ETHE.SW vs. GBTC

Last updated Jun 4, 2026

ETHE.SW (CoinShares Physical Ethereum (ETH)) is Cryptocurrency fund actively managed by CoinShares, while GBTC (Grayscale Bitcoin Trust (BTC)) is a stock. Over the past 5 years, ETHE.SW returned -9.17%/yr vs 7.63%/yr for GBTC. At a 0.40 correlation, their price movements are largely independent.

Performance

ETHE.SW vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 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.

Different Trading Currencies

ETHE.SW is traded in CHF, while GBTC is traded in USD. To make them comparable, the GBTC 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 GBTC's -26.00% 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*: —

GBTC

• 1D: -2.15%
• 1M: -17.75%
• YTD: -26.00%
• 6M: -30.97%
• 1Y: -41.88%
• 3Y*: 45.34%
• 5Y*: 7.63%
• 10Y*: 47.34%

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

ETHE.SW vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHE.SW CoinShares Physical Ethereum (ETH)	-38.22%	-20.51%	53.68%	63.54%	-65.25%	129.07%
GBTC Grayscale Bitcoin Trust (BTC)	-26.00%	-19.30%	130.66%	280.22%	-75.46%	-28.83%

Correlation

The correlation between ETHE.SW and GBTC 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 (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021	0.40

The correlation between ETHE.SW and GBTC shifts across timeframes, from 0.40 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETHE.SW vs. GBTC — 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: 5
ETHE.SW Sharpe Ratio Rank: 5
ETHE.SW Sortino Ratio Rank: 6
ETHE.SW Omega Ratio Rank: 6
ETHE.SW Calmar Ratio Rank: 4
ETHE.SW Martin Ratio Rank: 5

GBTC

GBTC Risk / Return Rank: 8
GBTC Sharpe Ratio Rank: 6
GBTC Sortino Ratio Rank: 8
GBTC Omega Ratio Rank: 10
GBTC Calmar Ratio Rank: 10
GBTC Martin Ratio Rank: 8

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. GBTC - Risk-Adjusted Trends 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.

	ETHE.SW	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.96	+0.55
Sortino ratio: Return per unit of downside risk	-0.17	-1.39	+1.22
Omega ratio: Gain probability vs. loss probability	0.98	0.84	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.83	+0.31
Martin ratio: Return relative to average drawdown	-0.89	-1.44	+0.55
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. GBTC - Sharpe Ratio Comparison

The current ETHE.SW Sharpe Ratio is -0.41, which is higher than the GBTC Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of ETHE.SW and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHE.SW	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	-0.96	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.12	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.63	-0.63

Drawdowns

ETHE.SW vs. GBTC - Drawdown Comparison

The maximum ETHE.SW drawdown since its inception was -77.57%, smaller than the maximum GBTC drawdown of -89.78%. Use the drawdown chart below to compare losses from any high point for ETHE.SW and GBTC.

Drawdown Indicators

	ETHE.SW	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-77.57%	-89.78%	+12.21%
Max Drawdown (1Y) Largest decline over 1 year	-61.87%	-50.61%	-11.26%
Max Drawdown (3Y) Largest decline over 3 years	-65.23%	-50.61%	-14.62%
Max Drawdown (5Y) Largest decline over 5 years	-77.57%	-85.23%	+7.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.78%	—
Current Drawdown Current decline from peak	-66.59%	-48.70%	-17.89%
Average Drawdown Average peak-to-trough decline	-43.25%	-43.40%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.01%	29.08%	+6.93%

Volatility

ETHE.SW vs. GBTC - Volatility Comparison

CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 17.87% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 9.12%. 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.

Volatility by Period

	ETHE.SW	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	9.12%	+8.75%
Volatility (6M) Calculated over the trailing 6-month period	60.67%	34.25%	+26.42%
Volatility (1Y) Calculated over the trailing 1-year period	78.96%	43.63%	+35.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.47%	62.35%	+22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.11%	82.43%	+4.68%

Dividends

ETHE.SW vs. GBTC - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHE.SW CoinShares Physical Ethereum (ETH)	0.00%	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%	0.00%	5.61%

Frequently Asked Questions

Can I hold both ETHE.SW and GBTC in my portfolio?

ETHE.SW and GBTC 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.