ETHE vs. ETH-USD

Last updated Jun 4, 2026

ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index , while ETH-USD (Ethereum) is a cryptocurrency. Over the past 5 years, ETHE returned -11.60%/yr vs -7.83%/yr for ETH-USD. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

ETHE vs. ETH-USD - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ETHE having a -39.63% return and ETH-USD slightly lower at -39.68%.

ETHE

• 1D: -5.64%
• 1M: -23.64%
• YTD: -39.63%
• 6M: -42.89%
• 1Y: -32.48%
• 3Y*: 19.37%
• 5Y*: -11.60%
• 10Y*: —

ETH-USD

• 1D: -3.66%
• 1M: -23.74%
• YTD: -39.68%
• 6M: -43.89%
• 1Y: -31.03%
• 3Y*: -1.81%
• 5Y*: -7.83%
• 10Y*: 62.38%

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

ETHE vs. ETH-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETHE Grayscale Ethereum Trust ETF	-39.63%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-57.08%
ETH-USD Ethereum	-39.68%	-10.91%	46.00%	90.84%	-67.48%	398.30%	473.88%	-51.27%

Correlation

The correlation between ETHE and ETH-USD is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 15, 2019	0.59

The correlation between ETHE and ETH-USD has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

Return for Risk

ETHE vs. ETH-USD — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 4
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 5

ETH-USD

ETH-USD Risk / Return Rank: 71
ETH-USD Sharpe Ratio Rank: 65
ETH-USD Sortino Ratio Rank: 66
ETH-USD Omega Ratio Rank: 67
ETH-USD Calmar Ratio Rank: 80
ETH-USD Martin Ratio Rank: 78

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. ETH-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Ethereum (ETH-USD). 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	ETH-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.46	-0.02
Sortino ratio Return per unit of downside risk	-0.34	-0.31	-0.03
Omega ratio Gain probability vs. loss probability	0.96	0.97	-0.01
Calmar ratio Return relative to maximum drawdown	-0.52	-0.49	-0.02
Martin ratio Return relative to average drawdown	-0.86	-0.82	-0.04
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. ETH-USD - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.48, which is comparable to the ETH-USD Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of ETHE and ETH-USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHE	ETH-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.46	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	-0.11	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.76	-0.70

Drawdowns

ETHE vs. ETH-USD - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum ETH-USD drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for ETHE and ETH-USD.

Drawdown Indicators

	ETHE	ETH-USD	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-94.01%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-63.16%	-62.96%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-66.12%	-63.80%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	-79.35%	-10.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-94.01%	—
Current Drawdown Current decline from peak	-77.17%	-62.96%	-14.21%
Average Drawdown Average peak-to-trough decline	-72.23%	-50.87%	-21.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.98%	43.64%	-5.66%

Volatility

ETHE vs. ETH-USD - Volatility Comparison

The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.87%, while Ethereum (ETH-USD) has a volatility of 10.96%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	ETH-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	10.96%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	46.00%	45.10%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	55.90%	+12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.26%	59.54%	+22.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.84%	77.96%	+113.88%

Frequently Asked Questions

Can I hold both ETHE and ETH-USD in my portfolio?

ETHE and ETH-USD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or ETH-USD?

ETH-USD has higher volatility (10.96%) compared to ETHE (9.87%). In terms of maximum drawdown, ETHE dropped -96.26% vs ETH-USD's -94.01%.

Which has better risk-adjusted returns?

ETH-USD currently has the higher Sharpe Ratio (-0.46 vs -0.48), 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.