ETHE vs. ETH-USD
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 -10.40%/yr vs -8.02%/yr for ETH-USD. Their 0.59 correlation means they have sometimes moved together and sometimes differently.
Performance
ETHE vs. ETH-USD - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with ETHE having a -37.21% return and ETH-USD slightly lower at -37.22%.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
ETH-USD
- 1D
- 0.20%
- 1M
- 4.39%
- 6M
- -16.49%
- YTD
- -37.22%
- 1Y
- -49.94%
- 3Y*
- 0.50%
- 5Y*
- -8.02%
- 10Y*
- 67.04%
- ALL TIME*
- 79.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ETH-USD Ethereum | $17.03T | $18.31T | $24.95T |
| $26.36M | $26.52M | $33.93M |
ETHE vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
ETH-USD Ethereum | -37.22% | -10.91% | 46.00% | 90.84% | -67.48% | 398.30% | 473.88% | -49.67% |
Correlation
The correlation between ETHE and ETH-USD is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | 0.59 |
The correlation between ETHE and ETH-USD shifts across timeframes, from 0.59 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETHE vs. ETH-USD — Risk / Return Rank
ETHE
ETH-USD
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ETHE | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.90 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.74 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.09 | +0.01 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| ETHE | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -94.01% | -2.25% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -67.60% | -0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | -67.60% | -0.57% |
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 DrawdownCurrent decline from peak | -76.25% | -61.45% | -14.80% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -51.05% | -21.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 35.14% | +10.83% |
Volatility
ETHE vs. ETH-USD - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) and Ethereum (ETH-USD) have volatilities of 11.25% and 11.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETHE | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 11.73% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 43.32% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 54.63% | +12.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 58.41% | +22.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 76.00% | +113.73% |
Frequently Asked Questions
ETHE and ETH-USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (11.73%) compared to ETHE (11.25%). In terms of maximum drawdown, ETHE dropped -96.26% vs ETH-USD's -94.01%.
ETHE currently has the higher Sharpe Ratio (-0.74 vs -0.76), 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.
Find the right allocation for ETHE and ETH-USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer