ETCO vs. ETH

Last updated Jun 4, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. ETCO charges 0.66%/yr vs 0.15%/yr for ETH.

Performance

ETCO vs. ETH - Performance Comparison

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

Returns By Period

In the year-to-date period, ETCO achieves a -33.38% return, which is significantly higher than ETH's -38.95% return.

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-24.78%
ETH Grayscale Ethereum Staking Mini ETF	-38.95%	-30.29%

Correlation

The correlation between ETCO and ETH is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.95

Return for Risk

ETCO vs. ETH — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 5

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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.16	-0.41	-0.75

Drawdowns

ETCO vs. ETH - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum ETH drawdown of -64.01%. Use the drawdown chart below to compare losses from any high point for ETCO and ETH.

Drawdown Indicators

	ETCO	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-64.01%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-62.40%	—
Current Drawdown Current decline from peak	-54.32%	-62.40%	+8.08%
Average Drawdown Average peak-to-trough decline	-34.43%	-32.58%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.50%	—

Volatility

Volatility by Period

	ETCO	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.49%	68.34%	-15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.49%	72.26%	-19.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.49%	72.26%	-19.77%

ETCO vs. ETH - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

ETCO vs. ETH - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 127.41%, while ETH has not paid dividends to shareholders.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and ETH in my portfolio?

With a correlation of 0.95, ETCO and ETH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ETCO or ETH?

On fees, ETH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 127.41%, compared with 0.00% for ETH.

What is the main difference between ETCO and ETH?

Their fees differ too: 0.66% for ETCO and 0.15% for ETH.