ETHE vs. RAVI
ETHE (Grayscale Ethereum Trust ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while RAVI is a Ultrashort Bond fund actively managed by FlexShares. ETHE is passively managed, while RAVI is actively managed. Over the past 5 years, ETHE returned -11.85%/yr vs 3.50%/yr for RAVI. At a 0.06 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.25%/yr for RAVI.
Performance
ETHE vs. RAVI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than RAVI's 1.52% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
RAVI
- 1D
- -0.00%
- 1M
- 0.35%
- YTD
- 1.52%
- 6M
- 1.92%
- 1Y
- 4.45%
- 3Y*
- 5.20%
- 5Y*
- 3.50%
- 10Y*
- 2.67%
ETHE vs. RAVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
RAVI FlexShares Ultra-Short Income ETF | 1.52% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 1.45% |
Correlation
The correlation between ETHE and RAVI is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.06 |
The correlation between ETHE and RAVI shifts across timeframes, from -0.08 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETHE vs. RAVI — Risk / Return Rank
ETHE
RAVI
ETHE vs. RAVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and FlexShares Ultra-Short Income ETF (RAVI). 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 | RAVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.40 | ||
| Sortino ratioReturn per unit of downside risk | -23.80 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 5.33 | -4.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 38.26 | -38.79 |
| Martin ratioReturn relative to average drawdown | -0.88 | 229.11 | -229.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ETHE | RAVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 10.91 | -11.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 2.49 | -2.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 2.03 | -1.97 |
Drawdowns
ETHE vs. RAVI - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for ETHE and RAVI.
Loading charts...
Drawdown Indicators
| ETHE | RAVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -3.72% | -92.54% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | -0.12% | -63.57% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -0.36% | -65.76% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -3.28% | -86.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.72% | — |
Current DrawdownCurrent decline from peak | -77.50% | -0.00% | -77.50% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -0.17% | -72.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 0.02% | +38.17% |
Volatility
ETHE vs. RAVI - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 9.65% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.15%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETHE | RAVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 0.15% | +9.50% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 0.30% | +44.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 0.41% | +67.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 1.41% | +80.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 1.28% | +190.50% |
ETHE vs. RAVI - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than RAVI's 0.25% expense ratio.
Dividends
ETHE vs. RAVI - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, less than RAVI's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% |
Frequently Asked Questions
ETHE and RAVI have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (9.65%) compared to RAVI (0.15%). In terms of maximum drawdown, ETHE dropped -96.26% vs RAVI's -3.72%.
On 5-year performance, RAVI leads with 3.50% vs -11.85% for ETHE. On fees, RAVI is cheaper at 0.25% per year. On volatility, RAVI has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAVI has performed better with a 3.50% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAVI is cheaper with a 0.25% expense ratio, compared with 2.50% for ETHE.
RAVI has the higher dividend yield at 4.38%, compared with 1.37% for ETHE.
ETHE is categorized as Cryptocurrency, while RAVI is Ultrashort Bond. They also come from different issuers: Grayscale and FlexShares. Their fees differ too: 2.50% for ETHE and 0.25% for RAVI.
RAVI currently has the higher Sharpe Ratio (10.90 vs -0.49), 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.
Find the right allocation for ETHE and RAVI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer