ETH vs. ETHE

Last updated Jun 24, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale. ETH is actively managed, while ETHE is passively managed. Over the past year, ETH returned -27.60% vs -29.29% for ETHE. With a 1.00 correlation, they move nearly in lockstep. ETH charges 0.15%/yr vs 2.50%/yr for ETHE.

Performance

ETH vs. ETHE - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ETH having a -43.73% return and ETHE slightly lower at -44.35%.

ETH

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

ETHE

• 1D: -4.14%
• 1M: -19.62%
• YTD: -44.35%
• 6M: -44.31%
• 1Y: -29.29%
• 3Y*: 11.44%
• 5Y*: -7.22%
• 10Y*: —

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

ETH vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-43.73%	-10.89%	-4.58%
ETHE Grayscale Ethereum Trust ETF	-44.35%	-13.03%	-5.40%

Correlation

The correlation between ETH and ETHE is 1.00 - 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 (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	1.00

The correlation between ETH and ETHE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETH vs. ETHE — 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

ETHE

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

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. ETHE - Risk-Adjusted Trends Comparison

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

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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	-0.43	+0.03
Sortino ratio: Return per unit of downside risk	-0.18	-0.23	+0.05
Omega ratio: Gain probability vs. loss probability	0.98	0.97	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.41	-0.43	+0.02
Martin ratio: Return relative to average drawdown	-0.69	-0.72	+0.03

ETH vs. ETHE - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.40, which is comparable to the ETHE Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of ETH and ETHE, 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. ETHE - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.19%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETH and ETHE.

Drawdown Indicators

	ETH	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-96.26%	+29.07%
Max Drawdown (1Y) Largest decline over 1 year	-67.19%	-67.77%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-65.34%	-78.96%	+13.62%
Average Drawdown Average peak-to-trough decline	-33.50%	-72.24%	+38.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.15%	40.66%	-0.51%

Volatility

ETH vs. ETHE - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 19.75% and 19.56%, 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.

Volatility by Period

	ETH	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.75%	19.56%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	46.93%	46.85%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	69.05%	68.95%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	82.29%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.37%	191.19%	-118.82%

ETH vs. ETHE - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

ETH vs. ETHE - Dividend Comparison

ETH has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.46%.

Position	TTM
ETH Grayscale Ethereum Staking Mini ETF	0.00%
ETHE Grayscale Ethereum Trust ETF	1.46%

Frequently Asked Questions

Can I hold both ETH and ETHE in my portfolio?

With a correlation of 1.00, ETH and ETHE 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 is riskier, ETH or ETHE?

ETH has higher volatility (19.75%) compared to ETHE (19.56%). In terms of maximum drawdown, ETH dropped -67.19% vs ETHE's -96.26%.

Which ETF is better, ETH or ETHE?

On 1-year performance, ETH leads with -27.60% vs -29.29% for ETHE. On fees, ETH is cheaper at 0.15% per year. On volatility, ETHE has been the lower-risk option at 19.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or ETHE?

Over the 1-year period, ETH has performed better with a -27.60% return vs -29.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or ETHE?

ETH is cheaper with a 0.15% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.46%, compared with 0.00% for ETH.

What is the main difference between ETH and ETHE?

Their fees differ too: 0.15% for ETH and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.40 vs -0.43), 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.