ETCO vs. BTC
ETCO (Grayscale Ethereum Covered Call ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. ETCO charges 0.66%/yr vs 0.15%/yr for BTC.
Performance
ETCO vs. BTC - Performance Comparison
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Returns By Period
In the year-to-date period, ETCO achieves a -33.38% return, which is significantly lower than BTC's -25.36% return.
ETCO
- 1D
- -5.43%
- 1M
- -20.32%
- YTD
- -33.38%
- 6M
- -34.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETCO vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -33.38% | -24.78% |
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -20.34% |
Correlation
The correlation between ETCO and BTC is 0.90, 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 | 0.90 |
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Return for Risk
ETCO vs. BTC — Risk / Return Rank
ETCO
BTC
ETCO vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
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Sharpe Ratios by Period
| ETCO | BTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.16 | -0.00 | -1.16 |
Drawdowns
ETCO vs. BTC - Drawdown Comparison
The maximum ETCO drawdown since its inception was -56.81%, which is greater than BTC's maximum drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for ETCO and BTC.
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Drawdown Indicators
| ETCO | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.81% | -49.34% | -7.47% |
Max Drawdown (1Y)Largest decline over 1 year | — | -49.34% | — |
Current DrawdownCurrent decline from peak | -54.32% | -47.98% | -6.34% |
Average DrawdownAverage peak-to-trough decline | -34.43% | -16.61% | -17.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 28.38% | — |
Volatility
ETCO vs. BTC - Volatility Comparison
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Volatility by Period
| ETCO | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 9.40% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.45% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.49% | 43.69% | +8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.49% | 48.30% | +4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.49% | 48.30% | +4.19% |
ETCO vs. BTC - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
ETCO vs. BTC - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 127.41%, while BTC has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% |
ETCO Grayscale Ethereum Covered Call ETF | 127.41% | 42.29% |
Frequently Asked Questions
ETCO and BTC have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.66% for ETCO.
ETCO has the higher dividend yield at 127.41%, compared with 0.00% for BTC.
Their fees differ too: 0.66% for ETCO and 0.15% for BTC.
Find the right allocation for ETCO and BTC
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