ETHE vs. ARKY

Last updated Apr 4, 2026

Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY).

ETHE and ARKY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017. ARKY is an actively managed fund by ARK. It was launched on Nov 14, 2023.

Performance

ETHE vs. ARKY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). The values are adjusted to include any dividend payments, if applicable.

ETHE vs. ARKY - Yearly Performance Comparison

	2026 (YTD)
ETHE Grayscale Ethereum Trust ETF	0.43%
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%

Returns By Period

ETHE

• 1D: -3.61%
• 1M: -4.16%
• YTD: -30.66%
• 6M: -54.63%
• 1Y: 13.64%
• 3Y*: 25.20%
• 5Y*: -2.15%
• 10Y*: —

ARKY

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. ARKY - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than ARKY's 1.00% expense ratio.

ETHE

Grayscale Ethereum Trust ETF

ARKY

ARK 21Shares Active Bitcoin Ethereum Strategy ETF

Return for Risk

ETHE vs. ARKY — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 15
ETHE Sharpe Ratio Rank: 13
ETHE Sortino Ratio Rank: 22
ETHE Omega Ratio Rank: 19
ETHE Calmar Ratio Rank: 11
ETHE Martin Ratio Rank: 11

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. ARKY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). 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	ARKY	Difference
Sharpe ratio Return per unit of total volatility	0.08	—	—
Sortino ratio Return per unit of downside risk	0.69	—	—
Omega ratio Gain probability vs. loss probability	1.08	—	—
Calmar ratio Return relative to maximum drawdown	0.10	—	—
Martin ratio Return relative to average drawdown	0.20	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETHE	ARKY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	—	—

Dividends

ETHE vs. ARKY - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 0.77%, while ARKY has not paid dividends to shareholders.

	TTM
ETHE Grayscale Ethereum Trust ETF	0.77%
ARKY ARK 21Shares Active Bitcoin Ethereum Strategy ETF	0.00%

Drawdowns

ETHE vs. ARKY - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than ARKY's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ETHE and ARKY.

Drawdown Indicators

	ETHE	ARKY	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	0.00%	-96.26%
Max Drawdown (1Y) Largest decline over 1 year	-61.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-73.78%	0.00%	-73.78%
Average Drawdown Average peak-to-trough decline	-72.24%	0.00%	-72.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.02%	—	—

Volatility

Volatility by Period

	ETHE	ARKY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.65%	0.00%	+75.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.10%	0.00%	+85.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.07%	0.00%	+194.07%