ETCG vs. AETH

Last updated Jun 4, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds. ETCG is passively managed, while AETH is actively managed. Over the past year, ETCG returned -51.42% vs -16.05% for AETH. A 0.57 correlation means they provide meaningful diversification when combined. ETCG charges 2.50%/yr vs 0.90%/yr for AETH.

Performance

ETCG vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) 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, ETCG achieves a -35.40% return, which is significantly lower than AETH's -9.79% return.

ETCG

• 1D: 1.15%
• 1M: -6.17%
• YTD: -35.40%
• 6M: -44.65%
• 1Y: -51.42%
• 3Y*: -10.63%
• 5Y*: -35.81%
• 10Y*: —

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCG vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ETCG Grayscale Ethereum Classic Trust (ETC)	-35.40%	-39.78%	-9.57%	76.71%
AETH Bitwise Ethereum Strategy ETF	-9.79%	-0.11%	31.76%	37.65%

Correlation

The correlation between ETCG and AETH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.57

The correlation between ETCG and AETH shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETCG vs. AETH — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 3
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
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.

ETCG vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.

	ETCG	AETH	Difference
Sharpe ratio Return per unit of total volatility	-0.83	-0.36	-0.47
Sortino ratio Return per unit of downside risk	-1.32	-0.26	-1.07
Omega ratio Gain probability vs. loss probability	0.86	0.96	-0.10
Calmar ratio Return relative to maximum drawdown	-0.78	-0.37	-0.41
Martin ratio Return relative to average drawdown	-1.19	-0.52	-0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETCG vs. AETH - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.83, which is lower than the AETH Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of ETCG 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.

Sharpe Ratios by Period

	ETCG	AETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.36	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.37	-0.55

Drawdowns

ETCG vs. AETH - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, which is greater than AETH's maximum drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for ETCG and AETH.

Drawdown Indicators

	ETCG	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-47.78%	-48.81%
Max Drawdown (1Y) Largest decline over 1 year	-66.46%	-43.98%	-22.48%
Max Drawdown (3Y) Largest decline over 3 years	-78.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.33%	-43.85%	-51.48%
Average Drawdown Average peak-to-trough decline	-82.67%	-24.65%	-58.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.41%	30.86%	+12.55%

Volatility

ETCG vs. AETH - Volatility Comparison

Grayscale Ethereum Classic Trust (ETC) (ETCG) has a higher volatility of 11.37% compared to Bitwise Ethereum Strategy ETF (AETH) at 4.02%. This indicates that ETCG's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETCG	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	4.02%	+7.35%
Volatility (6M) Calculated over the trailing 6-month period	36.81%	27.18%	+9.63%
Volatility (1Y) Calculated over the trailing 1-year period	62.03%	45.03%	+17.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.03%	54.68%	+39.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.33%	54.68%	+60.65%

ETCG vs. AETH - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than AETH's 0.90% expense ratio.

Dividends

ETCG vs. AETH - Dividend Comparison

ETCG has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCG and AETH in my portfolio?

ETCG and AETH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or AETH?

ETCG has higher volatility (11.37%) compared to AETH (4.02%). In terms of maximum drawdown, ETCG dropped -96.59% vs AETH's -47.78%.

Which ETF is better, ETCG or AETH?

On 1-year performance, AETH leads with -16.05% vs -51.42% for ETCG. On fees, AETH is cheaper at 0.90% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or AETH?

Over the 1-year period, AETH has performed better with a -16.05% return vs -51.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or AETH?

AETH is cheaper with a 0.90% expense ratio, compared with 2.50% for ETCG.

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

AETH has the higher dividend yield at 2.67%, compared with 0.00% for ETCG.

What is the main difference between ETCG and AETH?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for ETCG and 0.90% for AETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.36 vs -0.83), 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.