14
Martin ratio: Return relative to average drawdown	-1.34	-1.10	-0.24

BTCW vs. ETH - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.05, which is lower than the ETH Sharpe Ratio of -0.74. 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 -53.37%, smaller than the maximum ETH drawdown of -67.52%. 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	-53.37%	-67.52%	+14.15%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-67.52%	+14.15%
Current Drawdown Current decline from peak	-50.05%	-60.93%	+10.88%
Average Drawdown Average peak-to-trough decline	-18.19%	-35.04%	+16.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	45.07%	-10.44%

Volatility

BTCW vs. ETH - Volatility Comparison

The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 9.16%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 13.08%. 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	9.16%	13.08%	-3.92%
Volatility (6M) Calculated over the trailing 6-month period	33.66%	45.84%	-12.18%
Volatility (1Y) Calculated over the trailing 1-year period	44.25%	67.17%	-22.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.47%	71.22%	-21.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.47%	71.22%	-21.75%

BTCW vs. ETH - Expense Ratio Comparison

BTCW has a 0.25% expense ratio, which is higher than ETH's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

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?

With a correlation of 0.91, BTCW and ETH 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 is riskier, BTCW or ETH?

ETH has higher volatility (13.08%) compared to BTCW (9.16%). In terms of maximum drawdown, BTCW dropped -53.37% vs ETH's -67.52%.

Which ETF is better, BTCW or ETH?

On 1-year performance, BTCW leads with -44.53% vs -46.03% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, BTCW has been the lower-risk option at 9.16%. 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, BTCW has performed better with a -44.53% return vs -46.03%. 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 0.25% 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: 0.25% for BTCW and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.74 vs -1.05), 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.