ETHE.SW vs. GBTC
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.
Performance
ETHE.SW vs. GBTC - Performance Comparison
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ETHE.SW vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ETHE.SW CoinShares Physical Ethereum (ETH) | -28.93% | -20.51% | 53.68% | 63.54% | -65.25% | 129.07% |
GBTC Grayscale Bitcoin Trust (BTC) | -22.15% | -19.30% | 130.66% | 280.22% | -75.46% | -28.83% |
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 -28.93% return, which is significantly lower than GBTC's -22.15% return.
ETHE.SW
- 1D
- 2.70%
- 1M
- 3.99%
- YTD
- -28.93%
- 6M
- -48.47%
- 1Y
- 3.32%
- 3Y*
- 1.62%
- 5Y*
- -0.23%
- 10Y*
- —
GBTC
- 1D
- 0.14%
- 1M
- 0.58%
- YTD
- -22.15%
- 6M
- -42.56%
- 1Y
- -28.86%
- 3Y*
- 41.28%
- 5Y*
- -2.50%
- 10Y*
- 55.65%
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Return for Risk
ETHE.SW vs. GBTC — Risk / Return Rank
ETHE.SW
GBTC
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 ratioReturn per unit of total volatility | 0.04 | -0.62 | +0.66 |
Sortino ratioReturn per unit of downside risk | 0.71 | -0.68 | +1.39 |
Omega ratioGain probability vs. loss probability | 1.09 | 0.92 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.53 | +0.44 |
Martin ratioReturn relative to average drawdown | -0.18 | -1.12 | +0.94 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.04 | -0.62 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | -0.04 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.64 | -0.61 |
Correlation
The correlation between ETHE.SW and GBTC 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.
Dividends
ETHE.SW vs. GBTC - Dividend Comparison
Neither ETHE.SW nor GBTC has paid dividends to shareholders.
| 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% |
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.
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Drawdown Indicators
| ETHE.SW | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.57% | -89.91% | +12.34% |
Max Drawdown (1Y)Largest decline over 1 year | -61.87% | -49.55% | -12.32% |
Max Drawdown (5Y)Largest decline over 5 years | -77.57% | -85.80% | +8.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -61.56% | -46.10% | -15.46% |
Average DrawdownAverage peak-to-trough decline | -42.56% | -43.48% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.59% | 23.39% | +6.20% |
Volatility
ETHE.SW vs. GBTC - Volatility Comparison
CoinShares Physical Ethereum (ETH) (ETHE.SW) has a higher volatility of 45.12% compared to Grayscale Bitcoin Trust (BTC) (GBTC) at 12.37%. 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.
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Volatility by Period
| ETHE.SW | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.12% | 12.37% | +32.75% |
Volatility (6M)Calculated over the trailing 6-month period | 64.65% | 36.92% | +27.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.89% | 46.75% | +38.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.16% | 64.10% | +24.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.15% | 82.75% | +5.40% |