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ETHR.TO vs. BTCY-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ETHR.TO vs. BTCY-U.TO

Last updated Jul 18, 2026
Documentation

ETHR.TO (Evolve Ether ETF CAD Unhedged Units) and BTCY-U.TO (Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units) are both Cryptocurrency funds. ETHR.TO is passively managed, while BTCY-U.TO is actively managed. Over the past 3 years, ETHR.TO returned -0.89%/yr vs 22.13%/yr for BTCY-U.TO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

ETHR.TO vs. BTCY-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Ether ETF CAD Unhedged Units (ETHR.TO) and Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units (BTCY-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ETHR.TO is traded in CAD, while BTCY-U.TO is traded in USD. To make them comparable, the BTCY-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ETHR.TO achieves a -37.53% return, which is significantly lower than BTCY-U.TO's -28.11% return.

ETHR.TO

1D
-2.31%
1M
5.11%
6M
-44.33%
YTD
-37.53%
1Y
-46.21%
3Y*
-0.89%
5Y*
-0.63%
10Y*
—

BTCY-U.TO

1D
-1.05%
1M
-1.63%
6M
-34.45%
YTD
-28.11%
1Y
-46.63%
3Y*
22.13%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHR.TO vs. BTCY-U.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ETHR.TO
Evolve Ether ETF CAD Unhedged Units		-37.53%-17.01%52.43%87.70%-65.64%-21.14%
BTCY-U.TO
Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units		-28.11%-11.89%115.03%107.96%-62.65%-16.27%

Correlation

The correlation between ETHR.TO and BTCY-U.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2021

0.55

The correlation between ETHR.TO and BTCY-U.TO has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

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Evolve Ether ETF CAD Unhedged Units

Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units

Often compared with ETHR.TO:
ETHR.TO vs. ETC.TOETHR.TO vs. ETHX.TOETHR.TO vs. EBIT.TOETHR.TO vs. CCCX-B.TOETHR.TO vs. CCCX.TOETHR.TO vs. BTCC.TOETHR.TO vs. BTCX-B.TO
Often compared with BTCY-U.TO:
BTCY-U.TO vs. BTCY-B.TOBTCY-U.TO vs. ETHY-U.TOBTCY-U.TO vs. YPLT.NEOBTCY-U.TO vs. BTCC-B.TOBTCY-U.TO vs. BTCC-U.TOBTCY-U.TO vs. BTCC.TOBTCY-U.TO vs. BTCX-B.TO

Return for Risk

ETHR.TO vs. BTCY-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ETHR.TO
ETHR.TO Risk / Return Rank: 44
Overall Rank
ETHR.TO Sharpe Ratio Rank: 44
Sharpe Ratio Rank
ETHR.TO Sortino Ratio Rank: 44
Sortino Ratio Rank
ETHR.TO Omega Ratio Rank: 44
Omega Ratio Rank
ETHR.TO Calmar Ratio Rank: 44
Calmar Ratio Rank
ETHR.TO Martin Ratio Rank: 55
Martin Ratio Rank
BTCY-U.TO
BTCY-U.TO Risk / Return Rank: 22
Overall Rank
BTCY-U.TO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BTCY-U.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
BTCY-U.TO Omega Ratio Rank: 22
Omega Ratio Rank
BTCY-U.TO Calmar Ratio Rank: 22
Calmar Ratio Rank
BTCY-U.TO Martin Ratio Rank: 11
Martin Ratio Rank
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.

ETHR.TO vs. BTCY-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Ether ETF CAD Unhedged Units (ETHR.TO) and Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units (BTCY-U.TO). 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.

ETHR.TOBTCY-U.TODifference
Sharpe ratioReturn per unit of total volatility
-0.70
-0.97

+0.27

Sortino ratioReturn per unit of downside risk
-0.86
-1.41

+0.56

Omega ratioGain probability vs. loss probability

0.91

0.83

+0.08

Calmar ratioReturn relative to maximum drawdown

-0.68

-0.86

+0.18

Martin ratioReturn relative to average drawdown

-1.05

-1.37

+0.32

ETHR.TO vs. BTCY-U.TO - Sharpe Ratio Comparison

The current ETHR.TO Sharpe Ratio is -0.70, which is comparable to the BTCY-U.TO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of ETHR.TO and BTCY-U.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ETHR.TO vs. BTCY-U.TO - Drawdown Comparison

The maximum ETHR.TO drawdown since its inception was -78.36%, which is greater than BTCY-U.TO's maximum drawdown of -69.96%. Use the drawdown chart below to compare losses from any high point for ETHR.TO and BTCY-U.TO.

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Drawdown Indicators

ETHR.TOBTCY-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-78.36%

-69.96%

-8.40%

Max Drawdown (1Y)

Largest decline over 1 year

-67.67%

-54.17%

-13.50%

Max Drawdown (3Y)

Largest decline over 3 years

-67.67%

-54.17%

-13.50%

Max Drawdown (5Y)

Largest decline over 5 years

-78.36%

—

—

Current Drawdown

Current decline from peak

-62.15%

-49.78%

-12.37%

Average Drawdown

Average peak-to-trough decline

-43.93%

-31.90%

-12.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

44.18%

34.08%

+10.10%

Volatility

ETHR.TO vs. BTCY-U.TO - Volatility Comparison

Evolve Ether ETF CAD Unhedged Units (ETHR.TO) has a higher volatility of 14.30% compared to Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units (BTCY-U.TO) at 11.41%. This indicates that ETHR.TO's price experiences larger fluctuations and is considered to be riskier than BTCY-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ETHR.TOBTCY-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.30%

11.41%

+2.89%

Volatility (6M)

Calculated over the trailing 6-month period

46.47%

40.59%

+5.88%

Volatility (1Y)

Calculated over the trailing 1-year period

66.16%

48.26%

+17.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

68.73%

51.28%

+17.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.56%

51.28%

+20.28%

Dividends

ETHR.TO vs. BTCY-U.TO - Dividend Comparison

ETHR.TO has not paid dividends to shareholders, while BTCY-U.TO's dividend yield for the trailing twelve months is around 22.80%.

PositionTTM20252024202320222021
BTCY-U.TO
Purpose Bitcoin Yield ETF USD Non-Currency Hedged Units		22.80%14.50%8.02%10.77%29.84%1.21%
ETHR.TO
Evolve Ether ETF CAD Unhedged Units		0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ETHR.TO and BTCY-U.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Evolve and Purpose.

Portfolio Optimizer

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