BTF vs. ETH

Last updated Jun 24, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTF returned -36.03% vs -27.60% for ETH. With a 0.97 correlation, they move nearly in lockstep. BTF charges 1.24%/yr vs 0.15%/yr for ETH.

Performance

BTF vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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, BTF achieves a -37.72% return, which is significantly higher than ETH's -43.73% return.

BTF

• 1D: -3.72%
• 1M: -18.83%
• YTD: -37.72%
• 6M: -37.84%
• 1Y: -36.03%
• 3Y*: 5.96%
• 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)

BTF vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTF Valkyrie Bitcoin and Ether Strategy ETF	-37.72%	-12.44%	10.66%
ETH Grayscale Ethereum Staking Mini ETF	-43.73%	-10.89%	-4.58%

Correlation

The correlation between BTF and ETH is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.97

The correlation between BTF and ETH has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

BTF vs. ETH — Risk / Return Rank

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

BTF

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

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.

BTF vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.

	BTF	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.40	-0.26
Sortino ratio: Return per unit of downside risk	-0.75	-0.18	-0.57
Omega ratio: Gain probability vs. loss probability	0.92	0.98	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.59	-0.41	-0.18
Martin ratio: Return relative to average drawdown	-1.01	-0.69	-0.32

BTF vs. ETH - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.66, which is lower than the ETH Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of BTF 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

BTF vs. ETH - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than ETH's maximum drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for BTF and ETH.

Drawdown Indicators

	BTF	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-67.19%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-60.85%	-67.19%	+6.34%
Max Drawdown (3Y) Largest decline over 3 years	-60.85%	—	—
Current Drawdown Current decline from peak	-59.27%	-65.34%	+6.07%
Average Drawdown Average peak-to-trough decline	-39.85%	-33.50%	-6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.81%	40.15%	-4.34%

Volatility

BTF vs. ETH - Volatility Comparison

The current volatility for Valkyrie Bitcoin and Ether Strategy ETF (BTF) is 15.71%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.75%. This indicates that BTF 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

	BTF	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	19.75%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	39.94%	46.93%	-6.99%
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	69.05%	-14.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.48%	72.37%	-13.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.48%	72.37%	-13.89%

BTF vs. ETH - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

BTF vs. ETH - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 233.68%, while ETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	233.68%	146.05%	52.96%	15.98%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTF and ETH in my portfolio?

With a correlation of 0.98, BTF 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, BTF or ETH?

ETH has higher volatility (19.75%) compared to BTF (15.71%). In terms of maximum drawdown, BTF dropped -77.50% vs ETH's -67.19%.

Which ETF is better, BTF or ETH?

On 1-year performance, ETH leads with -27.60% vs -36.03% for BTF. On fees, ETH is cheaper at 0.15% per year. On volatility, BTF has been the lower-risk option at 15.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or ETH?

Over the 1-year period, ETH has performed better with a -27.60% return vs -36.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 1.24% for BTF.

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

BTF has the higher dividend yield at 233.68%, compared with 0.00% for ETH.

What is the main difference between BTF and ETH?

They also come from different issuers: Valkyrie and Grayscale. Their fees differ too: 1.24% for BTF and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.40 vs -0.66), 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.