ETHE vs. SBET
ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index , while SBET (SharpLink Gaming Ltd.) is a stock. Over the past year, ETHE returned -32.48% vs -88.98% for SBET. At a 0.37 correlation, their price movements are largely independent.
Performance
ETHE vs. SBET - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with ETHE having a -39.63% return and SBET slightly higher at -38.03%.
ETHE
- 1D
- -5.64%
- 1M
- -23.64%
- YTD
- -39.63%
- 6M
- -42.89%
- 1Y
- -32.48%
- 3Y*
- 19.37%
- 5Y*
- -11.60%
- 10Y*
- —
SBET
- 1D
- -4.65%
- 1M
- -26.82%
- YTD
- -38.03%
- 6M
- -47.69%
- 1Y
- -88.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE vs. SBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -39.63% | -13.03% | 31.92% |
SBET SharpLink Gaming Ltd. | -38.03% | 15.65% | -52.63% |
Correlation
The correlation between ETHE and SBET is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2024 | 0.37 |
Over the past year, ETHE and SBET have become more correlated (0.76) than their long-term average of 0.37, meaning their price movements have been converging.
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. 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 Gaming Ltd. (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.
| ETHE | SBET | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.48 | -0.62 | +0.14 |
Sortino ratioReturn per unit of downside risk | -0.34 | -0.85 | +0.51 |
Omega ratioGain probability vs. loss probability | 0.96 | 0.88 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.98 | +0.47 |
Martin ratioReturn relative to average drawdown | -0.86 | -1.12 | +0.27 |
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 | SBET | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.48 | -0.62 | +0.14 |
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 | -0.11 | +0.17 |
Drawdowns
ETHE vs. SBET - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum SBET drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for ETHE and SBET.
Loading charts...
Drawdown Indicators
| ETHE | SBET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -93.01% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -63.16% | -90.64% | +27.48% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -77.17% | -93.01% | +15.84% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -65.70% | -6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.98% | 79.14% | -41.16% |
Volatility
ETHE vs. SBET - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.87%, while SharpLink Gaming Ltd. (SBET) has a volatility of 18.65%. 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.
Loading charts...
Volatility by Period
| ETHE | SBET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.87% | 18.65% | -8.78% |
Volatility (6M)Calculated over the trailing 6-month period | 46.00% | 56.20% | -10.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.31% | 143.78% | -75.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.26% | 341.43% | -259.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.84% | 341.43% | -149.59% |
Dividends
ETHE vs. SBET - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.35%, while SBET has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.35% |
SBET SharpLink Gaming Ltd. | 0.00% |
Frequently Asked Questions
ETHE and SBET have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBET has higher volatility (18.65%) compared to ETHE (9.87%). In terms of maximum drawdown, ETHE dropped -96.26% vs SBET's -93.01%.
ETHE currently has the higher Sharpe Ratio (-0.48 vs -0.62), 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 SBET
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