ETCO vs. BITS

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds. ETCO is actively managed, while BITS is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. ETCO charges 0.66%/yr vs 0.65%/yr for BITS.

Performance

ETCO vs. BITS - Performance Comparison

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

Returns By Period

In the year-to-date period, ETCO achieves a -34.48% return, which is significantly lower than BITS's 2.11% return.

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITS

• 1D: -1.97%
• 1M: -7.62%
• YTD: 2.11%
• 6M: -9.62%
• 1Y: 14.99%
• 3Y*: 51.67%
• 5Y*: —
• 10Y*: —

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

ETCO vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-24.78%
BITS Global X Blockchain & Bitcoin Strategy ETF	2.11%	-1.95%

Correlation

The correlation between ETCO and BITS is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.80

Return for Risk

ETCO vs. BITS — Risk / Return Rank

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

BITS

BITS Risk / Return Rank: 14
BITS Sharpe Ratio Rank: 13
BITS Sortino Ratio Rank: 17
BITS Omega Ratio Rank: 16
BITS Calmar Ratio Rank: 13
BITS 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.

ETCO vs. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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	BITS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	0.01	-1.18

Drawdowns

ETCO vs. BITS - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for ETCO and BITS.

Drawdown Indicators

	ETCO	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-83.11%	+26.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-55.08%	-32.77%	-22.31%
Average Drawdown Average peak-to-trough decline	-34.54%	-42.75%	+8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.76%	—

Volatility

Volatility by Period

	ETCO	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	52.48%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	60.89%	-8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	60.89%	-8.51%

ETCO vs. BITS - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is higher than BITS's 0.65% expense ratio.

Dividends

ETCO vs. BITS - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, more than BITS's 22.32% yield.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	22.32%	22.80%	29.49%	13.69%	0.48%	1.90%
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and BITS in my portfolio?

ETCO and BITS 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.

Which ETF is better, ETCO or BITS?

On fees, BITS is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or BITS?

BITS is cheaper with a 0.65% expense ratio, compared with 0.66% for ETCO.

Which ETF pays a higher dividend yield, ETCO or BITS?

ETCO has the higher dividend yield at 129.56%, compared with 22.32% for BITS.

What is the main difference between ETCO and BITS?

They also come from different issuers: Grayscale and Global X. Their fees differ too: 0.66% for ETCO and 0.65% for BITS.