ETHE vs. GBTC
ETHE (Grayscale Ethereum Trust ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale - ETHE tracks the CoinDesk Ether Price Index while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, ETHE returned -11.85%/yr vs 9.81%/yr for GBTC. A 0.72 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 1.50%/yr for GBTC.
Performance
ETHE vs. GBTC - 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 GBTC's -27.82% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
ETHE vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -24.17% |
Correlation
The correlation between ETHE and GBTC is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.72 |
The correlation between ETHE and GBTC shifts across timeframes, from 0.72 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. GBTC — Risk / Return Rank
ETHE
GBTC
ETHE vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.85 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | -0.81 | +0.28 |
| Martin ratioReturn relative to average drawdown | -0.88 | -1.40 | +0.53 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | -0.93 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.16 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.65 | -0.59 |
Drawdowns
ETHE vs. GBTC - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for ETHE and GBTC.
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Drawdown Indicators
| ETHE | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -89.91% | -6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | -49.87% | -13.82% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -49.87% | -16.25% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -85.42% | -4.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -77.50% | -49.87% | -27.63% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -43.43% | -28.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 28.81% | +9.38% |
Volatility
ETHE vs. GBTC - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 9.65% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 9.07% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 33.86% | +11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 43.69% | +24.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 62.44% | +19.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 82.20% | +109.58% |
ETHE vs. GBTC - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than GBTC's 1.50% expense ratio.
Dividends
ETHE vs. GBTC - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
ETHE and GBTC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (9.65%) compared to GBTC (9.07%). In terms of maximum drawdown, ETHE dropped -96.26% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 9.81% vs -11.85% for ETHE. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 9.81% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
ETHE tracks CoinDesk Ether Price Index , while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 2.50% for ETHE and 1.50% for GBTC.
ETHE currently has the higher Sharpe Ratio (-0.49 vs -0.93), 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.
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