ETHV vs. OBTC

Last updated Jun 26, 2026

ETHV (VanEck Ethereum ETF) and OBTC (Osprey Bitcoin Trust) are both Cryptocurrency funds - ETHV tracks the MarketVector Ethereum Benchmark Rate while OBTC tracks the Bitcoin (BTC). Both are passively managed. Over the past year, ETHV returned -36.10% vs -39.69% for OBTC. A 0.79 correlation means they provide meaningful diversification when combined. ETHV charges 0.20%/yr vs 0.49%/yr for OBTC.

Performance

ETHV vs. OBTC - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHV achieves a -47.61% return, which is significantly lower than OBTC's -32.48% return.

ETHV

• 1D: -1.60%
• 1M: -24.79%
• YTD: -47.61%
• 6M: -47.01%
• 1Y: -36.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

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

ETHV vs. OBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-47.61%	-11.02%	-5.50%
OBTC Osprey Bitcoin Trust	-32.48%	-1.87%	36.98%

Correlation

The correlation between ETHV and OBTC is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.79

The correlation between ETHV and OBTC has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

ETHV vs. OBTC — 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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC 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. OBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) and Osprey Bitcoin Trust (OBTC). 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	OBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	-0.89	+0.36
Sortino ratio: Return per unit of downside risk	-0.44	-1.25	+0.81
Omega ratio: Gain probability vs. loss probability	0.95	0.86	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.53	-0.81	+0.28
Martin ratio: Return relative to average drawdown	-0.88	-1.45	+0.56

ETHV vs. OBTC - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.53, which is higher than the OBTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of ETHV and OBTC, 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. OBTC - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, smaller than the maximum OBTC drawdown of -94.50%. Use the drawdown chart below to compare losses from any high point for ETHV and OBTC.

Drawdown Indicators

	ETHV	OBTC	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-94.50%	+26.62%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-49.13%	-18.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-83.76%	—
Current Drawdown Current decline from peak	-67.88%	-66.28%	-1.60%
Average Drawdown Average peak-to-trough decline	-33.86%	-69.52%	+35.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.85%	27.45%	+13.40%

Volatility

ETHV vs. OBTC - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 19.83% compared to Osprey Bitcoin Trust (OBTC) at 13.17%. This indicates that ETHV's price experiences larger fluctuations and is considered to be riskier than OBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHV	OBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.83%	13.17%	+6.66%
Volatility (6M) Calculated over the trailing 6-month period	46.42%	34.90%	+11.52%
Volatility (1Y) Calculated over the trailing 1-year period	68.91%	44.83%	+24.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.34%	57.29%	+15.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.34%	76.82%	-4.48%

ETHV vs. OBTC - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than OBTC's 0.49% expense ratio.

Dividends

ETHV vs. OBTC - Dividend Comparison

Neither ETHV nor OBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHV and OBTC in my portfolio?

ETHV and OBTC have a correlation of 0.84, 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 OBTC?

ETHV has higher volatility (19.83%) compared to OBTC (13.17%). In terms of maximum drawdown, ETHV dropped -67.88% vs OBTC's -94.50%.

Which ETF is better, ETHV or OBTC?

On 1-year performance, ETHV leads with -36.10% vs -39.69% for OBTC. On fees, ETHV is cheaper at 0.20% per year. On volatility, OBTC has been the lower-risk option at 13.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or OBTC?

Over the 1-year period, ETHV has performed better with a -36.10% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or OBTC?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.49% for OBTC.

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

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

What is the main difference between ETHV and OBTC?

ETHV tracks MarketVector Ethereum Benchmark Rate, while OBTC tracks Bitcoin (BTC). They also come from different issuers: VanEck and Osprey Funds. Their fees differ too: 0.20% for ETHV and 0.49% for OBTC.

Which has better risk-adjusted returns?

ETHV currently has the higher Sharpe Ratio (-0.53 vs -0.89), 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.