ETHA vs. BMNR
ETHA (iShares Ethereum Trust ETF) is Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while BMNR (BitMine Immersion Technologies, Inc.) is a stock. Over the past year, ETHA returned -28.52% vs 244.14% for BMNR. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
ETHA vs. BMNR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ETHA having a -41.77% return and BMNR slightly higher at -41.58%.
ETHA
- 1D
- 1.40%
- 1M
- -16.12%
- YTD
- -41.77%
- 6M
- -41.90%
- 1Y
- -28.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNR
- 1D
- -1.73%
- 1M
- -16.00%
- YTD
- -41.58%
- 6M
- -48.99%
- 1Y
- 244.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHA vs. BMNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHA iShares Ethereum Trust ETF | -41.77% | 12.83% |
BMNR BitMine Immersion Technologies, Inc. | -41.58% | 274.59% |
Correlation
The correlation between ETHA and BMNR is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.71 |
The correlation between ETHA and BMNR has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.
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Return for Risk
ETHA vs. BMNR — Risk / Return Rank
ETHA
BMNR
ETHA vs. BMNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) and BitMine Immersion Technologies, Inc. (BMNR). 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.
| ETHA | BMNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -8.69 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 2.01 | -1.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 2.78 | -3.20 |
| Martin ratioReturn relative to average drawdown | -0.71 | 3.30 | -4.01 |
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Drawdowns
ETHA vs. BMNR - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.56%, smaller than the maximum BMNR drawdown of -88.41%. Use the drawdown chart below to compare losses from any high point for ETHA and BMNR.
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Drawdown Indicators
| ETHA | BMNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.56% | -88.41% | +20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -67.56% | -88.41% | +20.85% |
Current DrawdownCurrent decline from peak | -64.31% | -88.25% | +23.94% |
Average DrawdownAverage peak-to-trough decline | -33.57% | -71.16% | +37.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.19% | 74.36% | -34.17% |
Volatility
ETHA vs. BMNR - Volatility Comparison
The current volatility for iShares Ethereum Trust ETF (ETHA) is 19.68%, while BitMine Immersion Technologies, Inc. (BMNR) has a volatility of 21.23%. This indicates that ETHA experiences smaller price fluctuations and is considered to be less risky than BMNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHA | BMNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.68% | 21.23% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 46.99% | 59.44% | -12.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.34% | 718.74% | -649.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.67% | 703.98% | -631.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.67% | 703.98% | -631.31% |
Dividends
ETHA vs. BMNR - Dividend Comparison
ETHA has not paid dividends to shareholders, while BMNR's dividend yield for the trailing twelve months is around 0.06%.
| Position | TTM | 2025 |
|---|---|---|
BMNR BitMine Immersion Technologies, Inc. | 0.06% | 0.04% |
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% |
Frequently Asked Questions
ETHA and BMNR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BMNR has higher volatility (21.23%) compared to ETHA (19.68%). In terms of maximum drawdown, ETHA dropped -67.56% vs BMNR's -88.41%.
BMNR currently has the higher Sharpe Ratio (0.34 vs -0.41), 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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