ETHE vs. GLNK

Last updated Aug 5, 2026

ETHE (Grayscale Ethereum Trust ETF) and GLNK (Grayscale Chainlink Trust ETF) are both Cryptocurrency funds from Grayscale - ETHE tracks the CoinDesk Ether Price Index while GLNK tracks the Chainlink (LINK). Both are passively managed. Over the past 3 years, ETHE returned 10.35%/yr vs -18.60%/yr for GLNK. Their 0.37 correlation means their historical movements had little consistent relationship. Both charge a 2.50% expense ratio.

Performance

ETHE vs. GLNK - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than GLNK's -33.18% return.

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%

GLNK

• 1D: -0.07%
• 1M: 5.81%
• 6M: -16.23%
• YTD: -33.18%
• 1Y: -73.86%
• 3Y*: -18.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHE Grayscale Ethereum Trust ETF	$26.36M	$26.52M	$33.93M
GLNK Grayscale Chainlink Trust ETF	$2.54M	$1.91M	$1.95M

ETHE vs. GLNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETHE Grayscale Ethereum Trust ETF	-37.21%	-13.03%	44.14%	308.40%	-63.88%
GLNK Grayscale Chainlink Trust ETF	-33.18%	-87.10%	38.45%	840.06%	-18.87%

Correlation

The correlation between ETHE and GLNK is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (All Time) Calculated using the full available price history since May 19, 2022	0.37

Over the past year, ETHE and GLNK have become more correlated (0.77) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

ETHE vs. GLNK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHE

ETHE Risk / Return Rank: 3
ETHE Sharpe Ratio Rank: 3
ETHE Sortino Ratio Rank: 3
ETHE Omega Ratio Rank: 3
ETHE Calmar Ratio Rank: 3
ETHE Martin Ratio Rank: 4

GLNK

GLNK Risk / Return Rank: 3
GLNK Sharpe Ratio Rank: 3
GLNK Sortino Ratio Rank: 3
GLNK Omega Ratio Rank: 3
GLNK Calmar Ratio Rank: 2
GLNK Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHE vs. GLNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Chainlink Trust ETF (GLNK). 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	GLNK	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-0.74	0.00
Sortino ratio: Return per unit of downside risk	-0.97	-1.21	+0.24
Omega ratio: Gain probability vs. loss probability	0.89	0.86	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.83	+0.10
Martin ratio: Return relative to average drawdown	-1.08	-0.98	-0.10

ETHE vs. GLNK - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.75, which is comparable to the GLNK Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of ETHE and GLNK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHE vs. GLNK - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum GLNK drawdown of -96.25%. Use the drawdown chart below to compare losses from any high point for ETHE and GLNK.

Drawdown Indicators

	ETHE	GLNK	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-96.25%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-89.50%	+21.33%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	-96.25%	+28.08%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-76.25%	-95.70%	+19.45%
Average Drawdown Average peak-to-trough decline	-72.32%	-57.27%	-15.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.97%	75.49%	-29.52%

Volatility

ETHE vs. GLNK - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) and Grayscale Chainlink Trust ETF (GLNK) have volatilities of 11.25% and 11.62%, 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	GLNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	11.62%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	43.39%	44.57%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	66.84%	99.44%	-32.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.93%	161.82%	-80.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	189.73%	161.82%	+27.91%

ETHE vs. GLNK - Expense Ratio Comparison

Both ETHE and GLNK have an expense ratio of 2.50%.

Dividends

ETHE vs. GLNK - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.59%, while GLNK has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.59%
GLNK Grayscale Chainlink Trust ETF	0.00%

Frequently Asked Questions

Can I hold both ETHE and GLNK in my portfolio?

ETHE and GLNK have a correlation of 0.77, 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 GLNK?

GLNK has higher volatility (11.62%) compared to ETHE (11.25%). In terms of maximum drawdown, ETHE dropped -96.26% vs GLNK's -96.25%.

Which ETF is better, ETHE or GLNK?

On 3-year performance, ETHE leads with 10.35% vs -18.60% for GLNK. Both ETFs have the same 2.50% expense ratio. On volatility, ETHE has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or GLNK?

Over the 3-year period, ETHE has performed better with a 10.35% return vs -18.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or GLNK?

ETHE and GLNK have the same expense ratio: 2.50% per year.

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

ETHE has the higher dividend yield at 1.59%, compared with 0.00% for GLNK.

What is the main difference between ETHE and GLNK?

ETHE tracks CoinDesk Ether Price Index, while GLNK tracks Chainlink (LINK).

Which has better risk-adjusted returns?

GLNK currently has the higher Sharpe Ratio (-0.74 vs -0.74), 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.