ETHA vs. SPY
ETHA (iShares Ethereum Trust ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ETHA returned -44.87% vs 21.60% for SPY. A 0.51 correlation means they provide meaningful diversification when combined. ETHA charges 0.25%/yr vs 0.09%/yr for SPY.
Performance
ETHA vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -37.00% return, which is significantly lower than SPY's 10.67% return.
ETHA
- 1D
- -2.69%
- 1M
- 4.36%
- 6M
- -43.09%
- YTD
- -37.00%
- 1Y
- -44.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.54%
- 1M
- 0.31%
- 6M
- 9.02%
- YTD
- 10.67%
- 1Y
- 21.60%
- 3Y*
- 20.01%
- 5Y*
- 13.24%
- 10Y*
- 15.08%
ETHA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -37.00% | -11.31% | -4.89% |
SPY State Street SPDR S&P 500 ETF | 10.67% | 17.72% | 6.35% |
Correlation
The correlation between ETHA and SPY is 0.50, 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 | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.51 |
The correlation between ETHA and SPY has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
ETHA vs. SPY — Risk / Return Rank
ETHA
SPY
ETHA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 2.44 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.03 | 10.63 | -11.66 |
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Drawdowns
ETHA vs. SPY - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.91%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETHA and SPY.
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Drawdown Indicators
| ETHA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.91% | -55.19% | -12.72% |
Max Drawdown (1Y)Largest decline over 1 year | -67.91% | -8.88% | -59.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -61.38% | -0.91% | -60.47% |
Average DrawdownAverage peak-to-trough decline | -34.63% | -9.02% | -25.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.55% | 2.04% | +41.51% |
Volatility
ETHA vs. SPY - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) has a higher volatility of 14.80% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ETHA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.80% | 3.58% | +11.22% |
Volatility (6M)Calculated over the trailing 6-month period | 47.60% | 10.02% | +37.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.72% | 12.58% | +56.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.10% | 17.17% | +54.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.10% | 17.93% | +54.17% |
ETHA vs. SPY - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison
ETHA has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
ETHA and SPY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHA has higher volatility (14.80%) compared to SPY (3.58%). In terms of maximum drawdown, ETHA dropped -67.91% vs SPY's -55.19%.
On 1-year performance, SPY leads with 21.60% vs -44.87% for ETHA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 21.60% return vs -44.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for ETHA.
SPY has the higher dividend yield at 1.00%, compared with 0.00% for ETHA.
ETHA is categorized as Cryptocurrency, while SPY is S&P 500. ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for ETHA and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.72 vs -0.66), 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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