ETHA vs. ETHE
ETHA (iShares Ethereum Trust ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past year, ETHA returned -31.78% vs -32.57% for ETHE. With a 1.00 correlation, they move nearly in lockstep. ETHA charges 0.25%/yr vs 2.50%/yr for ETHE.
Performance
ETHA vs. ETHE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ETHA having a -42.58% return and ETHE slightly lower at -42.86%.
ETHA
- 1D
- -1.45%
- 1M
- -19.15%
- YTD
- -42.58%
- 6M
- -38.67%
- 1Y
- -31.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE
- 1D
- -1.57%
- 1M
- -19.25%
- YTD
- -42.86%
- 6M
- -38.95%
- 1Y
- -32.57%
- 3Y*
- 20.93%
- 5Y*
- -7.59%
- 10Y*
- —
ETHA vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -42.58% | -11.31% | -4.89% |
ETHE Grayscale Ethereum Trust ETF | -42.86% | -13.03% | -5.40% |
Correlation
The correlation between ETHA 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 ETHA and ETHE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
ETHA vs. ETHE — Risk / Return Rank
ETHA
ETHE
ETHA vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.96 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.48 | +0.01 |
| Martin ratioReturn relative to average drawdown | -0.80 | -0.81 | +0.01 |
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Drawdowns
ETHA vs. ETHE - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.56%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETHA and ETHE.
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Drawdown Indicators
| ETHA | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.56% | -96.26% | +28.70% |
Max Drawdown (1Y)Largest decline over 1 year | -67.56% | -67.77% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -67.77% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.85% | — |
Current DrawdownCurrent decline from peak | -64.80% | -78.39% | +13.59% |
Average DrawdownAverage peak-to-trough decline | -33.51% | -72.23% | +38.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.99% | 40.24% | -0.25% |
Volatility
ETHA vs. ETHE - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 19.67% and 19.30%, 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.
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Volatility by Period
| ETHA | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 19.30% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 47.12% | 46.84% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.28% | 68.90% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.74% | 82.35% | -9.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.74% | 191.29% | -118.55% |
ETHA vs. ETHE - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than ETHE's 2.50% expense ratio.
Dividends
ETHA vs. ETHE - Dividend Comparison
ETHA has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.43%.
| Position | TTM |
|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% |
ETHE Grayscale Ethereum Trust ETF | 1.43% |
Frequently Asked Questions
With a correlation of 1.00, ETHA 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.
ETHA has higher volatility (19.67%) compared to ETHE (19.30%). In terms of maximum drawdown, ETHA dropped -67.56% vs ETHE's -96.26%.
On 1-year performance, ETHA leads with -31.78% vs -32.57% for ETHE. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHE has been the lower-risk option at 19.30%. 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 -31.78% return vs -32.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.43%, compared with 0.00% for ETHA.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while ETHE tracks CoinDesk Ether Price Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for ETHA and 2.50% for ETHE.
ETHA currently has the higher Sharpe Ratio (-0.46 vs -0.47), 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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