ETCO vs. CEPI
ETCO (Grayscale Ethereum Covered Call ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. A 0.69 correlation means they provide meaningful diversification when combined. ETCO charges 0.66%/yr vs 0.85%/yr for CEPI.
Performance
ETCO vs. CEPI - 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 CEPI's 20.71% return.
ETCO
- 1D
- -5.43%
- 1M
- -20.32%
- YTD
- -33.38%
- 6M
- -34.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEPI
- 1D
- -1.35%
- 1M
- 7.21%
- YTD
- 20.71%
- 6M
- 18.40%
- 1Y
- 34.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETCO vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -33.38% | -24.78% |
CEPI REX Crypto Equity Premium Income ETF | 20.71% | -0.62% |
Correlation
The correlation between ETCO and CEPI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.69 |
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Return for Risk
ETCO vs. CEPI — Risk / Return Rank
ETCO
CEPI
ETCO vs. CEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and REX Crypto Equity Premium Income ETF (CEPI). 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 | CEPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.16 | 0.45 | -1.61 |
Drawdowns
ETCO vs. CEPI - Drawdown Comparison
The maximum ETCO drawdown since its inception was -56.81%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for ETCO and CEPI.
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Drawdown Indicators
| ETCO | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.81% | -29.48% | -27.33% |
Max Drawdown (1Y)Largest decline over 1 year | — | -22.47% | — |
Current DrawdownCurrent decline from peak | -54.32% | -2.08% | -52.24% |
Average DrawdownAverage peak-to-trough decline | -34.43% | -8.65% | -25.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 9.43% | — |
Volatility
ETCO vs. CEPI - Volatility Comparison
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Volatility by Period
| ETCO | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 20.94% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.49% | 26.79% | +25.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.49% | 31.57% | +20.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.49% | 31.57% | +20.92% |
ETCO vs. CEPI - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is lower than CEPI's 0.85% expense ratio.
Dividends
ETCO vs. CEPI - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 127.41%, more than CEPI's 42.71% yield.
| Position | TTM | 2025 |
|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 42.71% | 50.78% |
ETCO Grayscale Ethereum Covered Call ETF | 127.41% | 42.29% |
Frequently Asked Questions
ETCO and CEPI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 0.85% for CEPI.
ETCO has the higher dividend yield at 127.41%, compared with 42.71% for CEPI.
They also come from different issuers: Grayscale and REX. Their fees differ too: 0.66% for ETCO and 0.85% for CEPI.
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