ETHA vs. BTC
ETHA (iShares Ethereum Trust ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. ETHA is passively managed, while BTC is actively managed. Over the past year, ETHA returned -31.79% vs -38.61% for BTC. Their correlation of 0.82 suggests significant overlap in exposure. ETHA charges 0.25%/yr vs 0.15%/yr for BTC.
Performance
ETHA vs. BTC - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -39.46% return, which is significantly lower than BTC's -25.36% return.
ETHA
- 1D
- -5.56%
- 1M
- -23.58%
- YTD
- -39.46%
- 6M
- -42.75%
- 1Y
- -31.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -2.73%
- 1M
- -18.40%
- YTD
- -25.36%
- 6M
- -29.74%
- 1Y
- -38.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHA vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -39.46% | -11.31% | 2.02% |
BTC Grayscale Bitcoin Mini Trust ETF | -25.36% | -7.50% | 44.64% |
Correlation
The correlation between ETHA and BTC is 0.87, 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 | 0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | 0.82 |
The correlation between ETHA and BTC has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
ETHA vs. BTC — Risk / Return Rank
ETHA
BTC
ETHA vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.86 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.78 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.84 | -1.36 | +0.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHA | BTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | -0.89 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | -0.00 | -0.41 |
Drawdowns
ETHA vs. BTC - Drawdown Comparison
The maximum ETHA drawdown since its inception was -64.02%, which is greater than BTC's maximum drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for ETHA and BTC.
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Drawdown Indicators
| ETHA | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.02% | -49.34% | -14.68% |
Max Drawdown (1Y)Largest decline over 1 year | -62.89% | -49.34% | -13.55% |
Current DrawdownCurrent decline from peak | -62.89% | -47.98% | -14.91% |
Average DrawdownAverage peak-to-trough decline | -32.65% | -16.61% | -16.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.73% | 28.38% | +9.35% |
Volatility
ETHA vs. BTC - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) has a higher volatility of 10.15% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 9.40%. This indicates that ETHA'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.
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Volatility by Period
| ETHA | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 9.40% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 46.25% | 34.45% | +11.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.61% | 43.69% | +24.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.53% | 48.30% | +24.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.53% | 48.30% | +24.23% |
ETHA vs. BTC - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is higher than BTC's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ETHA vs. BTC - Dividend Comparison
Neither ETHA nor BTC has paid dividends to shareholders.
Frequently Asked Questions
ETHA and BTC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHA has higher volatility (10.15%) compared to BTC (9.40%). In terms of maximum drawdown, ETHA dropped -64.02% vs BTC's -49.34%.
On 1-year performance, ETHA leads with -31.79% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHA has performed better with a -31.79% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for ETHA.
ETHA and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for ETHA and 0.15% for BTC.
ETHA currently has the higher Sharpe Ratio (-0.47 vs -0.89), 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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