ETHE vs. ETCO
ETHE (Grayscale Ethereum Trust ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. ETHE is passively managed, while ETCO is actively managed. With a 0.95 correlation, they move nearly in lockstep. ETHE charges 2.50%/yr vs 0.66%/yr for ETCO.
Performance
ETHE vs. ETCO - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than ETCO's -34.48% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
ETCO
- 1D
- -1.66%
- 1M
- -22.34%
- YTD
- -34.48%
- 6M
- -36.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. ETCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -30.85% |
ETCO Grayscale Ethereum Covered Call ETF | -34.48% | -24.78% |
Correlation
The correlation between ETHE and ETCO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.95 |
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Return for Risk
ETHE vs. ETCO — Risk / Return Rank
ETHE
ETCO
ETHE vs. ETCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Covered Call ETF (ETCO). 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 | ETCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.96 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | — | — |
| Martin ratioReturn relative to average drawdown | -0.88 | — | — |
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 | ETCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -1.17 | +1.23 |
Drawdowns
ETHE vs. ETCO - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than ETCO's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for ETHE and ETCO.
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Drawdown Indicators
| ETHE | ETCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -56.81% | -39.45% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -77.50% | -55.08% | -22.42% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -34.54% | -37.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | — | — |
Volatility
ETHE vs. ETCO - Volatility Comparison
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Volatility by Period
| ETHE | ETCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 52.38% | +15.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 52.38% | +29.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 52.38% | +139.40% |
ETHE vs. ETCO - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than ETCO's 0.66% expense ratio.
Dividends
ETHE vs. ETCO - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, less than ETCO's 129.56% yield.
| Position | TTM | 2025 |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 129.56% | 42.29% |
ETHE Grayscale Ethereum Trust ETF | 1.37% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, ETHE and ETCO 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.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 2.50% for ETHE.
ETCO has the higher dividend yield at 129.56%, compared with 1.37% for ETHE.
Their fees differ too: 2.50% for ETHE and 0.66% for ETCO.
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