ETHE vs. AETH
ETHE (Grayscale Ethereum Trust ETF) and AETH (Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF) are both Cryptocurrency funds. ETHE is passively managed, while AETH is actively managed. Over the past year, ETHE returned -49.53% vs -37.78% for AETH. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ETHE charges 2.50%/yr vs 0.89%/yr for AETH.
Performance
ETHE vs. AETH - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than AETH's -15.85% return.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
AETH
- 1D
- -0.05%
- 1M
- 3.95%
- 6M
- -13.21%
- YTD
- -15.85%
- 1Y
- -37.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.80K | $18.32K | $18.15K | |
| $26.36M | $26.52M | $33.93M |
ETHE vs. AETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 44.14% | 75.77% |
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | -15.85% | -0.11% | 31.76% | 33.21% |
Correlation
The correlation between ETHE and AETH is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | 0.76 |
The correlation between ETHE and AETH shifts across timeframes, from 0.59 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. AETH — Risk / Return Rank
ETHE
AETH
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 Trendwise Ethereum and Treasuries Rotation 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ETHE | AETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.79 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.74 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.04 | -0.03 |
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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 -51.08%. Use the drawdown chart below to compare losses from any high point for ETHE and AETH.
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Drawdown Indicators
| ETHE | AETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -51.08% | -45.18% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -51.08% | -17.09% |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -76.25% | -47.63% | -28.62% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -25.99% | -46.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 36.22% | +9.75% |
Volatility
ETHE vs. AETH - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) and Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF (AETH) have volatilities of 11.25% and 11.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | AETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 11.22% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 24.81% | +18.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 41.09% | +25.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 53.60% | +27.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 53.60% | +136.13% |
ETHE vs. AETH - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than AETH's 0.89% expense ratio.
Dividends
ETHE vs. AETH - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, less than AETH's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AETH Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF | 2.86% | 2.41% | 14.73% | 6.64% |
ETHE Grayscale Ethereum Trust ETF | 1.59% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHE and AETH have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (11.25%) compared to AETH (11.22%). In terms of maximum drawdown, ETHE dropped -96.26% vs AETH's -51.08%.
On 1-year performance, AETH leads with -37.78% vs -49.53% for ETHE. On fees, AETH is cheaper at 0.89% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AETH has performed better with a -37.78% return vs -49.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AETH is cheaper with a 0.89% expense ratio, compared with 2.50% for ETHE.
AETH has the higher dividend yield at 2.86%, compared with 1.59% for ETHE.
They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for ETHE and 0.89% for AETH.
ETHE currently has the higher Sharpe Ratio (-0.74 vs -0.93), 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.
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