ETCO vs. IBLC

Last updated Jun 4, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds. ETCO is actively managed, while IBLC is passively managed. A 0.71 correlation means they provide meaningful diversification when combined. ETCO charges 0.66%/yr vs 0.47%/yr for IBLC.

Performance

ETCO vs. IBLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and iShares Blockchain and Tech ETF (IBLC). 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 lower than IBLC's 32.34% return.

ETCO

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

IBLC

• 1D: -3.00%
• 1M: 13.52%
• YTD: 32.34%
• 6M: 15.25%
• 1Y: 73.27%
• 3Y*: 48.31%
• 5Y*: —
• 10Y*: —

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

ETCO vs. IBLC - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-24.78%
IBLC iShares Blockchain and Tech ETF	32.34%	0.73%

Correlation

The correlation between ETCO and IBLC is 0.71, 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	0.71

Return for Risk

ETCO vs. IBLC — Risk / Return Rank

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

IBLC

IBLC Risk / Return Rank: 33
IBLC Sharpe Ratio Rank: 37
IBLC Sortino Ratio Rank: 36
IBLC Omega Ratio Rank: 33
IBLC Calmar Ratio Rank: 33
IBLC Martin Ratio Rank: 24

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. IBLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and iShares Blockchain and Tech ETF (IBLC). 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	IBLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.16	0.40	-1.56

Drawdowns

ETCO vs. IBLC - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum IBLC drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for ETCO and IBLC.

Drawdown Indicators

	ETCO	IBLC	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-62.54%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.94%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.68%	—
Current Drawdown Current decline from peak	-54.32%	-12.99%	-41.33%
Average Drawdown Average peak-to-trough decline	-34.43%	-25.89%	-8.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.56%	—

Volatility

Volatility by Period

	ETCO	IBLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.49%	54.94%	-2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.49%	64.49%	-12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.49%	64.49%	-12.00%

ETCO vs. IBLC - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is higher than IBLC's 0.47% expense ratio.

Dividends

ETCO vs. IBLC - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 127.41%, more than IBLC's 4.77% yield.

Position	TTM	2025	2024	2023	2022
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%	0.00%	0.00%	0.00%
IBLC iShares Blockchain and Tech ETF	4.77%	6.31%	1.60%	1.79%	0.84%

Frequently Asked Questions

Can I hold both ETCO and IBLC in my portfolio?

ETCO and IBLC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCO or IBLC?

On fees, IBLC is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or IBLC?

IBLC is cheaper with a 0.47% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 127.41%, compared with 4.77% for IBLC.

What is the main difference between ETCO and IBLC?

They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.66% for ETCO and 0.47% for IBLC.