ETCO vs. ETHW

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. ETCO charges 0.66%/yr vs 0.20%/yr for ETHW.

Performance

ETCO vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and Bitwise Ethereum ETF (ETHW). 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 higher than ETHW's -40.29% return.

ETCO

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

ETHW

• 1D: -1.40%
• 1M: -25.25%
• YTD: -40.29%
• 6M: -43.56%
• 1Y: -32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-24.78%
ETHW Bitwise Ethereum ETF	-40.29%	-30.58%

Correlation

The correlation between ETCO and ETHW 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. ETHW — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 5
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW 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. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	-0.42	-0.75

Drawdowns

ETCO vs. ETHW - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum ETHW drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for ETCO and ETHW.

Drawdown Indicators

	ETCO	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-64.04%	+7.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-63.39%	—
Current Drawdown Current decline from peak	-55.08%	-63.39%	+8.31%
Average Drawdown Average peak-to-trough decline	-34.54%	-32.72%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.95%	—

Volatility

Volatility by Period

	ETCO	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	68.23%	-15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	72.06%	-19.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	72.06%	-19.68%

ETCO vs. ETHW - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

ETCO vs. ETHW - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%
ETHW Bitwise Ethereum ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and ETHW in my portfolio?

With a correlation of 0.95, ETCO and ETHW 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 ETHW?

On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 129.56%, compared with 0.00% for ETHW.

What is the main difference between ETCO and ETHW?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.66% for ETCO and 0.20% for ETHW.