BWOW vs. ETH
BWOW (Bitwise Dogecoin ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. BWOW is passively managed, while ETH is actively managed. A 0.80 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.15%/yr for ETH.
Performance
BWOW vs. ETH - Performance Comparison
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Returns By Period
In the year-to-date period, BWOW achieves a -21.75% return, which is significantly higher than ETH's -38.95% return.
BWOW
- 1D
- -2.45%
- 1M
- -16.98%
- YTD
- -21.75%
- 6M
- -39.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH
- 1D
- -5.52%
- 1M
- -23.42%
- YTD
- -38.95%
- 6M
- -42.17%
- 1Y
- -30.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BWOW vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BWOW Bitwise Dogecoin ETF | -21.75% | -24.63% |
ETH Grayscale Ethereum Staking Mini ETF | -38.95% | -1.72% |
Correlation
The correlation between BWOW and ETH is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025 | 0.80 |
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Return for Risk
BWOW vs. ETH — Risk / Return Rank
BWOW
ETH
BWOW vs. ETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BWOW | ETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.87 | -0.41 | -0.47 |
Drawdowns
BWOW vs. ETH - Drawdown Comparison
The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum ETH drawdown of -64.01%. Use the drawdown chart below to compare losses from any high point for BWOW and ETH.
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Drawdown Indicators
| BWOW | ETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.77% | -64.01% | +21.24% |
Max Drawdown (1Y)Largest decline over 1 year | — | -62.40% | — |
Current DrawdownCurrent decline from peak | -41.02% | -62.40% | +21.38% |
Average DrawdownAverage peak-to-trough decline | -28.82% | -32.58% | +3.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 37.50% | — |
Volatility
BWOW vs. ETH - Volatility Comparison
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Volatility by Period
| BWOW | ETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.90% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 46.02% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 74.31% | 68.34% | +5.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.31% | 72.26% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.31% | 72.26% | +2.05% |
BWOW vs. ETH - Expense Ratio Comparison
BWOW has a 0.34% expense ratio, which is higher than ETH's 0.15% expense ratio.
Dividends
BWOW vs. ETH - Dividend Comparison
Neither BWOW nor ETH has paid dividends to shareholders.
Frequently Asked Questions
BWOW and ETH have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETH is cheaper with a 0.15% expense ratio, compared with 0.34% for BWOW.
BWOW and ETH have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.34% for BWOW and 0.15% for ETH.
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