ETH vs. USFR

Last updated Jun 25, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - ETH is a Cryptocurrency fund actively managed by Grayscale, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. ETH is actively managed, while USFR is passively managed. Over the past year, ETH returned -34.47% vs 3.99% for USFR. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

ETH vs. USFR - Performance Comparison

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

Returns By Period

In the year-to-date period, ETH achieves a -46.40% return, which is significantly lower than USFR's 1.82% return.

ETH

• 1D: -4.75%
• 1M: -23.27%
• YTD: -46.40%
• 6M: -45.72%
• 1Y: -34.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.82%
• 6M: 1.92%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.72%
• 10Y*: 2.43%

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

ETH vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-46.40%	-10.89%	-4.58%
USFR WisdomTree Floating Rate Treasury Fund	1.82%	4.23%	2.23%

Correlation

The correlation between ETH and USFR is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.02

Return for Risk

ETH vs. USFR — Risk / Return Rank

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

ETH

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

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	14.67	-15.17
Sortino ratio: Return per unit of downside risk	-0.39	50.13	-50.52
Omega ratio: Gain probability vs. loss probability	0.96	13.31	-12.35
Calmar ratio: Return relative to maximum drawdown	-0.51	201.33	-201.85
Martin ratio: Return relative to average drawdown	-0.85	779.76	-780.62

ETH vs. USFR - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.50, which is lower than the USFR Sharpe Ratio of 14.67. The chart below compares the historical Sharpe Ratios of ETH and USFR, 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. USFR - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.19%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for ETH and USFR.

Drawdown Indicators

	ETH	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-1.36%	-65.83%
Max Drawdown (1Y) Largest decline over 1 year	-67.19%	-0.02%	-67.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-66.99%	0.00%	-66.99%
Average Drawdown Average peak-to-trough decline	-33.57%	-0.15%	-33.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.37%	0.01%	+40.36%

Volatility

ETH vs. USFR - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 19.94% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that ETH's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETH	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.94%	0.09%	+19.85%
Volatility (6M) Calculated over the trailing 6-month period	46.45%	0.19%	+46.26%
Volatility (1Y) Calculated over the trailing 1-year period	69.09%	0.27%	+68.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.38%	0.40%	+71.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.38%	0.78%	+71.60%

ETH vs. USFR - Expense Ratio Comparison

Both ETH and USFR 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. USFR - Dividend Comparison

ETH has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.90%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both ETH and USFR in my portfolio?

ETH and USFR have a correlation of -0.07, 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 USFR?

ETH has higher volatility (19.94%) compared to USFR (0.09%). In terms of maximum drawdown, ETH dropped -67.19% vs USFR's -1.36%.

Which ETF is better, ETH or USFR?

On 1-year performance, USFR leads with 3.99% vs -34.47% for ETH. Both ETFs have the same 0.15% expense ratio. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or USFR?

Over the 1-year period, USFR has performed better with a 3.99% return vs -34.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or USFR?

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

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

USFR has the higher dividend yield at 3.90%, compared with 0.00% for ETH.

What is the main difference between ETH and USFR?

ETH is categorized as Cryptocurrency, while USFR is Government Bonds. They also come from different issuers: Grayscale and WisdomTree.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.67 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.