ETHE vs. BITC

Last updated Jun 5, 2026

ETHE (Grayscale Ethereum Trust ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. ETHE is passively managed, while BITC is actively managed. Over the past 3 years, ETHE returned 21.42%/yr vs 39.11%/yr for BITC. A 0.69 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.88%/yr for BITC.

Performance

ETHE vs. BITC - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than BITC's 6.94% return.

ETHE

• 1D: -1.44%
• 1M: -25.23%
• YTD: -40.50%
• 6M: -43.78%
• 1Y: -33.45%
• 3Y*: 21.42%
• 5Y*: -11.85%
• 10Y*: —

BITC

• 1D: -0.04%
• 1M: -6.33%
• YTD: 6.94%
• 6M: -0.82%
• 1Y: -15.12%
• 3Y*: 39.11%
• 5Y*: —
• 10Y*: —

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

ETHE vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ETHE Grayscale Ethereum Trust ETF	-40.50%	-13.03%	44.14%	126.57%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.94%	-20.46%	97.86%	42.29%

Correlation

The correlation between ETHE and BITC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.69

The correlation between ETHE and BITC shifts across timeframes, from 0.50 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETHE vs. BITC — 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: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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	BITC	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	-0.59	+0.10
Sortino ratio: Return per unit of downside risk	-0.37	-0.71	+0.34
Omega ratio: Gain probability vs. loss probability	0.96	0.89	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.53	-0.57	+0.05
Martin ratio: Return relative to average drawdown	-0.88	-0.82	-0.05
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. BITC - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.49, which is comparable to the BITC Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of ETHE and BITC, 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	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	-0.59	+0.10
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	0.68	-0.61

Drawdowns

ETHE vs. BITC - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for ETHE and BITC.

Drawdown Indicators

	ETHE	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-38.51%	-57.75%
Max Drawdown (1Y) Largest decline over 1 year	-63.69%	-26.51%	-37.18%
Max Drawdown (3Y) Largest decline over 3 years	-66.12%	-38.51%	-27.61%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-77.50%	-26.50%	-51.00%
Average Drawdown Average peak-to-trough decline	-72.23%	-16.38%	-55.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.19%	18.41%	+19.78%

Volatility

ETHE vs. BITC - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 9.65% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 5.92%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	5.92%	+3.73%
Volatility (6M) Calculated over the trailing 6-month period	45.28%	19.98%	+25.30%
Volatility (1Y) Calculated over the trailing 1-year period	68.22%	25.54%	+42.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.25%	46.63%	+35.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.78%	46.63%	+145.15%

ETHE vs. BITC - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than BITC's 0.88% expense ratio.

Dividends

ETHE vs. BITC - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.37%, less than BITC's 3.14% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
ETHE Grayscale Ethereum Trust ETF	1.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHE and BITC in my portfolio?

ETHE and BITC have a correlation of 0.50, 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 BITC?

ETHE has higher volatility (9.65%) compared to BITC (5.92%). In terms of maximum drawdown, ETHE dropped -96.26% vs BITC's -38.51%.

Which ETF is better, ETHE or BITC?

On 3-year performance, BITC leads with 39.11% vs 21.42% for ETHE. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or BITC?

Over the 3-year period, BITC has performed better with a 39.11% return vs 21.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or BITC?

BITC is cheaper with a 0.88% expense ratio, compared with 2.50% for ETHE.

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

BITC has the higher dividend yield at 3.14%, compared with 1.37% for ETHE.

What is the main difference between ETHE and BITC?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for ETHE and 0.88% for BITC.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.49 vs -0.59), 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.