ETH vs. BTC

Last updated Jun 23, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, ETH returned -27.60% vs -37.74% for BTC. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

ETH vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETH achieves a -41.30% return, which is significantly lower than BTC's -26.47% return.

ETH

• 1D: 1.60%
• 1M: -15.97%
• YTD: -41.30%
• 6M: -41.35%
• 1Y: -27.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: 2.30%
• 1M: -15.06%
• YTD: -26.47%
• 6M: -27.12%
• 1Y: -37.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETH vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-41.30%	-10.89%	2.24%
BTC Grayscale Bitcoin Mini Trust ETF	-26.47%	-7.50%	41.93%

Correlation

The correlation between ETH and BTC is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.82

The correlation between ETH and BTC has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

ETH vs. BTC — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 6
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 6

BTC

BTC Risk / Return Rank: 3
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 3
BTC Calmar Ratio Rank: 3
BTC Martin Ratio Rank: 3

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.

ETH vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETH	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	-0.86	+0.46
Sortino ratio: Return per unit of downside risk	-0.18	-1.16	+0.98
Omega ratio: Gain probability vs. loss probability	0.98	0.87	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.41	-0.73	+0.32
Martin ratio: Return relative to average drawdown	-0.69	-1.24	+0.55

ETH vs. BTC - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.40, which is higher than the BTC Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of ETH and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETH vs. BTC - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.19%, which is greater than BTC's maximum drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for ETH and BTC.

Drawdown Indicators

	ETH	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-51.97%	-15.22%
Max Drawdown (1Y) Largest decline over 1 year	-67.19%	-51.97%	-15.22%
Current Drawdown Current decline from peak	-63.85%	-48.75%	-15.10%
Average Drawdown Average peak-to-trough decline	-33.43%	-17.59%	-15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.94%	30.36%	+9.58%

Volatility

ETH vs. BTC - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 19.53% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 12.75%. This indicates that ETH's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETH	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.53%	12.75%	+6.78%
Volatility (6M) Calculated over the trailing 6-month period	46.79%	34.47%	+12.32%
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	44.21%	+24.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.39%	48.25%	+24.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.39%	48.25%	+24.14%

ETH vs. BTC - Expense Ratio Comparison

Both ETH and BTC have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ETH vs. BTC - Dividend Comparison

Neither ETH nor BTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETH and BTC in my portfolio?

ETH and BTC have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETH or BTC?

ETH has higher volatility (19.53%) compared to BTC (12.75%). In terms of maximum drawdown, ETH dropped -67.19% vs BTC's -51.97%.

Which ETF is better, ETH or BTC?

On 1-year performance, ETH leads with -27.60% vs -37.74% for BTC. Both ETFs have the same 0.15% expense ratio. On volatility, BTC has been the lower-risk option at 12.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or BTC?

Over the 1-year period, ETH has performed better with a -27.60% return vs -37.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or BTC?

ETH and BTC have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, ETH or BTC?

ETH and BTC have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.40 vs -0.86), 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.