ETHV vs. SPY

Last updated Jun 24, 2026

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 -28.51% vs 23.59% for SPY. A 0.51 correlation means they provide meaningful diversification when combined. ETHV charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

ETHV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHV achieves a -44.18% return, which is significantly lower than SPY's 8.15% return.

ETHV

• 1D: -4.23%
• 1M: -19.65%
• YTD: -44.18%
• 6M: -44.14%
• 1Y: -28.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

ETHV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-44.18%	-11.02%	-5.50%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	6.35%

Correlation

The correlation between ETHV and SPY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.51

The correlation between ETHV and SPY has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

ETHV vs. SPY — 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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. 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 ratio: Return per unit of total volatility	-0.41	1.90	-2.31
Sortino ratio: Return per unit of downside risk	-0.21	2.58	-2.79
Omega ratio: Gain probability vs. loss probability	0.98	1.34	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.42	2.67	-3.09
Martin ratio: Return relative to average drawdown	-0.71	11.92	-12.63

ETHV vs. SPY - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.41, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ETHV and SPY, 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. SPY - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.54%, 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.

Drawdown Indicators

	ETHV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-55.19%	-12.35%
Max Drawdown (1Y) Largest decline over 1 year	-67.54%	-8.88%	-58.66%
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 Drawdown Current decline from peak	-65.78%	-3.17%	-62.61%
Average Drawdown Average peak-to-trough decline	-33.72%	-9.04%	-24.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.40%	1.98%	+38.42%

Volatility

ETHV vs. SPY - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 19.72% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. 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.

Volatility by Period

	ETHV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.72%	4.87%	+14.85%
Volatility (6M) Calculated over the trailing 6-month period	46.91%	9.85%	+37.06%
Volatility (1Y) Calculated over the trailing 1-year period	69.06%	12.50%	+56.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.41%	17.15%	+55.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.41%	17.95%	+54.46%

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 1.03%.

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	1.03%	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

Can I hold both ETHV and SPY in my portfolio?

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.

Which is riskier, ETHV or SPY?

ETHV has higher volatility (19.72%) compared to SPY (4.87%). In terms of maximum drawdown, ETHV dropped -67.54% vs SPY's -55.19%.

Which ETF is better, ETHV or SPY?

On 1-year performance, SPY leads with 23.59% vs -28.51% for ETHV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or SPY?

Over the 1-year period, SPY has performed better with a 23.59% return vs -28.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for ETHV.

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

SPY has the higher dividend yield at 1.03%, compared with 0.00% for ETHV.

What is the main difference between ETHV and SPY?

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.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs -0.41), 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.