ETHE vs. GFOF

Last updated Jun 4, 2026

ETHE (Grayscale Ethereum Trust ETF) and GFOF (Grayscale Future of Finance ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.70%/yr for GFOF.

Performance

ETHE vs. GFOF - Performance Comparison

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

Returns By Period

ETHE

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

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. GFOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETHE Grayscale Ethereum Trust ETF	-39.63%	-13.03%	44.14%	308.40%	-77.58%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	60.08%	145.49%	-68.58%

Correlation

The correlation between ETHE and GFOF is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.55

The correlation between ETHE and GFOF shifts across timeframes, from 0.39 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETHE vs. GFOF — 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

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. GFOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Future of Finance ETF (GFOF). 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	GFOF	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	—	—
Sortino ratio: Return per unit of downside risk	-0.34	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.52	—	—
Martin ratio: Return relative to average drawdown	-0.86	—	—
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	GFOF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	—	—
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	—	—

Drawdowns

Drawdown Indicators

	ETHE	GFOF	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-63.16%	—	—
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%	—	—
Average Drawdown Average peak-to-trough decline	-72.23%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	37.98%	—	—

Volatility

Volatility by Period

	ETHE	GFOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.26%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.84%	—	—

ETHE vs. GFOF - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than GFOF's 0.70% expense ratio.

Dividends

ETHE vs. GFOF - Dividend Comparison

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

Position	TTM	2025	2024	2023
ETHE Grayscale Ethereum Trust ETF	1.35%	0.00%	0.00%	0.00%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%

Frequently Asked Questions

Can I hold both ETHE and GFOF in my portfolio?

ETHE and GFOF have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETHE or GFOF?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETHE or GFOF?

GFOF is cheaper with a 0.70% expense ratio, compared with 2.50% for ETHE.

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

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

What is the main difference between ETHE and GFOF?

ETHE is categorized as Cryptocurrency, while GFOF is Blockchain. ETHE tracks CoinDesk Ether Price Index , while GFOF tracks Bloomberg Grayscale Future of Finance Index. Their fees differ too: 2.50% for ETHE and 0.70% for GFOF.