ETHE vs. BND
ETHE (Grayscale Ethereum Trust ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 5 years, ETHE returned -11.18%/yr vs -0.05%/yr for BND. At a 0.06 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.03%/yr for BND.
Performance
ETHE vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -43.52% return, which is significantly lower than BND's -0.07% return.
ETHE
- 1D
- 6.90%
- 1M
- -27.33%
- YTD
- -43.52%
- 6M
- -46.57%
- 1Y
- -33.22%
- 3Y*
- 20.84%
- 5Y*
- -11.18%
- 10Y*
- —
BND
- 1D
- -0.03%
- 1M
- -0.67%
- YTD
- -0.07%
- 6M
- 0.23%
- 1Y
- 4.87%
- 3Y*
- 3.89%
- 5Y*
- -0.05%
- 10Y*
- 1.53%
ETHE vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -43.52% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
BND Vanguard Total Bond Market ETF | -0.07% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 3.39% |
Correlation
The correlation between ETHE and BND is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.06 |
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Return for Risk
ETHE vs. BND — Risk / Return Rank
ETHE
BND
ETHE vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.83 | -2.32 |
| Martin ratioReturn relative to average drawdown | -0.86 | 5.43 | -6.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.48 | 1.32 | -1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.01 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.58 | -0.52 |
Drawdowns
ETHE vs. BND - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for ETHE and BND.
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Drawdown Indicators
| ETHE | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -18.58% | -77.68% |
Max Drawdown (1Y)Largest decline over 1 year | -67.77% | -2.68% | -65.09% |
Max Drawdown (3Y)Largest decline over 3 years | -67.77% | -5.92% | -61.85% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -17.91% | -71.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -78.64% | -2.70% | -75.94% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -3.06% | -69.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.65% | 0.90% | +37.75% |
Volatility
ETHE vs. BND - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 16.62% compared to Vanguard Total Bond Market ETF (BND) at 1.20%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.62% | 1.20% | +15.42% |
Volatility (6M)Calculated over the trailing 6-month period | 46.92% | 2.69% | +44.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.50% | 3.72% | +65.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.39% | 6.02% | +76.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.74% | 5.53% | +186.21% |
ETHE vs. BND - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
ETHE vs. BND - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.44%, less than BND's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
ETHE Grayscale Ethereum Trust ETF | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHE and BND have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (16.62%) compared to BND (1.20%). In terms of maximum drawdown, ETHE dropped -96.26% vs BND's -18.58%.
On 5-year performance, BND leads with -0.05% vs -11.18% for ETHE. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BND has performed better with a -0.05% return vs -11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 2.50% for ETHE.
BND has the higher dividend yield at 3.98%, compared with 1.44% for ETHE.
ETHE is categorized as Cryptocurrency, while BND is Total Bond Market. ETHE tracks CoinDesk Ether Price Index , while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 2.50% for ETHE and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.32 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.
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