ETHE vs. FETH

Last updated Jun 4, 2026

ETHE (Grayscale Ethereum Trust ETF) and FETH (Fidelity Ethereum Fund) are both Cryptocurrency funds - ETHE tracks the CoinDesk Ether Price Index while FETH tracks the Fidelity Ethereum Reference Rate Index. Both are passively managed. Over the past year, ETHE returned -32.48% vs -31.75% for FETH. With a 1.00 correlation, they move nearly in lockstep. ETHE charges 2.50%/yr vs 0.00%/yr for FETH.

Performance

ETHE vs. FETH - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with ETHE having a -39.63% return and FETH slightly higher at -39.45%.

ETHE

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

FETH

• 1D: -5.78%
• 1M: -23.67%
• YTD: -39.45%
• 6M: -42.77%
• 1Y: -31.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHE Grayscale Ethereum Trust ETF	-39.63%	-13.03%	-4.53%
FETH Fidelity Ethereum Fund	-39.45%	-11.37%	-3.61%

Correlation

The correlation between ETHE and FETH is 1.00 - 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 (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	1.00

The correlation between ETHE and FETH has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETHE vs. FETH — 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

FETH

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

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. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.47	-0.01
Sortino ratio Return per unit of downside risk	-0.34	-0.32	-0.03
Omega ratio Gain probability vs. loss probability	0.96	0.97	0.00
Calmar ratio Return relative to maximum drawdown	-0.52	-0.51	-0.01
Martin ratio Return relative to average drawdown	-0.86	-0.84	-0.02
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. FETH - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.48, which is comparable to the FETH Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of ETHE and FETH, 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	FETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.47	-0.01
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	-0.41	+0.48

Drawdowns

ETHE vs. FETH - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than FETH's maximum drawdown of -64.00%. Use the drawdown chart below to compare losses from any high point for ETHE and FETH.

Drawdown Indicators

	ETHE	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-64.00%	-32.26%
Max Drawdown (1Y) Largest decline over 1 year	-63.16%	-62.95%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-66.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-77.17%	-62.95%	-14.22%
Average Drawdown Average peak-to-trough decline	-72.23%	-32.73%	-39.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.98%	37.82%	+0.16%

Volatility

ETHE vs. FETH - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) and Fidelity Ethereum Fund (FETH) have volatilities of 9.87% and 9.99%, 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.

Volatility by Period

	ETHE	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	9.99%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	46.00%	46.01%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	68.50%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.26%	72.27%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.84%	72.27%	+119.57%

ETHE vs. FETH - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than FETH's 0.00% expense ratio.

Dividends

ETHE vs. FETH - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.35%, while FETH has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.35%
FETH Fidelity Ethereum Fund	0.00%

Frequently Asked Questions

Can I hold both ETHE and FETH in my portfolio?

With a correlation of 1.00, ETHE and FETH 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.

Which is riskier, ETHE or FETH?

FETH has higher volatility (9.99%) compared to ETHE (9.87%). In terms of maximum drawdown, ETHE dropped -96.26% vs FETH's -64.00%.

Which ETF is better, ETHE or FETH?

On 1-year performance, FETH leads with -31.75% vs -32.48% for ETHE. On fees, FETH is cheaper at 0.00% per year. On volatility, ETHE has been the lower-risk option at 9.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or FETH?

Over the 1-year period, FETH has performed better with a -31.75% return vs -32.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or FETH?

FETH is cheaper with a 0.00% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or FETH?

ETHE has the higher dividend yield at 1.35%, compared with 0.00% for FETH.

What is the main difference between ETHE and FETH?

ETHE tracks CoinDesk Ether Price Index , while FETH tracks Fidelity Ethereum Reference Rate Index. They also come from different issuers: Grayscale and Fidelity. Their fees differ too: 2.50% for ETHE and 0.00% for FETH.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.47 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.