ETHE vs. GLXY
ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index , while GLXY (Galaxy Digital Holdings Ltd) is a stock. Over the past year, ETHE returned -32.48% vs 48.93% for GLXY. A 0.64 correlation means they provide meaningful diversification when combined.
Performance
ETHE vs. GLXY - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -39.63% return, which is significantly lower than GLXY's 27.42% return.
ETHE
- 1D
- -5.64%
- 1M
- -23.64%
- YTD
- -39.63%
- 6M
- -42.89%
- 1Y
- -32.48%
- 3Y*
- 19.37%
- 5Y*
- -11.60%
- 10Y*
- —
GLXY
- 1D
- -1.96%
- 1M
- -2.33%
- YTD
- 27.42%
- 6M
- 5.32%
- 1Y
- 48.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. GLXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -39.63% | 13.03% |
GLXY Galaxy Digital Holdings Ltd | 27.42% | -1.93% |
Correlation
The correlation between ETHE and GLXY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 19, 2025 | 0.64 |
The correlation between ETHE and GLXY has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
ETHE vs. GLXY — Risk / Return Rank
ETHE
GLXY
ETHE vs. GLXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Galaxy Digital Holdings Ltd (GLXY). 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 | GLXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.81 | -1.33 |
| Martin ratioReturn relative to average drawdown | -0.86 | 1.50 | -2.35 |
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 | GLXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.48 | 0.57 | -1.05 |
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 | 0.28 | -0.21 |
Drawdowns
ETHE vs. GLXY - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than GLXY's maximum drawdown of -60.71%. Use the drawdown chart below to compare losses from any high point for ETHE and GLXY.
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Drawdown Indicators
| ETHE | GLXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -60.71% | -35.55% |
Max Drawdown (1Y)Largest decline over 1 year | -63.16% | -60.71% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -77.17% | -33.53% | -43.64% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -28.01% | -44.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.98% | 32.76% | +5.22% |
Volatility
ETHE vs. GLXY - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.87%, while Galaxy Digital Holdings Ltd (GLXY) has a volatility of 18.62%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than GLXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | GLXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 18.62% | -8.75% |
Volatility (6M)Calculated over the trailing 6-month period | 46.00% | 65.48% | -19.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.31% | 86.59% | -18.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.26% | 86.86% | -4.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.84% | 86.86% | +104.98% |
Dividends
ETHE vs. GLXY - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.35%, while GLXY has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.35% |
GLXY Galaxy Digital Holdings Ltd | 0.00% |
Frequently Asked Questions
ETHE and GLXY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLXY has higher volatility (18.62%) compared to ETHE (9.87%). In terms of maximum drawdown, ETHE dropped -96.26% vs GLXY's -60.71%.
GLXY currently has the higher Sharpe Ratio (0.57 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.
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