ETHE.SW vs. ETH-USD

Last updated Apr 3, 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)	-30.15%	-20.51%	53.68%	63.54%	-65.25%	129.07%
ETH-USD Ethereum	-30.31%	-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

The year-to-date returns for both stocks are quite close, with ETHE.SW having a -30.15% return and ETH-USD slightly lower at -30.31%.

ETHE.SW

• 1D: -1.72%
• 1M: 5.45%
• YTD: -30.15%
• 6M: -52.72%
• 1Y: 1.54%
• 3Y*: 1.03%
• 5Y*: -0.58%
• 10Y*: —

ETH-USD

• 1D: -3.45%
• 1M: 5.80%
• YTD: -30.31%
• 6M: -54.16%
• 1Y: 3.71%
• 3Y*: -0.25%
• 5Y*: -3.98%
• 10Y*: 65.42%

*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: 15
ETHE.SW Sharpe Ratio Rank: 12
ETHE.SW Sortino Ratio Rank: 22
ETHE.SW Omega Ratio Rank: 20
ETHE.SW Calmar Ratio Rank: 10
ETHE.SW Martin Ratio Rank: 10

ETH-USD

ETH-USD Risk / Return Rank: 74
ETH-USD Sharpe Ratio Rank: 86
ETH-USD Sortino Ratio Rank: 85
ETH-USD Omega Ratio Rank: 84
ETH-USD Calmar Ratio Rank: 68
ETH-USD Martin Ratio Rank: 49

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	0.02	0.05	-0.03
Sortino ratio Return per unit of downside risk	0.68	0.64	+0.04
Omega ratio Gain probability vs. loss probability	1.08	1.07	+0.01
Calmar ratio Return relative to maximum drawdown	-0.07	-0.90	+0.83
Martin ratio Return relative to average drawdown	-0.15	-1.54	+1.40
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 0.02, which is lower than the ETH-USD Sharpe Ratio of 0.05. 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	0.02	0.05	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.05	+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	0.03	0.75	-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	-62.22%	-57.51%	-4.71%
Average Drawdown Average peak-to-trough decline	-42.58%	-50.82%	+8.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.71%	36.50%	-6.79%

Volatility

ETHE.SW vs. ETH-USD - Volatility Comparison

CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 31.17% compared to Ethereum (ETH-USD) at 17.52%. 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	31.17%	17.52%	+13.65%
Volatility (6M) Calculated over the trailing 6-month period	64.66%	52.52%	+12.14%
Volatility (1Y) Calculated over the trailing 1-year period	84.85%	63.66%	+21.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.12%	63.71%	+24.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.11%	80.09%	+8.02%