ETHE vs. BTCI

Last updated Apr 1, 2026

Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and NEOS Bitcoin High Income ETF (BTCI).

ETHE and BTCI 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. BTCI is an actively managed fund by Neos. It was launched on Oct 16, 2024.

Performance

ETHE vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

ETHE vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHE Grayscale Ethereum Trust ETF	-29.54%	-13.03%	28.12%
BTCI NEOS Bitcoin High Income ETF	-20.30%	-1.09%	28.24%

Returns By Period

In the year-to-date period, ETHE achieves a -29.54% return, which is significantly lower than BTCI's -20.30% return.

ETHE

• 1D: 3.83%
• 1M: 8.93%
• YTD: -29.54%
• 6M: -49.90%
• 1Y: 12.82%
• 3Y*: 26.07%
• 5Y*: -1.84%
• 10Y*: —

BTCI

• 1D: 2.02%
• 1M: 3.84%
• YTD: -20.30%
• 6M: -36.82%
• 1Y: -13.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. BTCI - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than BTCI's 0.98% expense ratio.

ETHE

Grayscale Ethereum Trust ETF

BTCI

NEOS Bitcoin High Income ETF

Return for Risk

ETHE vs. BTCI — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 20
ETHE Sharpe Ratio Rank: 17
ETHE Sortino Ratio Rank: 29
ETHE Omega Ratio Rank: 25
ETHE Calmar Ratio Rank: 16
ETHE Martin Ratio Rank: 15

BTCI

BTCI Risk / Return Rank: 7
BTCI Sharpe Ratio Rank: 6
BTCI Sortino Ratio Rank: 7
BTCI Omega Ratio Rank: 7
BTCI Calmar Ratio Rank: 7
BTCI Martin Ratio Rank: 7

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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio Return per unit of total volatility	0.17	-0.34	+0.51
Sortino ratio Return per unit of downside risk	0.81	-0.22	+1.04
Omega ratio Gain probability vs. loss probability	1.09	0.97	+0.12
Calmar ratio Return relative to maximum drawdown	0.16	-0.33	+0.49
Martin ratio Return relative to average drawdown	0.33	-0.73	+1.05
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. BTCI - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is 0.17, which is higher than the BTCI Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of ETHE and BTCI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHE	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	-0.34	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.02	+0.06

Correlation

The correlation between ETHE and BTCI is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETHE vs. BTCI - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 0.76%, less than BTCI's 43.61% yield.

	TTM	2025	2024
ETHE Grayscale Ethereum Trust ETF	0.76%	0.00%	0.00%
BTCI NEOS Bitcoin High Income ETF	43.61%	36.46%	6.76%

Drawdowns

ETHE vs. BTCI - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than BTCI's maximum drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for ETHE and BTCI.

Drawdown Indicators

	ETHE	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-44.98%	-51.28%
Max Drawdown (1Y) Largest decline over 1 year	-61.89%	-44.98%	-16.91%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-73.36%	-41.07%	-32.29%
Average Drawdown Average peak-to-trough decline	-72.24%	-12.77%	-59.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.61%	20.34%	+10.27%

Volatility

ETHE vs. BTCI - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 19.27% compared to NEOS Bitcoin High Income ETF (BTCI) at 10.27%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.27%	10.27%	+9.00%
Volatility (6M) Calculated over the trailing 6-month period	53.51%	33.66%	+19.85%
Volatility (1Y) Calculated over the trailing 1-year period	75.70%	40.07%	+35.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.14%	41.41%	+43.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.18%	41.41%	+152.77%