ETHE vs. BTC
ETHE (Grayscale Ethereum Trust ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. ETHE is passively managed, while BTC is actively managed. Over the past year, ETHE returned -49.53% vs -44.13% for BTC. Their correlation of 0.82 means they have usually moved in the same direction. ETHE charges 2.50%/yr vs 0.15%/yr for BTC.
Performance
ETHE vs. BTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than BTC's -26.67% 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%
BTC
- 1D
- 0.60%
- 1M
- 4.49%
- 6M
- -15.95%
- YTD
- -26.67%
- 1Y
- -44.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $39.83M | $40.30M | $54.51M | |
| $26.36M | $26.52M | $33.93M |
ETHE vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 1.16% |
BTC Grayscale Bitcoin Mini Trust ETF | -26.67% | -7.50% | 41.93% |
Correlation
The correlation between ETHE and BTC is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024 | 0.82 |
The correlation between ETHE and BTC has been stable across timeframes, ranging from 0.82 to 0.91 - 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. BTC — Risk / Return Rank
ETHE
BTC
ETHE vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.84 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.83 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.27 | +0.19 |
Loading charts...
Drawdowns
ETHE vs. BTC - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than BTC's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for ETHE and BTC.
Loading charts...
Drawdown Indicators
| ETHE | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -53.30% | -42.96% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -53.30% | -14.87% |
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% | -48.89% | -27.36% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -19.50% | -52.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 34.87% | +11.10% |
Volatility
ETHE vs. BTC - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 11.25% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 8.13%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETHE | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 8.13% | +3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 33.02% | +10.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 44.32% | +22.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 47.45% | +33.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 47.45% | +142.28% |
ETHE vs. BTC - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
ETHE vs. BTC - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, while BTC has not paid dividends to shareholders.
| Position | TTM |
|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% |
ETHE Grayscale Ethereum Trust ETF | 1.59% |
Frequently Asked Questions
With a correlation of 0.91, ETHE and BTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ETHE has higher volatility (11.25%) compared to BTC (8.13%). In terms of maximum drawdown, ETHE dropped -96.26% vs BTC's -53.30%.
On 1-year performance, BTC leads with -44.13% vs -49.53% for ETHE. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTC has performed better with a -44.13% return vs -49.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.59%, compared with 0.00% for BTC.
Their fees differ too: 2.50% for ETHE and 0.15% for BTC.
ETHE currently has the higher Sharpe Ratio (-0.74 vs -1.00), 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 BTC
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