ETH vs. AETH
ETH (Grayscale Ethereum Staking Mini ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETH returned -30.84% vs -16.05% for AETH. A 0.69 correlation means they provide meaningful diversification when combined. ETH charges 0.15%/yr vs 0.90%/yr for AETH.
Performance
ETH vs. AETH - Performance Comparison
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Returns By Period
In the year-to-date period, ETH achieves a -38.95% return, which is significantly lower than AETH's -9.79% return.
ETH
- 1D
- -5.52%
- 1M
- -23.42%
- YTD
- -38.95%
- 6M
- -42.17%
- 1Y
- -30.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AETH
- 1D
- -0.01%
- 1M
- -4.98%
- YTD
- -9.79%
- 6M
- -15.30%
- 1Y
- -16.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH vs. AETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETH Grayscale Ethereum Staking Mini ETF | -38.95% | -10.89% | -3.70% |
AETH Bitwise Ethereum Strategy ETF | -9.79% | -0.11% | -5.45% |
Correlation
The correlation between ETH and AETH is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | 0.69 |
The correlation between ETH and AETH has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
ETH vs. AETH — Risk / Return Rank
ETH
AETH
ETH vs. AETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) and Bitwise Ethereum Strategy ETF (AETH). 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 | AETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.96 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.37 | -0.13 |
| Martin ratioReturn relative to average drawdown | -0.82 | -0.52 | -0.30 |
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 | AETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.45 | -0.36 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | 0.37 | -0.78 |
Drawdowns
ETH vs. AETH - Drawdown Comparison
The maximum ETH drawdown since its inception was -64.01%, which is greater than AETH's maximum drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for ETH and AETH.
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Drawdown Indicators
| ETH | AETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.01% | -47.78% | -16.23% |
Max Drawdown (1Y)Largest decline over 1 year | -62.40% | -43.98% | -18.42% |
Current DrawdownCurrent decline from peak | -62.40% | -43.85% | -18.55% |
Average DrawdownAverage peak-to-trough decline | -32.58% | -24.65% | -7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.50% | 30.86% | +6.64% |
Volatility
ETH vs. AETH - Volatility Comparison
Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 9.90% compared to Bitwise Ethereum Strategy ETF (AETH) at 4.02%. This indicates that ETH's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETH | AETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.90% | 4.02% | +5.88% |
Volatility (6M)Calculated over the trailing 6-month period | 46.02% | 27.18% | +18.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.34% | 45.03% | +23.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.26% | 54.68% | +17.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.26% | 54.68% | +17.58% |
ETH vs. AETH - Expense Ratio Comparison
ETH has a 0.15% expense ratio, which is lower than AETH's 0.90% expense ratio.
Dividends
ETH vs. AETH - Dividend Comparison
ETH has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AETH Bitwise Ethereum Strategy ETF | 2.67% | 2.41% | 14.73% | 6.64% |
ETH Grayscale Ethereum Staking Mini ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETH and AETH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH has higher volatility (9.90%) compared to AETH (4.02%). In terms of maximum drawdown, ETH dropped -64.01% vs AETH's -47.78%.
On 1-year performance, AETH leads with -16.05% vs -30.84% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AETH has performed better with a -16.05% return vs -30.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETH is cheaper with a 0.15% expense ratio, compared with 0.90% for AETH.
AETH has the higher dividend yield at 2.67%, compared with 0.00% for ETH.
They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.15% for ETH and 0.90% for AETH.
AETH currently has the higher Sharpe Ratio (-0.36 vs -0.45), 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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