ETHE vs. AETH

Last updated Jun 4, 2026

ETHE (Grayscale Ethereum Trust ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds. ETHE is passively managed, while AETH is actively managed. Over the past year, ETHE returned -32.48% vs -16.05% for AETH. A 0.77 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.90%/yr for AETH.

Performance

ETHE vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and Bitwise Ethereum Strategy ETF (AETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -39.63% return, which is significantly lower than AETH's -9.79% return.

ETHE

• 1D: -5.64%
• 1M: -23.64%
• YTD: -39.63%
• 6M: -42.89%
• 1Y: -32.48%
• 3Y*: 19.37%
• 5Y*: -11.60%
• 10Y*: —

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ETHE Grayscale Ethereum Trust ETF	-39.63%	-13.03%	44.14%	75.09%
AETH Bitwise Ethereum Strategy ETF	-9.79%	-0.11%	31.76%	37.65%

Correlation

The correlation between ETHE and AETH is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.77

The correlation between ETHE and AETH shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETHE vs. AETH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 4
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 5

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

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 vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Bitwise Ethereum Strategy ETF (AETH). 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	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	-0.36	-0.12
Sortino ratio: Return per unit of downside risk	-0.34	-0.26	-0.08
Omega ratio: Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.37	-0.15
Martin ratio: Return relative to average drawdown	-0.86	-0.52	-0.34
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 vs. AETH - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.48, which is lower than the AETH Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of ETHE and AETH, 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	AETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.36	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.37	-0.31

Drawdowns

ETHE vs. AETH - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than AETH's maximum drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for ETHE and AETH.

Drawdown Indicators

	ETHE	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-47.78%	-48.48%
Max Drawdown (1Y) Largest decline over 1 year	-63.16%	-43.98%	-19.18%
Max Drawdown (3Y) Largest decline over 3 years	-66.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-77.17%	-43.85%	-33.32%
Average Drawdown Average peak-to-trough decline	-72.23%	-24.65%	-47.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.98%	30.86%	+7.12%

Volatility

ETHE vs. AETH - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 9.87% compared to Bitwise Ethereum Strategy ETF (AETH) at 4.02%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	4.02%	+5.85%
Volatility (6M) Calculated over the trailing 6-month period	46.00%	27.18%	+18.82%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	45.03%	+23.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.26%	54.68%	+27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.84%	54.68%	+137.16%

ETHE vs. AETH - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than AETH's 0.90% expense ratio.

Dividends

ETHE vs. AETH - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.35%, less than AETH's 2.67% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
ETHE Grayscale Ethereum Trust ETF	1.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHE and AETH in my portfolio?

ETHE and AETH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or AETH?

ETHE has higher volatility (9.87%) compared to AETH (4.02%). In terms of maximum drawdown, ETHE dropped -96.26% vs AETH's -47.78%.

Which ETF is better, ETHE or AETH?

On 1-year performance, AETH leads with -16.05% vs -32.48% for ETHE. On fees, AETH is cheaper at 0.90% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or AETH?

Over the 1-year period, AETH has performed better with a -16.05% return vs -32.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or AETH?

AETH is cheaper with a 0.90% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or AETH?

AETH has the higher dividend yield at 2.67%, compared with 1.35% for ETHE.

What is the main difference between ETHE and AETH?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for ETHE and 0.90% for AETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.36 vs -0.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.