ETHV vs. ETHE

Last updated Jun 23, 2026

ETHV (VanEck Ethereum ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds - ETHV tracks the MarketVector Ethereum Benchmark Rate while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past year, ETHV returned -28.37% vs -29.27% for ETHE. With a 1.00 correlation, they move nearly in lockstep. ETHV charges 0.20%/yr vs 2.50%/yr for ETHE.

Performance

ETHV vs. ETHE - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ETHV having a -41.71% return and ETHE slightly lower at -41.95%.

ETHV

• 1D: 1.56%
• 1M: -16.10%
• YTD: -41.71%
• 6M: -41.81%
• 1Y: -28.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

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

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

ETHV vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-41.71%	-11.02%	-5.50%
ETHE Grayscale Ethereum Trust ETF	-41.95%	-13.03%	-5.40%

Correlation

The correlation between ETHV and ETHE is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	1.00

The correlation between ETHV and ETHE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETHV vs. ETHE — Risk / Return Rank

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

ETHV

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

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

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. ETHE - Risk-Adjusted Trends Comparison

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

	ETHV	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.43	+0.01
Sortino ratio: Return per unit of downside risk	-0.20	-0.23	+0.03
Omega ratio: Gain probability vs. loss probability	0.98	0.97	0.00
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.43	+0.01
Martin ratio: Return relative to average drawdown	-0.71	-0.72	+0.02

ETHV vs. ETHE - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.41, which is comparable to the ETHE Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of ETHV and ETHE, 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

ETHV vs. ETHE - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.54%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETHV and ETHE.

Drawdown Indicators

	ETHV	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-96.26%	+28.72%
Max Drawdown (1Y) Largest decline over 1 year	-67.54%	-67.77%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-64.27%	-78.05%	+13.78%
Average Drawdown Average peak-to-trough decline	-33.65%	-72.23%	+38.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.19%	40.44%	-0.25%

Volatility

ETHV vs. ETHE - Volatility Comparison

VanEck Ethereum ETF (ETHV) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 19.48% and 19.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHV	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.48%	19.34%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	46.75%	46.70%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	68.97%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.42%	82.28%	-9.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.42%	191.24%	-118.82%

ETHV vs. ETHE - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

ETHV vs. ETHE - Dividend Comparison

ETHV has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.40%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.40%
ETHV VanEck Ethereum ETF	0.00%

Frequently Asked Questions

Can I hold both ETHV and ETHE in my portfolio?

With a correlation of 1.00, ETHV and ETHE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETHV or ETHE?

ETHV has higher volatility (19.48%) compared to ETHE (19.34%). In terms of maximum drawdown, ETHV dropped -67.54% vs ETHE's -96.26%.

Which ETF is better, ETHV or ETHE?

On 1-year performance, ETHV leads with -28.37% vs -29.27% for ETHE. On fees, ETHV is cheaper at 0.20% per year. On volatility, ETHE has been the lower-risk option at 19.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or ETHE?

Over the 1-year period, ETHV has performed better with a -28.37% return vs -29.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or ETHE?

ETHV is cheaper with a 0.20% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.40%, compared with 0.00% for ETHV.

What is the main difference between ETHV and ETHE?

ETHV tracks MarketVector Ethereum Benchmark Rate, while ETHE tracks CoinDesk Ether Price Index. They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.20% for ETHV and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETHV currently has the higher Sharpe Ratio (-0.41 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.