ETHA vs. ETHW

Last updated Jun 23, 2026

ETHA (iShares Ethereum Trust ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. ETHA is passively managed, while ETHW is actively managed. Over the past year, ETHA returned -28.52% vs -28.45% for ETHW. With a 1.00 correlation, they move nearly in lockstep. ETHA charges 0.25%/yr vs 0.20%/yr for ETHW.

Performance

ETHA vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ETHA having a -41.77% return and ETHW slightly higher at -41.70%.

ETHA

• 1D: 1.40%
• 1M: -16.12%
• YTD: -41.77%
• 6M: -41.90%
• 1Y: -28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHW

• 1D: 1.56%
• 1M: -15.99%
• YTD: -41.70%
• 6M: -41.81%
• 1Y: -28.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHA vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-41.77%	-11.31%	-4.89%
ETHW Bitwise Ethereum ETF	-41.70%	-11.26%	-4.77%

Correlation

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

Return for Risk

ETHA vs. ETHW — Risk / Return Rank

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

ETHA

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

ETHW

ETHW Risk / Return Rank: 6
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW 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.

ETHA vs. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.41	0.00
Sortino ratio: Return per unit of downside risk	-0.20	-0.21	0.00
Omega ratio: Gain probability vs. loss probability	0.98	0.98	0.00
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.42	0.00
Martin ratio: Return relative to average drawdown	-0.71	-0.71	0.00

ETHA vs. ETHW - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.41, which is comparable to the ETHW Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of ETHA and ETHW, 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

ETHA vs. ETHW - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.56%, roughly equal to the maximum ETHW drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for ETHA and ETHW.

Drawdown Indicators

	ETHA	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-67.56%	-67.57%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-67.56%	-67.57%	+0.01%
Current Drawdown Current decline from peak	-64.31%	-64.25%	-0.06%
Average Drawdown Average peak-to-trough decline	-33.57%	-33.57%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.19%	40.20%	-0.01%

Volatility

ETHA vs. ETHW - Volatility Comparison

iShares Ethereum Trust ETF (ETHA) and Bitwise Ethereum ETF (ETHW) have volatilities of 19.68% and 19.79%, 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

	ETHA	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.68%	19.79%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	46.99%	46.90%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	69.34%	69.08%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.67%	72.29%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.67%	72.29%	+0.38%

ETHA vs. ETHW - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is higher than ETHW's 0.20% 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. ETHW - Dividend Comparison

Neither ETHA nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHA and ETHW in my portfolio?

With a correlation of 1.00, ETHA and ETHW 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, ETHA or ETHW?

ETHW has higher volatility (19.79%) compared to ETHA (19.68%). In terms of maximum drawdown, ETHA dropped -67.56% vs ETHW's -67.57%.

Which ETF is better, ETHA or ETHW?

On 1-year performance, ETHW leads with -28.45% vs -28.52% for ETHA. On fees, ETHW is cheaper at 0.20% per year. On volatility, ETHA has been the lower-risk option at 19.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or ETHW?

Over the 1-year period, ETHW has performed better with a -28.45% return vs -28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.25% for ETHA.

Which ETF pays a higher dividend yield, ETHA or ETHW?

ETHA and ETHW have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHA and ETHW?

They also come from different issuers: iShares and Bitwise. Their fees differ too: 0.25% for ETHA and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHA currently has the higher Sharpe Ratio (-0.41 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.