ETHE vs. BMNR
ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index, while BMNR (BitMine Immersion Technologies, Inc.) is a stock. Over the past year, ETHE returned -36.88% vs 204.90% for BMNR. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
ETHE vs. BMNR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETHE achieves a -47.83% return, which is significantly higher than BMNR's -50.94% return.
ETHE
- 1D
- -1.56%
- 1M
- -24.88%
- YTD
- -47.83%
- 6M
- -47.20%
- 1Y
- -36.88%
- 3Y*
- 11.14%
- 5Y*
- -6.89%
- 10Y*
- —
BMNR
- 1D
- -4.99%
- 1M
- -30.63%
- YTD
- -50.94%
- 6M
- -54.62%
- 1Y
- 204.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. BMNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -47.83% | 11.84% |
BMNR BitMine Immersion Technologies, Inc. | -50.94% | 274.59% |
Correlation
The correlation between ETHE and BMNR is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.71 |
The correlation between ETHE and BMNR has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETHE vs. BMNR — Risk / Return Rank
ETHE
BMNR
ETHE vs. BMNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and BitMine Immersion Technologies, Inc. (BMNR). 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 | BMNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -8.78 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.98 | -1.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.29 | -2.83 |
| Martin ratioReturn relative to average drawdown | -0.90 | 2.74 | -3.64 |
Loading charts...
Drawdowns
ETHE vs. BMNR - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than BMNR's maximum drawdown of -90.13%. Use the drawdown chart below to compare losses from any high point for ETHE and BMNR.
Loading charts...
Drawdown Indicators
| ETHE | BMNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -90.13% | -6.13% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -90.13% | +21.96% |
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 | -80.27% | -90.13% | +9.86% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -71.37% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.10% | 75.00% | -33.90% |
Volatility
ETHE vs. BMNR - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 19.69%, while BitMine Immersion Technologies, Inc. (BMNR) has a volatility of 22.29%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than BMNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETHE | BMNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.69% | 22.29% | -2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 59.21% | -12.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.82% | 717.42% | -648.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.22% | 700.11% | -617.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.10% | 700.11% | -509.01% |
Dividends
ETHE vs. BMNR - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.56%, more than BMNR's 0.08% yield.
| Position | TTM | 2025 |
|---|---|---|
BMNR BitMine Immersion Technologies, Inc. | 0.08% | 0.04% |
ETHE Grayscale Ethereum Trust ETF | 1.56% | 0.00% |
Frequently Asked Questions
ETHE and BMNR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BMNR has higher volatility (22.29%) compared to ETHE (19.69%). In terms of maximum drawdown, ETHE dropped -96.26% vs BMNR's -90.13%.
BMNR currently has the higher Sharpe Ratio (0.29 vs -0.54), 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.
Find the right allocation for ETHE and BMNR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer