ETHE vs. USFR

Last updated Jun 23, 2026

ETHE (Grayscale Ethereum Trust ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, ETHE returned -5.46%/yr vs 3.70%/yr for USFR. At a 0.02 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.15%/yr for USFR.

Performance

ETHE vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -41.95% return, which is significantly lower than USFR's 1.78% return.

ETHE

• 1D: 1.60%
• 1M: -16.15%
• YTD: -41.95%
• 6M: -42.04%
• 1Y: -29.27%
• 3Y*: 13.02%
• 5Y*: -5.46%
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.78%
• 6M: 1.89%
• 1Y: 3.97%
• 3Y*: 4.72%
• 5Y*: 3.70%
• 10Y*: 2.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHE vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETHE Grayscale Ethereum Trust ETF	-41.95%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-57.08%
USFR WisdomTree Floating Rate Treasury Fund	1.78%	4.23%	5.47%	5.18%	1.98%	-0.03%	0.56%	1.01%

Correlation

The correlation between ETHE and USFR is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.02

Return for Risk

ETHE vs. USFR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHE

ETHE Risk / Return Rank: 6
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETHE vs. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	14.65	-15.08
Sortino ratio: Return per unit of downside risk	-0.23	49.88	-50.11
Omega ratio: Gain probability vs. loss probability	0.97	13.24	-12.27
Calmar ratio: Return relative to maximum drawdown	-0.43	200.29	-200.73
Martin ratio: Return relative to average drawdown	-0.72	775.73	-776.46

ETHE vs. USFR - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.43, which is lower than the USFR Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of ETHE and USFR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHE vs. USFR - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for ETHE and USFR.

Drawdown Indicators

	ETHE	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-1.36%	-94.90%
Max Drawdown (1Y) Largest decline over 1 year	-67.77%	-0.02%	-67.75%
Max Drawdown (3Y) Largest decline over 3 years	-67.77%	-0.06%	-67.71%
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	-0.18%	-89.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-78.05%	0.00%	-78.05%
Average Drawdown Average peak-to-trough decline	-72.23%	-0.15%	-72.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.44%	0.01%	+40.43%

Volatility

ETHE vs. USFR - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 19.34% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.34%	0.08%	+19.26%
Volatility (6M) Calculated over the trailing 6-month period	46.70%	0.19%	+46.51%
Volatility (1Y) Calculated over the trailing 1-year period	68.97%	0.27%	+68.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.28%	0.40%	+81.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.24%	0.78%	+190.46%

ETHE vs. USFR - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

ETHE vs. USFR - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.40%, less than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ETHE Grayscale Ethereum Trust ETF	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both ETHE and USFR in my portfolio?

ETHE and USFR have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or USFR?

ETHE has higher volatility (19.34%) compared to USFR (0.08%). In terms of maximum drawdown, ETHE dropped -96.26% vs USFR's -1.36%.

Which ETF is better, ETHE or USFR?

On 5-year performance, USFR leads with 3.70% vs -5.46% for ETHE. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or USFR?

Over the 5-year period, USFR has performed better with a 3.70% return vs -5.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or USFR?

USFR has the higher dividend yield at 3.91%, compared with 1.40% for ETHE.

What is the main difference between ETHE and USFR?

ETHE is categorized as Cryptocurrency, while USFR is Government Bonds. ETHE tracks CoinDesk Ether Price Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Grayscale and WisdomTree. Their fees differ too: 2.50% for ETHE and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.65 vs -0.43), 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.