ETHV vs. BTC

Last updated Jun 5, 2026

ETHV (VanEck Ethereum ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. ETHV is passively managed, while BTC is actively managed. Over the past year, ETHV returned -32.55% vs -39.58% for BTC. Their correlation of 0.82 suggests significant overlap in exposure. ETHV charges 0.20%/yr vs 0.15%/yr for BTC.

Performance

ETHV vs. BTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHV achieves a -40.24% return, which is significantly lower than BTC's -27.45% return.

ETHV

• 1D: -1.33%
• 1M: -25.17%
• YTD: -40.24%
• 6M: -43.60%
• 1Y: -32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.80%
• 1M: -22.20%
• YTD: -27.45%
• 6M: -31.41%
• 1Y: -39.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHV vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-40.24%	-11.02%	2.24%
BTC Grayscale Bitcoin Mini Trust ETF	-27.45%	-7.50%	44.64%

Correlation

The correlation between ETHV and BTC is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.82

The correlation between ETHV and BTC has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

ETHV vs. BTC — Risk / Return Rank

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

ETHV

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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

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.

ETHV vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.

	ETHV	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	-0.91	+0.43
Sortino ratio: Return per unit of downside risk	-0.34	-1.27	+0.92
Omega ratio: Gain probability vs. loss probability	0.96	0.86	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.80	+0.29
Martin ratio: Return relative to average drawdown	-0.86	-1.39	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHV vs. BTC - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.48, which is higher than the BTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of ETHV and BTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHV	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.91	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.03	-0.39

Drawdowns

ETHV vs. BTC - Drawdown Comparison

The maximum ETHV drawdown since its inception was -64.02%, which is greater than BTC's maximum drawdown of -49.43%. Use the drawdown chart below to compare losses from any high point for ETHV and BTC.

Drawdown Indicators

	ETHV	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-49.43%	-14.59%
Max Drawdown (1Y) Largest decline over 1 year	-63.36%	-49.43%	-13.93%
Current Drawdown Current decline from peak	-63.36%	-49.43%	-13.93%
Average Drawdown Average peak-to-trough decline	-32.71%	-16.68%	-16.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.95%	28.55%	+9.40%

Volatility

ETHV vs. BTC - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 9.71% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 9.06%. This indicates that ETHV's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHV	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	9.06%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	45.31%	33.91%	+11.40%
Volatility (1Y) Calculated over the trailing 1-year period	68.34%	43.72%	+24.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.23%	48.29%	+23.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.23%	48.29%	+23.94%

ETHV vs. BTC - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is higher than BTC's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ETHV vs. BTC - Dividend Comparison

Neither ETHV nor BTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHV and BTC in my portfolio?

ETHV and BTC have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHV or BTC?

ETHV has higher volatility (9.71%) compared to BTC (9.06%). In terms of maximum drawdown, ETHV dropped -64.02% vs BTC's -49.43%.

Which ETF is better, ETHV or BTC?

On 1-year performance, ETHV leads with -32.55% vs -39.58% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or BTC?

Over the 1-year period, ETHV has performed better with a -32.55% return vs -39.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.20% for ETHV.

Which ETF pays a higher dividend yield, ETHV or BTC?

ETHV and BTC have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHV and BTC?

They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.20% for ETHV and 0.15% for BTC.

Which has better risk-adjusted returns?

ETHV currently has the higher Sharpe Ratio (-0.48 vs -0.91), 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.