ETCG vs. ETHE

Last updated Apr 2, 2026

Compare and contrast key facts about Grayscale Ethereum Classic Trust (ETC) (ETCG) and Grayscale Ethereum Trust ETF (ETHE).

ETCG and ETHE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETCG is a passively managed fund by Grayscale that tracks the performance of the Ethereum Classic (ETC). It was launched on Apr 24, 2017. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017. Both ETCG and ETHE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

ETCG vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETCG Grayscale Ethereum Classic Trust (ETC)	-32.01%	-39.78%	-9.57%	289.22%	-80.45%	145.11%	-10.70%	-83.04%
ETHE Grayscale Ethereum Trust ETF	-30.66%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-57.08%

Returns By Period

The year-to-date returns for both investments are quite close, with ETCG having a -32.01% return and ETHE slightly higher at -30.66%.

ETCG

• 1D: 0.23%
• 1M: -6.41%
• YTD: -32.01%
• 6M: -52.38%
• 1Y: -41.04%
• 3Y*: -13.86%
• 5Y*: -19.05%
• 10Y*: —

ETHE

• 1D: -3.61%
• 1M: 4.35%
• YTD: -30.66%
• 6M: -54.38%
• 1Y: 6.02%
• 3Y*: 25.20%
• 5Y*: -2.15%
• 10Y*: —

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

ETCG vs. ETHE - Expense Ratio Comparison

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

ETCG

Grayscale Ethereum Classic Trust (ETC)

ETHE

Grayscale Ethereum Trust ETF

Return for Risk

ETCG vs. ETHE — 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: 3
ETCG Sortino Ratio Rank: 3
ETCG Omega Ratio Rank: 4
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 2

ETHE

ETHE Risk / Return Rank: 16
ETHE Sharpe Ratio Rank: 13
ETHE Sortino Ratio Rank: 22
ETHE Omega Ratio Rank: 19
ETHE Calmar Ratio Rank: 13
ETHE Martin Ratio Rank: 12

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. 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.

	ETCG	ETHE	Difference
Sharpe ratio Return per unit of total volatility	-0.61	0.08	-0.69
Sortino ratio Return per unit of downside risk	-0.71	0.69	-1.40
Omega ratio Gain probability vs. loss probability	0.92	1.08	-0.15
Calmar ratio Return relative to maximum drawdown	-0.65	0.10	-0.75
Martin ratio Return relative to average drawdown	-1.22	0.20	-1.42
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. ETHE - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.61, which is lower than the ETHE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of ETCG and ETHE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETCG	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	0.08	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	-0.03	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.08	-0.25

Correlation

The correlation between ETCG and ETHE is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 0.77%.

	TTM
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%
ETHE Grayscale Ethereum Trust ETF	0.77%

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	-65.16%	-61.89%	-3.27%
Max Drawdown (5Y) Largest decline over 5 years	-96.59%	-89.85%	-6.74%
Current Drawdown Current decline from peak	-95.08%	-73.78%	-21.30%
Average Drawdown Average peak-to-trough decline	-82.40%	-72.24%	-10.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.71%	31.02%	+3.69%

Volatility

ETCG vs. ETHE - Volatility Comparison

The current volatility for Grayscale Ethereum Classic Trust (ETC) (ETCG) is 14.82%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 17.44%. 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	14.82%	17.44%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	44.51%	53.47%	-8.96%
Volatility (1Y) Calculated over the trailing 1-year period	67.49%	75.65%	-8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.32%	85.10%	+20.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.42%	194.07%	-77.65%