ETHE vs. GLXY
ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index, while GLXY (Galaxy Digital Inc.) is a stock. Over the past year, ETHE returned -47.38% vs -18.60% for GLXY. Their 0.61 correlation means they have sometimes moved together and sometimes differently.
Performance
ETHE vs. GLXY - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.42% return, which is significantly lower than GLXY's -2.15% return.
ETHE
- 1D
- 0.20%
- 1M
- 9.84%
- 6M
- -19.78%
- YTD
- -37.42%
- 1Y
- -47.38%
- 3Y*
- 10.22%
- 5Y*
- -9.36%
- 10Y*
- —
- ALL TIME*
- 12.29%
GLXY
- 1D
- 4.14%
- 1M
- -11.02%
- 6M
- -17.25%
- YTD
- -2.15%
- 1Y
- -18.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -5.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.24M | $26.49M | $34.17M | |
| $132.32M | $137.55M | $181.75M |
ETHE vs. GLXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.42% | 15.88% |
GLXY Galaxy Digital Inc. | -2.15% | -4.85% |
Correlation
The correlation between ETHE and GLXY is 0.66, 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. | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 16, 2025 | 0.61 |
The correlation between ETHE and GLXY has been stable across timeframes, ranging from 0.61 to 0.66 - 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 Inc. (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.
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 | GLXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.04 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | -0.31 | -0.39 |
| Martin ratioReturn relative to average drawdown | -1.04 | -0.52 | -0.52 |
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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 | -68.17% | -60.71% | -7.46% |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -76.34% | -48.95% | -27.39% |
Average DrawdownAverage peak-to-trough decline | -72.31% | -29.25% | -43.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.81% | 35.87% | +9.94% |
Volatility
ETHE vs. GLXY - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 12.35%, while Galaxy Digital Inc. (GLXY) has a volatility of 30.86%. 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 | 12.35% | 30.86% | -18.51% |
Volatility (6M)Calculated over the trailing 6-month period | 45.60% | 70.53% | -24.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.97% | 91.33% | -24.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.04% | 90.24% | -9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.78% | 90.24% | +99.54% |
Dividends
ETHE vs. GLXY - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.45%, while GLXY has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.45% |
GLXY Galaxy Digital Inc. | 0.00% |
Frequently Asked Questions
ETHE and GLXY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLXY has higher volatility (30.86%) compared to ETHE (12.35%). In terms of maximum drawdown, ETHE dropped -96.26% vs GLXY's -60.71%.
GLXY currently has the higher Sharpe Ratio (-0.20 vs -0.71), 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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