ETHE.SW vs. BTCS

Last updated Jun 4, 2026

ETHE.SW (CoinShares Physical Ethereum (ETH)) is Cryptocurrency fund actively managed by CoinShares, while BTCS (BTCS Inc.) is a stock. Over the past 5 years, ETHE.SW returned -9.17%/yr vs -29.10%/yr for BTCS. At a 0.27 correlation, their price movements are largely independent.

Performance

ETHE.SW vs. BTCS - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in CoinShares Physical Ethereum (ETH) (ETHE.SW) and BTCS Inc. (BTCS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ETHE.SW is traded in CHF, while BTCS is traded in USD. To make them comparable, the BTCS values have been converted to CHF using the latest available exchange rates.

Returns By Period

In the year-to-date period, ETHE.SW achieves a -38.22% return, which is significantly higher than BTCS's -48.63% return.

ETHE.SW

• 1D: -3.24%
• 1M: -20.52%
• YTD: -38.22%
• 6M: -40.57%
• 1Y: -31.93%
• 3Y*: -4.42%
• 5Y*: -9.17%
• 10Y*: —

BTCS

• 1D: -5.64%
• 1M: -34.66%
• YTD: -48.63%
• 6M: -59.22%
• 1Y: -53.35%
• 3Y*: 0.48%
• 5Y*: -29.10%
• 10Y*: -52.82%

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

ETHE.SW vs. BTCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHE.SW CoinShares Physical Ethereum (ETH)	-38.22%	-20.51%	53.68%	63.54%	-65.25%	129.07%
BTCS BTCS Inc.	-48.63%	-5.57%	63.48%	135.57%	-79.37%	-74.53%

Correlation

The correlation between ETHE.SW and BTCS is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021	0.27

The correlation between ETHE.SW and BTCS shifts across timeframes, from 0.27 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETHE.SW vs. BTCS — Risk / Return Rank

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

ETHE.SW

ETHE.SW Risk / Return Rank: 5
ETHE.SW Sharpe Ratio Rank: 5
ETHE.SW Sortino Ratio Rank: 6
ETHE.SW Omega Ratio Rank: 6
ETHE.SW Calmar Ratio Rank: 4
ETHE.SW Martin Ratio Rank: 5

BTCS

BTCS Risk / Return Rank: 26
BTCS Sharpe Ratio Rank: 26
BTCS Sortino Ratio Rank: 34
BTCS Omega Ratio Rank: 33
BTCS Calmar Ratio Rank: 17
BTCS Martin Ratio Rank: 21

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.

ETHE.SW vs. BTCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Ethereum (ETH) (ETHE.SW) and BTCS Inc. (BTCS). 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.

	ETHE.SW	BTCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.36	-0.05
Sortino ratio: Return per unit of downside risk	-0.17	0.11	-0.28
Omega ratio: Gain probability vs. loss probability	0.98	1.01	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.67	+0.14
Martin ratio: Return relative to average drawdown	-0.89	-0.99	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHE.SW vs. BTCS - Sharpe Ratio Comparison

The current ETHE.SW Sharpe Ratio is -0.41, which is comparable to the BTCS Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of ETHE.SW and BTCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHE.SW	BTCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	-0.36	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	-0.23	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.29	+0.29

Drawdowns

ETHE.SW vs. BTCS - Drawdown Comparison

The maximum ETHE.SW drawdown since its inception was -77.57%, smaller than the maximum BTCS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ETHE.SW and BTCS.

Drawdown Indicators

	ETHE.SW	BTCS	Difference
Max Drawdown Largest peak-to-trough decline	-77.57%	-100.00%	+22.43%
Max Drawdown (1Y) Largest decline over 1 year	-61.87%	-80.22%	+18.35%
Max Drawdown (3Y) Largest decline over 3 years	-65.23%	-80.22%	+14.99%
Max Drawdown (5Y) Largest decline over 5 years	-77.57%	-92.88%	+15.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-66.59%	-99.99%	+33.40%
Average Drawdown Average peak-to-trough decline	-43.25%	-96.88%	+53.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.01%	53.78%	-17.77%

Volatility

ETHE.SW vs. BTCS - Volatility Comparison

The current volatility for CoinShares Physical Ethereum (ETH) (ETHE.SW) is 17.87%, while BTCS Inc. (BTCS) has a volatility of 22.25%. This indicates that ETHE.SW experiences smaller price fluctuations and is considered to be less risky than BTCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE.SW	BTCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	22.25%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	60.67%	57.56%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	78.96%	147.40%	-68.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.47%	128.09%	-43.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.11%	194.89%	-107.78%

Dividends

ETHE.SW vs. BTCS - Dividend Comparison

ETHE.SW has not paid dividends to shareholders, while BTCS's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023	2022
BTCS BTCS Inc.	3.68%	1.89%	0.00%	0.00%	7.94%
ETHE.SW CoinShares Physical Ethereum (ETH)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHE.SW and BTCS in my portfolio?

ETHE.SW and BTCS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.