ETH vs. ETCO

Last updated Jun 24, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. ETH charges 0.15%/yr vs 0.66%/yr for ETCO.

Performance

ETH vs. ETCO - Performance Comparison

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

Returns By Period

In the year-to-date period, ETH achieves a -43.73% return, which is significantly lower than ETCO's -37.19% return.

ETH

• 1D: -4.13%
• 1M: -19.44%
• YTD: -43.73%
• 6M: -43.65%
• 1Y: -27.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -3.73%
• 1M: -16.80%
• YTD: -37.19%
• 6M: -36.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETH vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
ETH Grayscale Ethereum Staking Mini ETF	-43.73%	-33.44%
ETCO Grayscale Ethereum Covered Call ETF	-37.19%	-26.08%

Correlation

The correlation between ETH and ETCO 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 Sep 4, 2025	0.95

Return for Risk

ETH vs. ETCO — 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: 6
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 6

ETCO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) and Grayscale Ethereum Covered Call ETF (ETCO). 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	ETCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	—	—
Sortino ratio: Return per unit of downside risk	-0.18	—	—
Omega ratio: Gain probability vs. loss probability	0.98	—	—
Calmar ratio: Return relative to maximum drawdown	-0.41	—	—
Martin ratio: Return relative to average drawdown	-0.69	—	—

Drawdowns

ETH vs. ETCO - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.19%, which is greater than ETCO's maximum drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for ETH and ETCO.

Drawdown Indicators

	ETH	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-59.30%	-7.89%
Max Drawdown (1Y) Largest decline over 1 year	-67.19%	—	—
Current Drawdown Current decline from peak	-65.34%	-56.94%	-8.40%
Average Drawdown Average peak-to-trough decline	-33.50%	-35.71%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.15%	—	—

Volatility

Volatility by Period

	ETH	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.05%	53.02%	+16.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	53.02%	+19.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.37%	53.02%	+19.35%

ETH vs. ETCO - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than ETCO's 0.66% expense ratio.

Dividends

ETH vs. ETCO - Dividend Comparison

ETH has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 141.31%.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	141.31%	42.29%
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETH and ETCO in my portfolio?

With a correlation of 0.95, ETH and ETCO 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, ETH or ETCO?

On fees, ETH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETH or ETCO?

ETH is cheaper with a 0.15% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 141.31%, compared with 0.00% for ETH.

What is the main difference between ETH and ETCO?

Their fees differ too: 0.15% for ETH and 0.66% for ETCO.