ETHE.SW vs. FBTC
ETHE.SW (CoinShares Physical Ethereum (ETH)) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds. ETHE.SW is actively managed, while FBTC is passively managed. Over the past year, ETHE.SW returned -48.91% vs -44.31% for FBTC. Their 0.53 correlation means they have sometimes moved together and sometimes differently. ETHE.SW charges 0.00%/yr vs 0.25%/yr for FBTC.
Performance
ETHE.SW vs. FBTC - Performance Comparison
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Different Trading Currencies
ETHE.SW is traded in CHF, while FBTC is traded in USD. To make them comparable, the FBTC 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 -34.33% return, which is significantly lower than FBTC's -27.00% return.
ETHE.SW
- 1D
- 0.00%
- 1M
- 13.30%
- 6M
- -25.35%
- YTD
- -34.33%
- 1Y
- -48.91%
- 3Y*
- -0.44%
- 5Y*
- -5.96%
- 10Y*
- —
- ALL TIME*
- 1.77%
FBTC
- 1D
- -2.70%
- 1M
- 2.65%
- 6M
- -21.75%
- YTD
- -27.00%
- 1Y
- -44.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CHF 21.90K | CHF 27.72K | CHF 136.63K | |
| CHF 149.42M | CHF 162.33M | CHF 190.75M |
ETHE.SW vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE.SW CoinShares Physical Ethereum (ETH) | -34.33% | -20.51% | 47.30% |
FBTC Fidelity Wise Origin Bitcoin Fund | -27.00% | -18.35% | 107.02% |
Correlation
The correlation between ETHE.SW and FBTC is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.53 |
The correlation between ETHE.SW and FBTC shifts across timeframes, from 0.53 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE.SW vs. FBTC — Risk / Return Rank
ETHE.SW
FBTC
ETHE.SW vs. FBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Ethereum (ETH) (ETHE.SW) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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.
| ETHE.SW | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.89 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.34 | +0.23 |
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Drawdowns
ETHE.SW vs. FBTC - Drawdown Comparison
The maximum ETHE.SW drawdown since its inception was -77.57%, which is greater than FBTC's maximum drawdown of -52.55%. Use the drawdown chart below to compare losses from any high point for ETHE.SW and FBTC.
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Drawdown Indicators
| ETHE.SW | FBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.57% | -52.55% | -25.02% |
Max Drawdown (1Y)Largest decline over 1 year | -66.43% | -52.55% | -13.88% |
Max Drawdown (3Y)Largest decline over 3 years | -66.43% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -77.57% | — | — |
Current DrawdownCurrent decline from peak | -64.48% | -49.24% | -15.24% |
Average DrawdownAverage peak-to-trough decline | -47.12% | -18.88% | -28.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.26% | 34.82% | +9.44% |
Volatility
ETHE.SW vs. FBTC - Volatility Comparison
CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 12.04% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 8.33%. This indicates that ETHE.SW's price experiences larger fluctuations and is considered to be riskier than FBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE.SW | FBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.04% | 8.33% | +3.71% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 32.87% | +8.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.88% | 43.96% | +16.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.96% | 50.22% | +18.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.09% | 50.22% | +22.87% |
ETHE.SW vs. FBTC - Expense Ratio Comparison
ETHE.SW has a 0.00% expense ratio, which is lower than FBTC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ETHE.SW vs. FBTC - Dividend Comparison
Neither ETHE.SW nor FBTC has paid dividends to shareholders.
Frequently Asked Questions
ETHE.SW and FBTC have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETHE.SW is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETHE.SW is cheaper with a 0.00% expense ratio, compared with 0.25% for FBTC.
They also come from different issuers: CoinShares and Fidelity. Their fees differ too: 0.00% for ETHE.SW and 0.25% for FBTC.
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