ETCO vs. NEHI

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and NEHI (NEOS Ethereum High Income 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 0.98%/yr for NEHI.

Performance

ETCO vs. NEHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) and NEOS Ethereum High Income ETF (NEHI). 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 NEHI's -36.78% return.

ETCO

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

NEHI

• 1D: -1.50%
• 1M: -23.11%
• YTD: -36.78%
• 6M: -38.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. NEHI - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-1.83%
NEHI NEOS Ethereum High Income ETF	-36.78%	-3.02%

Correlation

The correlation between ETCO and NEHI 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 Dec 4, 2025	0.95

Return for Risk

ETCO vs. NEHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) and NEOS Ethereum High Income ETF (NEHI). 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	NEHI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	-1.10	-0.07

Drawdowns

ETCO vs. NEHI - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, which is greater than NEHI's maximum drawdown of -43.46%. Use the drawdown chart below to compare losses from any high point for ETCO and NEHI.

Drawdown Indicators

	ETCO	NEHI	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-43.46%	-13.35%
Current Drawdown Current decline from peak	-55.08%	-43.46%	-11.62%
Average Drawdown Average peak-to-trough decline	-34.54%	-25.23%	-9.31%

Volatility

Volatility by Period

	ETCO	NEHI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	57.19%	-4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	57.19%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	57.19%	-4.81%

ETCO vs. NEHI - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than NEHI's 0.98% expense ratio.

Dividends

ETCO vs. NEHI - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, more than NEHI's 24.72% yield.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%
NEHI NEOS Ethereum High Income ETF	24.72%	2.87%

Frequently Asked Questions

Can I hold both ETCO and NEHI in my portfolio?

With a correlation of 0.95, ETCO and NEHI 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 NEHI?

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 NEHI?

ETCO is cheaper with a 0.66% expense ratio, compared with 0.98% for NEHI.

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

ETCO has the higher dividend yield at 129.56%, compared with 24.72% for NEHI.

What is the main difference between ETCO and NEHI?

They also come from different issuers: Grayscale and Neos. Their fees differ too: 0.66% for ETCO and 0.98% for NEHI.