ETHR.TO vs. CYBR.TO

Last updated Aug 4, 2026

ETHR.TO (Evolve Ether ETF CAD Unhedged Units) and CYBR.TO (Evolve Cyber Security Index Fund - Hedged Units) are both exchange-traded funds - ETHR.TO is a Cryptocurrency fund tracking the CME CF Ether-Dollar Reference Rate, while CYBR.TO is a Cybersecurity fund tracking the Solactive Global Cyber Security Index Canadian Dollar Hedged. Both are passively managed. Over the past 5 years, ETHR.TO returned -4.36%/yr vs 6.98%/yr for CYBR.TO. Their 0.30 correlation means their historical movements had little consistent relationship. ETHR.TO charges 0.75%/yr vs 0.60%/yr for CYBR.TO.

Performance

ETHR.TO vs. CYBR.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 Evolve Cyber Security Index Fund - Hedged Units (CYBR.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHR.TO achieves a -36.57% return, which is significantly lower than CYBR.TO's 31.37% return.

ETHR.TO

• 1D: -2.72%
• 1M: 5.28%
• 6M: -18.46%
• YTD: -36.57%
• 1Y: -47.10%
• 3Y*: 0.08%
• 5Y*: -4.36%
• 10Y*: —
• ALL TIME*: -3.37%

CYBR.TO

• 1D: 2.50%
• 1M: -3.86%
• 6M: 31.68%
• YTD: 31.37%
• 1Y: 23.21%
• 3Y*: 19.83%
• 5Y*: 6.98%
• 10Y*: —
• ALL TIME*: 14.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CYBR.TO Evolve Cyber Security Index Fund - Hedged Units	CA$239.84K	CA$197.23K	CA$250.21K
ETHR.TO Evolve Ether ETF CAD Unhedged Units	CA$73.21K	CA$77.18K	CA$116.32K

ETHR.TO vs. CYBR.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETHR.TO Evolve Ether ETF CAD Unhedged Units	-36.57%	-17.01%	52.43%	87.70%	-65.64%	61.25%
CYBR.TO Evolve Cyber Security Index Fund - Hedged Units	31.37%	2.14%	13.45%	44.51%	-37.17%	7.27%

Correlation

The correlation between ETHR.TO and CYBR.TO is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.32
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.30

Return for Risk

ETHR.TO vs. CYBR.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHR.TO

ETHR.TO Risk / Return Rank: 3
ETHR.TO Sharpe Ratio Rank: 3
ETHR.TO Sortino Ratio Rank: 3
ETHR.TO Omega Ratio Rank: 3
ETHR.TO Calmar Ratio Rank: 3
ETHR.TO Martin Ratio Rank: 4

CYBR.TO

CYBR.TO Risk / Return Rank: 27
CYBR.TO Sharpe Ratio Rank: 29
CYBR.TO Sortino Ratio Rank: 30
CYBR.TO Omega Ratio Rank: 29
CYBR.TO Calmar Ratio Rank: 25
CYBR.TO Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHR.TO vs. CYBR.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 Evolve Cyber Security Index Fund - Hedged Units (CYBR.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.TO	CYBR.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	0.71	-1.48
Sortino ratio: Return per unit of downside risk	-1.03	1.14	-2.18
Omega ratio: Gain probability vs. loss probability	0.89	1.14	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.75	0.76	-1.50
Martin ratio: Return relative to average drawdown	-1.10	1.59	-2.69

ETHR.TO vs. CYBR.TO - Sharpe Ratio Comparison

The current ETHR.TO Sharpe Ratio is -0.77, which is lower than the CYBR.TO Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of ETHR.TO and CYBR.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.

Drawdowns

ETHR.TO vs. CYBR.TO - Drawdown Comparison

The maximum ETHR.TO drawdown since its inception was -78.36%, which is greater than CYBR.TO's maximum drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for ETHR.TO and CYBR.TO.

Drawdown Indicators

	ETHR.TO	CYBR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-78.36%	-44.40%	-33.96%
Max Drawdown (1Y) Largest decline over 1 year	-67.67%	-28.10%	-39.57%
Max Drawdown (3Y) Largest decline over 3 years	-67.67%	-28.10%	-39.57%
Max Drawdown (5Y) Largest decline over 5 years	-78.36%	-44.40%	-33.96%
Current Drawdown Current decline from peak	-61.57%	-7.21%	-54.36%
Average Drawdown Average peak-to-trough decline	-44.06%	-12.68%	-31.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.80%	13.35%	+32.45%

Volatility

ETHR.TO vs. CYBR.TO - Volatility Comparison

Evolve Ether ETF CAD Unhedged Units (ETHR.TO) has a higher volatility of 11.63% compared to Evolve Cyber Security Index Fund - Hedged Units (CYBR.TO) at 8.61%. This indicates that ETHR.TO's price experiences larger fluctuations and is considered to be riskier than CYBR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHR.TO	CYBR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.63%	8.61%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	45.68%	25.60%	+20.08%
Volatility (1Y) Calculated over the trailing 1-year period	65.89%	29.98%	+35.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.18%	27.91%	+40.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.38%	26.64%	+44.74%

ETHR.TO vs. CYBR.TO - Expense Ratio Comparison

ETHR.TO has a 0.75% expense ratio, which is higher than CYBR.TO's 0.60% expense ratio.

Dividends

ETHR.TO vs. CYBR.TO - Dividend Comparison

ETHR.TO has not paid dividends to shareholders, while CYBR.TO's dividend yield for the trailing twelve months is around 0.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CYBR.TO Evolve Cyber Security Index Fund - Hedged Units	0.18%	0.23%	0.24%	0.27%	0.39%	0.22%	0.13%	0.21%	0.26%
ETHR.TO Evolve Ether ETF CAD Unhedged Units	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHR.TO and CYBR.TO in my portfolio?

ETHR.TO and CYBR.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETHR.TO or CYBR.TO?

On fees, CYBR.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETHR.TO or CYBR.TO?

CYBR.TO is cheaper with a 0.60% expense ratio, compared with 0.75% for ETHR.TO.

What is the main difference between ETHR.TO and CYBR.TO?

ETHR.TO is categorized as Cryptocurrency, while CYBR.TO is Cybersecurity. ETHR.TO tracks CME CF Ether-Dollar Reference Rate, while CYBR.TO tracks Solactive Global Cyber Security Index Canadian Dollar Hedged. Their fees differ too: 0.75% for ETHR.TO and 0.60% for CYBR.TO.