ETHE vs. ETCO

Last updated Apr 2, 2026

Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Covered Call ETF (ETCO).

ETHE and ETCO 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. ETCO is an actively managed fund by Grayscale. It was launched on Sep 3, 2025.

Performance

ETHE vs. ETCO - Performance Comparison

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

ETHE vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
ETHE Grayscale Ethereum Trust ETF	-28.06%	-30.85%
ETCO Grayscale Ethereum Covered Call ETF	-25.50%	-24.78%

Returns By Period

In the year-to-date period, ETHE achieves a -28.06% return, which is significantly lower than ETCO's -25.50% return.

ETHE

• 1D: 2.11%
• 1M: 5.07%
• YTD: -28.06%
• 6M: -50.86%
• 1Y: 10.20%
• 3Y*: 26.95%
• 5Y*: -1.42%
• 10Y*: —

ETCO

• 1D: 0.47%
• 1M: 4.37%
• YTD: -25.50%
• 6M: -42.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. ETCO - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than ETCO's 0.66% expense ratio.

ETHE

Grayscale Ethereum Trust ETF

ETCO

Grayscale Ethereum Covered Call ETF

Return for Risk

ETHE vs. ETCO — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 19
ETHE Sharpe Ratio Rank: 15
ETHE Sortino Ratio Rank: 25
ETHE Omega Ratio Rank: 22
ETHE Calmar Ratio Rank: 17
ETHE Martin Ratio Rank: 15

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. 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 ratio Return per unit of total volatility	0.14	—	—
Sortino ratio Return per unit of downside risk	0.76	—	—
Omega ratio Gain probability vs. loss probability	1.09	—	—
Calmar ratio Return relative to maximum drawdown	0.25	—	—
Martin ratio Return relative to average drawdown	0.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETHE	ETCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	—	—
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	-1.12	+1.20

Correlation

The correlation between ETHE and ETCO is 0.95, 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. ETCO - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 0.74%, less than ETCO's 93.40% yield.

	TTM	2025
ETHE Grayscale Ethereum Trust ETF	0.74%	0.00%
ETCO Grayscale Ethereum Covered Call ETF	93.40%	42.29%

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.

Drawdown Indicators

	ETHE	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-56.81%	-39.45%
Max Drawdown (1Y) Largest decline over 1 year	-61.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-72.79%	-48.91%	-23.88%
Average Drawdown Average peak-to-trough decline	-72.24%	-31.07%	-41.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.81%	—	—

Volatility

Volatility by Period

	ETHE	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.68%	56.99%	+18.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.12%	56.99%	+28.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.12%	56.99%	+137.13%