ETH-USD vs. ETHE
ETH-USD (Ethereum) is a cryptocurrency, while ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index . Over the past 5 years, ETH-USD returned -8.64%/yr vs -11.18%/yr for ETHE. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
ETH-USD vs. ETHE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ETH-USD having a -43.98% return and ETHE slightly higher at -43.52%.
ETH-USD
- 1D
- -1.64%
- 1M
- -28.55%
- YTD
- -43.98%
- 6M
- -46.81%
- 1Y
- -33.81%
- 3Y*
- -3.34%
- 5Y*
- -8.64%
- 10Y*
- 61.34%
ETHE
- 1D
- 6.90%
- 1M
- -27.33%
- YTD
- -43.52%
- 6M
- -46.57%
- 1Y
- -33.22%
- 3Y*
- 20.84%
- 5Y*
- -11.18%
- 10Y*
- —
ETH-USD vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETH-USD Ethereum | -43.98% | -10.91% | 46.00% | 90.84% | -67.48% | 398.30% | 473.88% | -49.67% |
ETHE Grayscale Ethereum Trust ETF | -43.52% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
Correlation
The correlation between ETH-USD and ETHE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.59 |
The correlation between ETH-USD and ETHE has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.
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Return for Risk
ETH-USD vs. ETHE — Risk / Return Rank
ETH-USD
ETHE
ETH-USD vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ethereum (ETH-USD) 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.
| ETH-USD | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.96 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.49 | -0.01 |
| Martin ratioReturn relative to average drawdown | -0.88 | -0.86 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETH-USD | ETHE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.50 | -0.48 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | -0.14 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.06 | +0.69 |
Drawdowns
ETH-USD vs. ETHE - Drawdown Comparison
The maximum ETH-USD drawdown since its inception was -94.01%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETH-USD and ETHE.
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Drawdown Indicators
| ETH-USD | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.01% | -96.26% | +2.25% |
Max Drawdown (1Y)Largest decline over 1 year | -67.53% | -67.77% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -67.53% | -67.77% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -79.35% | -89.85% | +10.50% |
Max Drawdown (10Y)Largest decline over 10 years | -94.01% | — | — |
Current DrawdownCurrent decline from peak | -65.60% | -78.64% | +13.04% |
Average DrawdownAverage peak-to-trough decline | -50.89% | -72.24% | +21.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.58% | 38.65% | +5.93% |
Volatility
ETH-USD vs. ETHE - Volatility Comparison
Ethereum (ETH-USD) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 16.88% and 16.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETH-USD | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 16.62% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 46.80% | 46.92% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.55% | 69.50% | -12.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.65% | 82.39% | -22.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 78.04% | 191.74% | -113.70% |
Frequently Asked Questions
ETH-USD and ETHE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (16.88%) compared to ETHE (16.62%). In terms of maximum drawdown, ETH-USD dropped -94.01% vs ETHE's -96.26%.
ETHE currently has the higher Sharpe Ratio (-0.48 vs -0.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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