ETHE vs. IBLC
ETHE (Grayscale Ethereum Trust ETF) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - ETHE tracks the CoinDesk Ether Price Index while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past 3 years, ETHE returned 19.37%/yr vs 48.31%/yr for IBLC. A 0.68 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.47%/yr for IBLC.
Performance
ETHE vs. IBLC - 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 IBLC's 32.34% return.
ETHE
- 1D
- -5.64%
- 1M
- -23.64%
- YTD
- -39.63%
- 6M
- -42.89%
- 1Y
- -32.48%
- 3Y*
- 19.37%
- 5Y*
- -11.60%
- 10Y*
- —
IBLC
- 1D
- -3.00%
- 1M
- 13.52%
- YTD
- 32.34%
- 6M
- 15.25%
- 1Y
- 73.27%
- 3Y*
- 48.31%
- 5Y*
- —
- 10Y*
- —
ETHE vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -39.63% | -13.03% | 44.14% | 308.40% | -76.63% |
IBLC iShares Blockchain and Tech ETF | 32.34% | 27.05% | 18.58% | 201.47% | -57.76% |
Correlation
The correlation between ETHE and IBLC 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 (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022 | 0.68 |
The correlation between ETHE and IBLC has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
ETHE vs. IBLC — Risk / Return Rank
ETHE
IBLC
ETHE vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and iShares Blockchain and Tech ETF (IBLC). 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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.64 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.86 | 3.26 | -4.11 |
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 | IBLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.48 | 1.34 | -1.82 |
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 | 0.40 | -0.34 |
Drawdowns
ETHE vs. IBLC - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than IBLC's maximum drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for ETHE and IBLC.
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Drawdown Indicators
| ETHE | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -62.54% | -33.72% |
Max Drawdown (1Y)Largest decline over 1 year | -63.16% | -44.94% | -18.22% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -51.68% | -14.44% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -77.17% | -12.99% | -64.18% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -25.89% | -46.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.98% | 22.56% | +15.42% |
Volatility
ETHE vs. IBLC - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.87%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 14.67%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 14.67% | -4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 46.00% | 40.76% | +5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.31% | 54.94% | +13.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.26% | 64.49% | +17.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.84% | 64.49% | +127.35% |
ETHE vs. IBLC - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than IBLC's 0.47% expense ratio.
Dividends
ETHE vs. IBLC - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.35%, less than IBLC's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.35% | 0.00% | 0.00% | 0.00% | 0.00% |
IBLC iShares Blockchain and Tech ETF | 4.77% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
ETHE and IBLC 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.
IBLC has higher volatility (14.67%) compared to ETHE (9.87%). In terms of maximum drawdown, ETHE dropped -96.26% vs IBLC's -62.54%.
On 3-year performance, IBLC leads with 48.31% vs 19.37% for ETHE. On fees, IBLC is cheaper at 0.47% per year. On volatility, ETHE has been the lower-risk option at 9.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBLC has performed better with a 48.31% return vs 19.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBLC is cheaper with a 0.47% expense ratio, compared with 2.50% for ETHE.
IBLC has the higher dividend yield at 4.77%, compared with 1.35% for ETHE.
ETHE tracks CoinDesk Ether Price Index , while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 2.50% for ETHE and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (1.34 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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