ETCG vs. ETHE

Last updated Aug 4, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale - ETCG tracks the Ethereum Classic (ETC) while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past 5 years, ETCG returned -37.89%/yr vs -9.36%/yr for ETHE. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 2.50% expense ratio.

Performance

ETCG vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) and Grayscale Ethereum Trust ETF (ETHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCG achieves a -48.20% return, which is significantly lower than ETHE's -37.42% return.

ETCG

• 1D: 0.00%
• 1M: -14.29%
• 6M: -34.76%
• YTD: -48.20%
• 1Y: -66.90%
• 3Y*: -20.39%
• 5Y*: -37.89%
• 10Y*: —
• ALL TIME*: -22.19%

ETHE

• 1D: 0.20%
• 1M: 9.84%
• 6M: -19.78%
• YTD: -37.42%
• 1Y: -47.38%
• 3Y*: 10.22%
• 5Y*: -9.36%
• 10Y*: —
• ALL TIME*: 12.29%

*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)
ETCG Grayscale Ethereum Classic Trust (ETC)	$68.71K	$56.64K	$109.86K
ETHE Grayscale Ethereum Trust ETF	$26.24M	$26.49M	$34.17M

ETCG vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETCG Grayscale Ethereum Classic Trust (ETC)	-48.20%	-39.78%	-9.57%	289.22%	-80.45%	145.11%	-10.70%	-82.35%
ETHE Grayscale Ethereum Trust ETF	-37.42%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-57.08%

Correlation

The correlation between ETCG and ETHE is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.64

The correlation between ETCG and ETHE has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

ETCG vs. ETHE — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 1
ETCG Sharpe Ratio Rank: 1
ETCG Sortino Ratio Rank: 0
ETCG Omega Ratio Rank: 0
ETCG Calmar Ratio Rank: 1
ETCG Martin Ratio Rank: 2

ETHE

ETHE Risk / Return Rank: 4
ETHE Sharpe Ratio Rank: 3
ETHE Sortino Ratio Rank: 4
ETHE Omega Ratio Rank: 4
ETHE Calmar Ratio Rank: 4
ETHE 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.

ETCG vs. ETHE - Risk-Adjusted Trends Comparison

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

	ETCG	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	-0.71	-0.46
Sortino ratio: Return per unit of downside risk	-2.33	-0.88	-1.45
Omega ratio: Gain probability vs. loss probability	0.75	0.90	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.70	-0.23
Martin ratio: Return relative to average drawdown	-1.31	-1.04	-0.27

ETCG vs. ETHE - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -1.17, which is lower than the ETHE Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of ETCG and ETHE, 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

ETCG vs. ETHE - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETCG and ETHE.

Drawdown Indicators

	ETCG	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-96.26%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-72.70%	-68.17%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-82.25%	-68.17%	-14.08%
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	-89.85%	-2.85%
Current Drawdown Current decline from peak	-96.25%	-76.34%	-19.91%
Average Drawdown Average peak-to-trough decline	-82.89%	-72.31%	-10.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.27%	45.81%	+5.46%

Volatility

ETCG vs. ETHE - Volatility Comparison

The current volatility for Grayscale Ethereum Classic Trust (ETC) (ETCG) is 9.53%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 12.35%. This indicates that ETCG experiences smaller price fluctuations and is considered to be less risky than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETCG	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	12.35%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	33.34%	45.60%	-12.26%
Volatility (1Y) Calculated over the trailing 1-year period	57.33%	66.97%	-9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.71%	81.04%	+9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.30%	189.78%	-75.48%

ETCG vs. ETHE - Expense Ratio Comparison

Both ETCG and ETHE have an expense ratio of 2.50%.

Dividends

ETCG vs. ETHE - Dividend Comparison

ETCG has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.45%.

Position	TTM
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%
ETHE Grayscale Ethereum Trust ETF	1.45%

Frequently Asked Questions

Can I hold both ETCG and ETHE in my portfolio?

ETCG and ETHE have a correlation of 0.70, 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 ETHE?

ETHE has higher volatility (12.35%) compared to ETCG (9.53%). In terms of maximum drawdown, ETCG dropped -96.59% vs ETHE's -96.26%.

Which ETF is better, ETCG or ETHE?

On 5-year performance, ETHE leads with -9.36% vs -37.89% for ETCG. Both ETFs have the same 2.50% expense ratio. On volatility, ETCG has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or ETHE?

Over the 5-year period, ETHE has performed better with a -9.36% return vs -37.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or ETHE?

ETCG and ETHE have the same expense ratio: 2.50% per year.

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

ETHE has the higher dividend yield at 1.45%, compared with 0.00% for ETCG.

What is the main difference between ETCG and ETHE?

ETCG tracks Ethereum Classic (ETC), while ETHE tracks CoinDesk Ether Price Index.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.71 vs -1.17), 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.