ETHV vs. SPY
ETHV (VanEck Ethereum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ETHV is a Cryptocurrency fund tracking the MarketVector Ethereum Benchmark Rate, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ETHV returned -49.00% vs 23.56% for SPY. Their 0.50 correlation means they have sometimes moved together and sometimes differently. ETHV charges 0.20%/yr vs 0.09%/yr for SPY.
Performance
ETHV vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ETHV achieves a -36.88% return, which is significantly lower than SPY's 13.71% return.
ETHV
- 1D
- 0.48%
- 1M
- 10.48%
- 6M
- -18.32%
- YTD
- -36.88%
- 1Y
- -49.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.79%
SPY
- 1D
- 1.80%
- 1M
- 3.56%
- 6M
- 12.46%
- YTD
- 13.71%
- 1Y
- 23.56%
- 3Y*
- 21.46%
- 5Y*
- 13.31%
- 10Y*
- 15.29%
- ALL TIME*
- 10.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $573.01K | $715.44K | $1.41M | |
| $40.91B | $36.93B | $39.82B |
ETHV vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHV VanEck Ethereum ETF | -36.88% | -11.02% | -5.50% |
SPY State Street SPDR S&P 500 ETF | 13.71% | 17.72% | 6.35% |
Correlation
The correlation between ETHV and SPY is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.50 |
The correlation between ETHV and SPY has been stable across timeframes, ranging from 0.50 to 0.50 - a consistent structural relationship.
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Return for Risk
ETHV vs. SPY — Risk / Return Rank
ETHV
SPY
ETHV vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.33 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.66 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.07 | 11.36 | -12.44 |
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Drawdowns
ETHV vs. SPY - Drawdown Comparison
The maximum ETHV drawdown since its inception was -67.88%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETHV and SPY.
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Drawdown Indicators
| ETHV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.88% | -55.19% | -12.69% |
Max Drawdown (1Y)Largest decline over 1 year | -67.88% | -8.88% | -59.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -61.30% | 0.00% | -61.30% |
Average DrawdownAverage peak-to-trough decline | -35.38% | -9.01% | -26.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.70% | 2.08% | +43.62% |
Volatility
ETHV vs. SPY - Volatility Comparison
VanEck Ethereum ETF (ETHV) has a higher volatility of 11.00% compared to State Street SPDR S&P 500 ETF (SPY) at 4.13%. This indicates that ETHV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.00% | 4.13% | +6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 43.38% | 10.36% | +33.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.82% | 12.96% | +53.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.10% | 17.21% | +53.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.10% | 17.97% | +53.13% |
ETHV vs. SPY - Expense Ratio Comparison
ETHV has a 0.20% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison
ETHV has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHV VanEck Ethereum ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
ETHV and SPY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHV has higher volatility (11.00%) compared to SPY (4.13%). In terms of maximum drawdown, ETHV dropped -67.88% vs SPY's -55.19%.
On 1-year performance, SPY leads with 23.56% vs -49.00% for ETHV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 23.56% return vs -49.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for ETHV.
SPY has the higher dividend yield at 0.98%, compared with 0.00% for ETHV.
ETHV is categorized as Cryptocurrency, while SPY is S&P 500. ETHV tracks MarketVector Ethereum Benchmark Rate, while SPY tracks S&P 500 Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.20% for ETHV and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.84 vs -0.74), 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.
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