ETHR.TO vs. EBIT-U.TO

Last updated Jul 18, 2026

ETHR.TO (Evolve Ether ETF CAD Unhedged Units) and EBIT-U.TO (Evolve Bitcoin ETF USD) are both Cryptocurrency funds from Evolve. ETHR.TO is passively managed, while EBIT-U.TO is actively managed. Over the past 5 years, ETHR.TO returned -0.63%/yr vs 15.38%/yr for EBIT-U.TO. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

ETHR.TO vs. EBIT-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 Evolve Bitcoin ETF USD (EBIT-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ETHR.TO is traded in CAD, while EBIT-U.TO is traded in USD. To make them comparable, the EBIT-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 EBIT-U.TO's -26.37% 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*: —

EBIT-U.TO

• 1D: -0.18%
• 1M: 0.07%
• 6M: -32.35%
• YTD: -26.37%
• 1Y: -45.80%
• 3Y*: 29.67%
• 5Y*: 15.38%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
ETHR.TO Evolve Ether ETF CAD Unhedged Units	-37.53%	-17.01%	52.43%	87.70%	-65.64%	61.25%
EBIT-U.TO Evolve Bitcoin ETF USD	-26.37%	-11.00%	134.26%	147.82%	-62.74%	-17.77%

Correlation

The correlation between ETHR.TO and EBIT-U.TO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.77

The correlation between ETHR.TO and EBIT-U.TO has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

Return for Risk

ETHR.TO vs. EBIT-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: 4
ETHR.TO Sharpe Ratio Rank: 4
ETHR.TO Sortino Ratio Rank: 4
ETHR.TO Omega Ratio Rank: 4
ETHR.TO Calmar Ratio Rank: 4
ETHR.TO Martin Ratio Rank: 5

EBIT-U.TO

EBIT-U.TO Risk / Return Rank: 2
EBIT-U.TO Sharpe Ratio Rank: 2
EBIT-U.TO Sortino Ratio Rank: 2
EBIT-U.TO Omega Ratio Rank: 2
EBIT-U.TO Calmar Ratio Rank: 2
EBIT-U.TO Martin Ratio Rank: 1

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. EBIT-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 Evolve Bitcoin ETF USD (EBIT-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.TO	EBIT-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-0.99	+0.29
Sortino ratio: Return per unit of downside risk	-0.86	-1.47	+0.61
Omega ratio: Gain probability vs. loss probability	0.91	0.84	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.86	+0.17
Martin ratio: Return relative to average drawdown	-1.05	-1.35	+0.30

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

The current ETHR.TO Sharpe Ratio is -0.70, which is comparable to the EBIT-U.TO Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of ETHR.TO and EBIT-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.

Drawdowns

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

The maximum ETHR.TO drawdown since its inception was -78.36%, roughly equal to the maximum EBIT-U.TO drawdown of -76.08%. Use the drawdown chart below to compare losses from any high point for ETHR.TO and EBIT-U.TO.

Drawdown Indicators

	ETHR.TO	EBIT-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-78.36%	-76.08%	-2.28%
Max Drawdown (1Y) Largest decline over 1 year	-67.67%	-53.57%	-14.10%
Max Drawdown (3Y) Largest decline over 3 years	-67.67%	-53.57%	-14.10%
Max Drawdown (5Y) Largest decline over 5 years	-78.36%	-76.08%	-2.28%
Current Drawdown Current decline from peak	-62.15%	-49.26%	-12.89%
Average Drawdown Average peak-to-trough decline	-43.93%	-33.37%	-10.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.18%	34.08%	+10.10%

Volatility

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

Evolve Ether ETF CAD Unhedged Units (ETHR.TO) has a higher volatility of 14.30% compared to Evolve Bitcoin ETF USD (EBIT-U.TO) at 12.82%. This indicates that ETHR.TO's price experiences larger fluctuations and is considered to be riskier than EBIT-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHR.TO	EBIT-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.30%	12.82%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	46.47%	37.63%	+8.84%
Volatility (1Y) Calculated over the trailing 1-year period	66.16%	46.42%	+19.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.73%	54.80%	+13.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.56%	56.32%	+15.24%

Dividends

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

Neither ETHR.TO nor EBIT-U.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHR.TO and EBIT-U.TO in my portfolio?

ETHR.TO and EBIT-U.TO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.