ETHE.SW vs. ETH-USD

Last updated Apr 2, 2026

Compare and contrast key facts about CoinShares Physical Ethereum (ETH) (ETHE.SW) and Ethereum (ETH-USD).

ETHE.SW is an actively managed fund by CoinShares. It was launched on Feb 23, 2021.

Performance

ETHE.SW vs. ETH-USD - Performance Comparison

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

ETHE.SW vs. ETH-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHE.SW CoinShares Physical Ethereum (ETH)	-28.93%	-20.51%	53.68%	63.54%	-65.25%	129.07%
ETH-USD Ethereum	-27.11%	-22.16%	56.25%	74.59%	-66.93%	127.46%

Different Trading Currencies

ETHE.SW is traded in CHF, while ETH-USD is traded in USD. To make them comparable, the ETH-USD 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 -28.93% return, which is significantly lower than ETH-USD's -27.11% return.

ETHE.SW

• 1D: 2.70%
• 1M: 3.99%
• YTD: -28.93%
• 6M: -48.47%
• 1Y: 3.32%
• 3Y*: 1.62%
• 5Y*: -0.23%
• 10Y*: —

ETH-USD

• 1D: 2.05%
• 1M: 8.63%
• YTD: -27.11%
• 6M: -50.53%
• 1Y: 1.90%
• 3Y*: 0.95%
• 5Y*: -3.12%
• 10Y*: 65.48%

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

Return for Risk

ETHE.SW vs. ETH-USD — 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: 16
ETHE.SW Sharpe Ratio Rank: 12
ETHE.SW Sortino Ratio Rank: 24
ETHE.SW Omega Ratio Rank: 21
ETHE.SW Calmar Ratio Rank: 10
ETHE.SW Martin Ratio Rank: 11

ETH-USD

ETH-USD Risk / Return Rank: 79
ETH-USD Sharpe Ratio Rank: 85
ETH-USD Sortino Ratio Rank: 84
ETH-USD Omega Ratio Rank: 83
ETH-USD Calmar Ratio Rank: 72
ETH-USD Martin Ratio Rank: 68

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. ETH-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Ethereum (ETH) (ETHE.SW) and Ethereum (ETH-USD). 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	ETH-USD	Difference
Sharpe ratio Return per unit of total volatility	0.04	0.02	+0.02
Sortino ratio Return per unit of downside risk	0.71	0.60	+0.11
Omega ratio Gain probability vs. loss probability	1.09	1.07	+0.02
Calmar ratio Return relative to maximum drawdown	-0.09	-0.83	+0.75
Martin ratio Return relative to average drawdown	-0.18	-1.43	+1.25
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. ETH-USD - Sharpe Ratio Comparison

The current ETHE.SW Sharpe Ratio is 0.04, which is higher than the ETH-USD Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of ETHE.SW and ETH-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHE.SW	ETH-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	0.02	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	-0.04	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.76	-0.72

Correlation

The correlation between ETHE.SW and ETH-USD is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

ETHE.SW vs. ETH-USD - Drawdown Comparison

The maximum ETHE.SW drawdown since its inception was -77.57%, smaller than the maximum ETH-USD drawdown of -93.46%. Use the drawdown chart below to compare losses from any high point for ETHE.SW and ETH-USD.

Drawdown Indicators

	ETHE.SW	ETH-USD	Difference
Max Drawdown Largest peak-to-trough decline	-77.57%	-94.01%	+16.44%
Max Drawdown (1Y) Largest decline over 1 year	-61.87%	-62.26%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-77.57%	-79.35%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-94.01%	—
Current Drawdown Current decline from peak	-61.56%	-55.38%	-6.18%
Average Drawdown Average peak-to-trough decline	-42.56%	-50.81%	+8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.59%	36.32%	-6.73%

Volatility

ETHE.SW vs. ETH-USD - Volatility Comparison

CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 45.12% compared to Ethereum (ETH-USD) at 17.30%. This indicates that ETHE.SW's price experiences larger fluctuations and is considered to be riskier than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE.SW	ETH-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.12%	17.30%	+27.82%
Volatility (6M) Calculated over the trailing 6-month period	64.65%	52.58%	+12.07%
Volatility (1Y) Calculated over the trailing 1-year period	84.89%	63.71%	+21.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.16%	63.78%	+24.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.15%	80.08%	+8.07%