ETCO vs. BITB

Last updated Apr 2, 2026

Compare and contrast key facts about Grayscale Ethereum Covered Call ETF (ETCO) and Bitwise Bitcoin ETF (BITB).

ETCO and BITB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETCO is an actively managed fund by Grayscale. It was launched on Sep 3, 2025. BITB is a passively managed fund by Bitwise Asset Management that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024.

Performance

ETCO vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

ETCO vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-25.50%	-24.78%
BITB Bitwise Bitcoin ETF	-22.18%	-20.36%

Returns By Period

In the year-to-date period, ETCO achieves a -25.50% return, which is significantly lower than BITB's -22.18% return.

ETCO

• 1D: 0.47%
• 1M: 4.37%
• YTD: -25.50%
• 6M: -42.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: 0.54%
• 1M: -1.46%
• YTD: -22.18%
• 6M: -42.10%
• 1Y: -20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. BITB - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is higher than BITB's 0.20% expense ratio.

ETCO

Grayscale Ethereum Covered Call ETF

BITB

Bitwise Bitcoin ETF

Return for Risk

ETCO vs. BITB — Risk / Return Rank

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

BITB

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

ETCO vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Bitwise Bitcoin ETF (BITB). 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.

Sharpe Ratios by Period

	ETCO	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.12	0.36	-1.48

Correlation

The correlation between ETCO and BITB is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETCO vs. BITB - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 93.40%, while BITB has not paid dividends to shareholders.

	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	93.40%	42.29%
BITB Bitwise Bitcoin ETF	0.00%	0.00%

Drawdowns

ETCO vs. BITB - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, which is greater than BITB's maximum drawdown of -49.38%. Use the drawdown chart below to compare losses from any high point for ETCO and BITB.

Drawdown Indicators

	ETCO	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-49.38%	-7.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.38%	—
Current Drawdown Current decline from peak	-48.91%	-45.79%	-3.12%
Average Drawdown Average peak-to-trough decline	-31.07%	-14.19%	-16.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.25%	—

Volatility

Volatility by Period

	ETCO	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	56.99%	45.26%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.99%	51.01%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.99%	51.01%	+5.98%