ETHE vs. IBIT

Last updated Aug 2, 2026

ETHE (Grayscale Ethereum Trust ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - ETHE tracks the CoinDesk Ether Price Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, ETHE returned -47.48% vs -44.50% for IBIT. Their correlation of 0.81 means they have usually moved in the same direction. ETHE charges 2.50%/yr vs 0.25%/yr for IBIT.

Performance

ETHE vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHE achieves a -37.55% return, which is significantly lower than IBIT's -28.22% return.

ETHE

• 1D: -3.03%
• 1M: 9.62%
• 6M: -30.54%
• YTD: -37.55%
• 1Y: -47.48%
• 3Y*: 13.40%
• 5Y*: -7.45%
• 10Y*: —
• ALL TIME*: 12.28%

IBIT

• 1D: -2.89%
• 1M: 2.21%
• 6M: -24.95%
• YTD: -28.22%
• 1Y: -44.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.01%

*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	$26.76M	$27.48M	$34.61M
IBIT iShares Bitcoin Trust ETF	$1.30B	$1.34B	$1.68B

ETHE vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHE Grayscale Ethereum Trust ETF	-37.55%	-13.03%	33.45%
IBIT iShares Bitcoin Trust ETF	-28.22%	-6.41%	89.87%

Correlation

The correlation between ETHE and IBIT is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.81

The correlation between ETHE and IBIT has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

ETHE vs. IBIT — 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

IBIT

IBIT Risk / Return Rank: 1
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 1
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 1

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	-1.04	+0.29
Sortino ratio: Return per unit of downside risk	-1.00	-1.57	+0.57
Omega ratio: Gain probability vs. loss probability	0.89	0.83	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.87	+0.12
Martin ratio: Return relative to average drawdown	-1.11	-1.34	+0.22

ETHE vs. IBIT - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.76, which is comparable to the IBIT Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of ETHE and IBIT, 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. IBIT - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for ETHE and IBIT.

Drawdown Indicators

	ETHE	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-53.30%	-42.96%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-53.30%	-14.87%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-76.38%	-50.01%	-26.37%
Average Drawdown Average peak-to-trough decline	-72.31%	-18.24%	-54.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.64%	34.66%	+10.98%

Volatility

ETHE vs. IBIT - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 13.21% compared to iShares Bitcoin Trust ETF (IBIT) at 9.21%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.21%	9.21%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	45.80%	33.74%	+12.06%
Volatility (1Y) Calculated over the trailing 1-year period	67.10%	44.46%	+22.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.09%	49.60%	+31.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	189.83%	49.60%	+140.23%

ETHE vs. IBIT - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

ETHE vs. IBIT - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.45%, while IBIT has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.45%
IBIT iShares Bitcoin Trust ETF	0.00%

Frequently Asked Questions

Can I hold both ETHE and IBIT in my portfolio?

With a correlation of 0.91, ETHE and IBIT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETHE or IBIT?

ETHE has higher volatility (13.21%) compared to IBIT (9.21%). In terms of maximum drawdown, ETHE dropped -96.26% vs IBIT's -53.30%.

Which ETF is better, ETHE or IBIT?

On 1-year performance, IBIT leads with -44.50% vs -47.48% for ETHE. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or IBIT?

Over the 1-year period, IBIT has performed better with a -44.50% return vs -47.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.45%, compared with 0.00% for IBIT.

What is the main difference between ETHE and IBIT?

ETHE tracks CoinDesk Ether Price Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and iShares. Their fees differ too: 2.50% for ETHE and 0.25% for IBIT.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.76 vs -1.04), 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.