ETCO vs. ETHE

Last updated Jul 12, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale. ETCO is actively managed, while ETHE is passively managed. With a 0.95 correlation, they move nearly in lockstep. ETCO charges 0.66%/yr vs 2.50%/yr for ETHE.

Performance

ETCO vs. ETHE - Performance Comparison

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

Returns By Period

In the year-to-date period, ETCO achieves a -36.64% return, which is significantly higher than ETHE's -39.95% return.

ETCO

• 1D: 1.20%
• 1M: 1.79%
• 6M: -37.86%
• YTD: -36.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: 2.55%
• 1M: 7.59%
• 6M: -41.89%
• YTD: -39.95%
• 1Y: -41.28%
• 3Y*: 13.49%
• 5Y*: -6.44%
• 10Y*: —

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

ETCO vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-36.64%	-26.08%
ETHE Grayscale Ethereum Trust ETF	-39.95%	-33.99%

Correlation

The correlation between ETCO and ETHE 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 4, 2025	0.95

Return for Risk

ETCO vs. ETHE — Risk / Return Rank

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

ETCO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE 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. ETHE - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETCO	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.55	—
Sortino ratio: Return per unit of downside risk	—	-0.49	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.55	—
Martin ratio: Return relative to average drawdown	—	-0.87	—

Drawdowns

ETCO vs. ETHE - Drawdown Comparison

The maximum ETCO drawdown since its inception was -59.43%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETCO and ETHE.

Drawdown Indicators

	ETCO	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-59.43%	-96.26%	+36.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-68.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-68.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-56.55%	-77.29%	+20.74%
Average Drawdown Average peak-to-trough decline	-36.97%	-72.28%	+35.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.12%	—

Volatility

Volatility by Period

	ETCO	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	51.92%	68.37%	-16.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.92%	81.74%	-29.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.92%	190.59%	-138.67%

ETCO vs. ETHE - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

ETCO vs. ETHE - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 146.11%, more than ETHE's 1.51% yield.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	146.11%	42.29%
ETHE Grayscale Ethereum Trust ETF	1.51%	0.00%

Frequently Asked Questions

Can I hold both ETCO and ETHE in my portfolio?

With a correlation of 0.95, ETCO and ETHE 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 ETHE?

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.

Which ETF is cheaper, ETCO or ETHE?

ETCO is cheaper with a 0.66% expense ratio, compared with 2.50% for ETHE.

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

ETCO has the higher dividend yield at 146.11%, compared with 1.51% for ETHE.

What is the main difference between ETCO and ETHE?

Their fees differ too: 0.66% for ETCO and 2.50% for ETHE.