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 -29.29% vs 69.73% for GLXY. A 0.63 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 -44.35% return, which is significantly lower than GLXY's 40.21% return.
ETHE
- 1D
- -4.14%
- 1M
- -19.62%
- YTD
- -44.35%
- 6M
- -44.31%
- 1Y
- -29.29%
- 3Y*
- 11.44%
- 5Y*
- -7.22%
- 10Y*
- —
GLXY
- 1D
- -5.34%
- 1M
- 9.42%
- YTD
- 40.21%
- 6M
- 27.49%
- 1Y
- 69.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. GLXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -44.35% | 15.88% |
GLXY Galaxy Digital Holdings Ltd | 40.21% | -4.85% |
Correlation
The correlation between ETHE and GLXY is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 16, 2025 | 0.63 |
The correlation between ETHE and GLXY has been stable across timeframes, ranging from 0.63 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 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 | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.18 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 1.15 | -1.59 |
| Martin ratioReturn relative to average drawdown | -0.72 | 2.10 | -2.82 |
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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 | -67.77% | -60.71% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -67.77% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -78.96% | -26.85% | -52.11% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -27.82% | -44.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.66% | 33.26% | +7.40% |
Volatility
ETHE vs. GLXY - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 19.56%, while Galaxy Digital Holdings Ltd (GLXY) has a volatility of 30.19%. 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 | 19.56% | 30.19% | -10.63% |
Volatility (6M)Calculated over the trailing 6-month period | 46.85% | 67.60% | -20.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.95% | 90.38% | -21.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.29% | 89.18% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.19% | 89.18% | +102.01% |
Dividends
ETHE vs. GLXY - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.46%, while GLXY has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.46% |
GLXY Galaxy Digital Holdings Ltd | 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 (30.19%) compared to ETHE (19.56%). In terms of maximum drawdown, ETHE dropped -96.26% vs GLXY's -60.71%.
GLXY currently has the higher Sharpe Ratio (0.78 vs -0.43), 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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