ETHE vs. BTRN
Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and Global X Bitcoin Trend Strategy ETF (BTRN).
ETHE and BTRN 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. BTRN is a passively managed fund by Global X that tracks the performance of the CoinDesk Bitcoin Trend Indicator Futures Index. It was launched on Mar 20, 2024. Both ETHE and BTRN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ETHE vs. BTRN - Performance Comparison
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ETHE vs. BTRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -28.06% | -13.03% | 4.59% |
BTRN Global X Bitcoin Trend Strategy ETF | -1.55% | 4.89% | 5.22% |
Returns By Period
In the year-to-date period, ETHE achieves a -28.06% return, which is significantly lower than BTRN's -1.55% return.
ETHE
- 1D
- 2.11%
- 1M
- 5.07%
- YTD
- -28.06%
- 6M
- -50.86%
- 1Y
- 10.20%
- 3Y*
- 26.95%
- 5Y*
- -1.42%
- 10Y*
- —
BTRN
- 1D
- 0.04%
- 1M
- -0.80%
- YTD
- -1.55%
- 6M
- -11.91%
- 1Y
- 2.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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ETHE vs. BTRN - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than BTRN's 0.95% expense ratio.
Return for Risk
ETHE vs. BTRN — Risk / Return Rank
ETHE
BTRN
ETHE vs. BTRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Global X Bitcoin Trend Strategy ETF (BTRN). 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 | BTRN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.14 | 0.13 | 0.00 |
Sortino ratioReturn per unit of downside risk | 0.76 | 0.33 | +0.43 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.05 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | 0.18 | +0.06 |
Martin ratioReturn relative to average drawdown | 0.49 | 0.28 | +0.21 |
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 | BTRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | 0.13 | 0.00 |
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 | 0.13 | -0.05 |
Correlation
The correlation between ETHE and BTRN is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ETHE vs. BTRN - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 0.74%, less than BTRN's 28.19% yield.
| TTM | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 0.74% | 0.00% | 0.00% |
BTRN Global X Bitcoin Trend Strategy ETF | 28.19% | 27.76% | 2.56% |
Drawdowns
ETHE vs. BTRN - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for ETHE and BTRN.
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Drawdown Indicators
| ETHE | BTRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -36.97% | -59.29% |
Max Drawdown (1Y)Largest decline over 1 year | -61.89% | -19.80% | -42.09% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -72.79% | -18.92% | -53.87% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -14.13% | -58.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.81% | 12.79% | +18.02% |
Volatility
ETHE vs. BTRN - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 19.07% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 2.69%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | BTRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 2.69% | +16.38% |
Volatility (6M)Calculated over the trailing 6-month period | 53.57% | 9.24% | +44.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.68% | 20.02% | +55.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 85.12% | 31.64% | +53.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 194.12% | 31.64% | +162.48% |