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 -38.35% vs 12.91% for GLXY. A 0.61 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 -37.13% return, which is significantly lower than GLXY's 8.32% return.
ETHE
- 1D
- 5.87%
- 1M
- 12.64%
- 6M
- -41.71%
- YTD
- -37.13%
- 1Y
- -38.35%
- 3Y*
- 10.71%
- 5Y*
- -2.81%
- 10Y*
- —
GLXY
- 1D
- 3.73%
- 1M
- -27.40%
- 6M
- -9.69%
- YTD
- 8.32%
- 1Y
- 12.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. GLXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.13% | 15.88% |
GLXY Galaxy Digital Holdings Ltd | 8.32% | -4.85% |
Correlation
The correlation between ETHE and GLXY is 0.64, 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 | 0.64 |
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 0.64 - 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.
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 | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.10 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.21 | -0.78 |
| Martin ratioReturn relative to average drawdown | -0.88 | 0.38 | -1.26 |
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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 | -76.23% | -43.49% | -32.74% |
Average DrawdownAverage peak-to-trough decline | -72.28% | -28.37% | -43.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.48% | 34.51% | +8.97% |
Volatility
ETHE vs. GLXY - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) and Galaxy Digital Holdings Ltd (GLXY) have volatilities of 16.70% and 16.53%, 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.
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Volatility by Period
| ETHE | GLXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.70% | 16.53% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 47.33% | 67.87% | -20.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.27% | 90.06% | -21.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.73% | 88.24% | -6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 190.50% | 88.24% | +102.26% |
Dividends
ETHE vs. GLXY - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.44%, while GLXY has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.44% |
GLXY Galaxy Digital Holdings Ltd | 0.00% |
Frequently Asked Questions
ETHE and GLXY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (16.70%) compared to GLXY (16.53%). In terms of maximum drawdown, ETHE dropped -96.26% vs GLXY's -60.71%.
GLXY currently has the higher Sharpe Ratio (0.14 vs -0.56), 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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