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ETHE.SW vs. GBTC
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETHE.SW vs. GBTC

Last updated May 3, 2025

Compare and contrast key facts about CoinShares Physical Ethereum (ETH) (ETHE.SW) and Grayscale Bitcoin Trust (BTC) (GBTC).

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

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: ETHE.SW or GBTC.

Correlation

The correlation between ETHE.SW and GBTC is 0.23, 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.

-0.50.00.51.0
Correlation: 0.2

Performance

ETHE.SW vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CoinShares Physical Ethereum (ETH) (ETHE.SW) and Grayscale Bitcoin Trust (BTC) (GBTC). The values are adjusted to include any dividend payments, if applicable.
-50.00%0.00%50.00%100.00%150.00%200.00%December2025FebruaryMarchAprilMay
-45.89%
173.20%
ETHE.SW
GBTC

Key characteristics

Sharpe Ratio

ETHE.SW:

-0.63

GBTC:

0.83

Sortino Ratio

ETHE.SW:

-0.63

GBTC:

1.44

Omega Ratio

ETHE.SW:

0.92

GBTC:

1.17

Calmar Ratio

ETHE.SW:

-0.70

GBTC:

1.31

Martin Ratio

ETHE.SW:

-1.36

GBTC:

2.90

Ulcer Index

ETHE.SW:

33.65%

GBTC:

15.80%

Daily Std Dev

ETHE.SW:

73.11%

GBTC:

55.14%

Max Drawdown

ETHE.SW:

-70.97%

GBTC:

-89.91%

Current Drawdown

ETHE.SW:

-57.32%

GBTC:

-9.63%

Returns By Period

In the year-to-date period, ETHE.SW achieves a -49.49% return, which is significantly lower than GBTC's 3.42% return.

ETHE.SW

YTD

-49.49%

1M

-9.24%

6M

-29.60%

1Y

-43.35%

5Y*

N/A

10Y*

N/A

GBTC

YTD

3.42%

1M

11.43%

6M

39.16%

1Y

44.82%

5Y*

52.05%

10Y*

62.59%

*Annualized

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Risk-Adjusted Performance

ETHE.SW vs. GBTC — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ETHE.SW
The Risk-Adjusted Performance Rank of ETHE.SW is 33
Overall Rank
The Sharpe Ratio Rank of ETHE.SW is 33
Sharpe Ratio Rank
The Sortino Ratio Rank of ETHE.SW is 44
Sortino Ratio Rank
The Omega Ratio Rank of ETHE.SW is 44
Omega Ratio Rank
The Calmar Ratio Rank of ETHE.SW is 11
Calmar Ratio Rank
The Martin Ratio Rank of ETHE.SW is 22
Martin Ratio Rank
GBTC
The Risk-Adjusted Performance Rank of GBTC is 7979
Overall Rank
The Sharpe Ratio Rank of GBTC is 8080
Sharpe Ratio Rank
The Sortino Ratio Rank of GBTC is 7676
Sortino Ratio Rank
The Omega Ratio Rank of GBTC is 7272
Omega Ratio Rank
The Calmar Ratio Rank of GBTC is 8888
Calmar Ratio Rank
The Martin Ratio Rank of GBTC is 7878
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

ETHE.SW vs. GBTC - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Ethereum (ETH) (ETHE.SW) and Grayscale Bitcoin Trust (BTC) (GBTC). 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.

The chart of Sharpe ratio for ETHE.SW, currently valued at -0.54, compared to the broader market-1.000.001.002.003.004.00
ETHE.SW: -0.54
GBTC: 0.77
The chart of Sortino ratio for ETHE.SW, currently valued at -0.42, compared to the broader market-2.000.002.004.006.008.00
ETHE.SW: -0.42
GBTC: 1.37
The chart of Omega ratio for ETHE.SW, currently valued at 0.94, compared to the broader market0.501.001.502.002.50
ETHE.SW: 0.94
GBTC: 1.17
The chart of Calmar ratio for ETHE.SW, currently valued at -0.60, compared to the broader market0.002.004.006.008.0010.0012.00
ETHE.SW: -0.60
GBTC: 1.19
The chart of Martin ratio for ETHE.SW, currently valued at -1.20, compared to the broader market0.0020.0040.0060.00
ETHE.SW: -1.20
GBTC: 2.62

The current ETHE.SW Sharpe Ratio is -0.63, which is lower than the GBTC Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of ETHE.SW and GBTC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio-1.000.001.002.003.00December2025FebruaryMarchAprilMay
-0.54
0.77
ETHE.SW
GBTC

Dividends

ETHE.SW vs. GBTC - Dividend Comparison

Neither ETHE.SW nor GBTC has paid dividends to shareholders.

TTM20242023202220212020201920182017
ETHE.SW
CoinShares Physical Ethereum (ETH)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GBTC
Grayscale Bitcoin Trust (BTC)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.23%

Drawdowns

ETHE.SW vs. GBTC - Drawdown Comparison

The maximum ETHE.SW drawdown since its inception was -70.97%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ETHE.SW and GBTC. For additional features, visit the drawdowns tool.

-60.00%-50.00%-40.00%-30.00%-20.00%-10.00%0.00%December2025FebruaryMarchAprilMay
-54.08%
-9.63%
ETHE.SW
GBTC

Volatility

ETHE.SW vs. GBTC - Volatility Comparison

CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 26.54% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 15.64%. This indicates that ETHE.SW's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

10.00%15.00%20.00%25.00%30.00%December2025FebruaryMarchAprilMay
26.54%
15.64%
ETHE.SW
GBTC