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 -31.93% vs -41.10% for FBTC. At a 0.49 correlation, their price movements are largely independent. 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 -38.22% return, which is significantly lower than FBTC's -25.56% 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*
- —
FBTC
- 1D
- -2.06%
- 1M
- -17.64%
- YTD
- -25.56%
- 6M
- -30.51%
- 1Y
- -41.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE.SW vs. FBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE.SW CoinShares Physical Ethereum (ETH) | -38.22% | -20.51% | 35.91% |
FBTC Fidelity Wise Origin Bitcoin Fund | -25.56% | -18.35% | 112.64% |
Correlation
The correlation between ETHE.SW and FBTC is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.49 |
The correlation between ETHE.SW and FBTC has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
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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.
| ETHE.SW | FBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.85 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.82 | +0.30 |
| Martin ratioReturn relative to average drawdown | -0.89 | -1.43 | +0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE.SW | FBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | -0.95 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.22 | -0.23 |
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 -50.40%. 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% | -50.40% | -27.17% |
Max Drawdown (1Y)Largest decline over 1 year | -61.87% | -50.40% | -11.47% |
Max Drawdown (3Y)Largest decline over 3 years | -65.23% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -77.57% | — | — |
Current DrawdownCurrent decline from peak | -66.59% | -48.24% | -18.35% |
Average DrawdownAverage peak-to-trough decline | -43.25% | -16.82% | -26.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.01% | 28.86% | +7.15% |
Volatility
ETHE.SW vs. FBTC - Volatility Comparison
CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 17.87% compared to Fidelity Wise Origin Bitcoin Fund (FBTC) at 9.08%. 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 | 17.87% | 9.08% | +8.79% |
Volatility (6M)Calculated over the trailing 6-month period | 60.67% | 34.23% | +26.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.96% | 43.58% | +35.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.47% | 51.02% | +33.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.11% | 51.02% | +36.09% |
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 0.58, 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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