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 -47.48% vs -64.29% for SBET. Their 0.39 correlation means their historical movements had little consistent relationship.
Performance
ETHE vs. SBET - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.55% return, which is significantly lower than SBET's -31.54% 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%
SBET
- 1D
- -4.52%
- 1M
- 15.25%
- 6M
- -31.08%
- YTD
- -31.54%
- 1Y
- -64.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -28.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.76M | $27.48M | $34.61M | |
SBET Sharplink, Inc. | $53.27M | $53.90M | $52.48M |
ETHE vs. SBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.55% | -13.03% | 29.78% |
SBET Sharplink, Inc. | -31.54% | 15.65% | -45.41% |
Correlation
The correlation between ETHE and SBET is 0.85, 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. | 0.85 |
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 (0.85) 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 | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.86 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.84 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.12 | +0.01 |
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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% | -80.94% | +12.77% |
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 | -76.38% | -92.27% | +15.89% |
Average DrawdownAverage peak-to-trough decline | -72.31% | -67.36% | -4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.64% | 60.25% | -14.61% |
Volatility
ETHE vs. SBET - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 13.21%, while Sharplink, Inc. (SBET) has a volatility of 21.90%. 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 | 13.21% | 21.90% | -8.69% |
Volatility (6M)Calculated over the trailing 6-month period | 45.80% | 56.64% | -10.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.10% | 82.34% | -15.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.09% | 330.59% | -249.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.83% | 330.59% | -140.76% |
Dividends
ETHE vs. SBET - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.45%, while SBET has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.45% |
SBET Sharplink, Inc. | 0.00% |
Frequently Asked Questions
ETHE and SBET have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBET has higher volatility (21.90%) compared to ETHE (13.21%). In terms of maximum drawdown, ETHE dropped -96.26% vs SBET's -94.24%.
ETHE currently has the higher Sharpe Ratio (-0.76 vs -0.82), 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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