ETHE vs. SBET
ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index, while SBET (Sharplink, Inc.) is a stock. Over the past year, ETHE returned -41.93% vs -74.97% for SBET. At a 0.39 correlation, their price movements are largely independent.
Performance
ETHE vs. SBET - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ETHE having a -40.62% return and SBET slightly higher at -39.37%.
ETHE
- 1D
- -1.11%
- 1M
- 6.40%
- 6M
- -43.12%
- YTD
- -40.62%
- 1Y
- -41.93%
- 3Y*
- 8.63%
- 5Y*
- -4.71%
- 10Y*
- —
SBET
- 1D
- -1.63%
- 1M
- -1.63%
- 6M
- -47.17%
- YTD
- -39.37%
- 1Y
- -74.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. SBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.62% | -13.03% | 29.78% |
SBET Sharplink, Inc. | -39.37% | 15.65% | -45.41% |
Correlation
The correlation between ETHE and SBET is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2024 | 0.39 |
Over the past year, ETHE and SBET have become more correlated (0.77) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
ETHE vs. SBET — Risk / Return Rank
ETHE
SBET
ETHE vs. SBET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Sharplink, Inc. (SBET). 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 | SBET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.84 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.86 | +0.24 |
| Martin ratioReturn relative to average drawdown | -0.97 | -1.05 | +0.08 |
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Drawdowns
ETHE vs. SBET - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum SBET drawdown of -94.24%. Use the drawdown chart below to compare losses from any high point for ETHE and SBET.
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Drawdown Indicators
| ETHE | SBET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -94.24% | -2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -87.80% | +19.63% |
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 | -77.54% | -93.16% | +15.62% |
Average DrawdownAverage peak-to-trough decline | -72.28% | -66.78% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.30% | 71.21% | -27.91% |
Volatility
ETHE vs. SBET - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 16.05%, while Sharplink, Inc. (SBET) has a volatility of 19.14%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than SBET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | SBET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.05% | 19.14% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 46.93% | 55.47% | -8.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.14% | 93.49% | -25.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.69% | 334.16% | -252.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 190.54% | 334.16% | -143.62% |
Dividends
ETHE vs. SBET - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.53%, while SBET has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.53% |
SBET Sharplink, Inc. | 0.00% |
Frequently Asked Questions
ETHE and SBET have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBET has higher volatility (19.14%) compared to ETHE (16.05%). In terms of maximum drawdown, ETHE dropped -96.26% vs SBET's -94.24%.
ETHE currently has the higher Sharpe Ratio (-0.62 vs -0.80), 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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