ETHW vs. AETH

Last updated Jul 16, 2026

ETHW (Bitwise Ethereum ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds from Bitwise. Both are actively managed. Over the past year, ETHW returned -37.00% vs -22.72% for AETH. A 0.68 correlation means they provide meaningful diversification when combined. ETHW charges 0.20%/yr vs 0.90%/yr for AETH.

Performance

ETHW vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) and Bitwise Ethereum Strategy ETF (AETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHW achieves a -35.31% return, which is significantly lower than AETH's -13.19% return.

ETHW

• 1D: 2.46%
• 1M: 5.52%
• 6M: -43.26%
• YTD: -35.31%
• 1Y: -37.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AETH

• 1D: 2.39%
• 1M: -3.85%
• 6M: -19.72%
• YTD: -13.19%
• 1Y: -22.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-35.31%	-11.26%	-4.77%
AETH Bitwise Ethereum Strategy ETF	-13.19%	-0.11%	-6.99%

Correlation

The correlation between ETHW and AETH is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.68

The correlation between ETHW and AETH has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

ETHW vs. AETH — Risk / Return Rank

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

ETHW

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

AETH

AETH Risk / Return Rank: 5
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 5
AETH Omega Ratio Rank: 4
AETH Calmar Ratio Rank: 6
AETH Martin Ratio Rank: 6

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.

ETHW vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Bitwise Ethereum Strategy ETF (AETH). 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.

	ETHW	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.53	-0.02
Sortino ratio: Return per unit of downside risk	-0.48	-0.58	+0.10
Omega ratio: Gain probability vs. loss probability	0.95	0.91	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.45	-0.10
Martin ratio: Return relative to average drawdown	-0.85	-0.66	-0.19

ETHW vs. AETH - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.54, which is comparable to the AETH Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of ETHW and AETH, 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

ETHW vs. AETH - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.89%, which is greater than AETH's maximum drawdown of -51.08%. Use the drawdown chart below to compare losses from any high point for ETHW and AETH.

Drawdown Indicators

	ETHW	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-51.08%	-16.81%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-51.08%	-16.81%
Current Drawdown Current decline from peak	-60.33%	-45.97%	-14.36%
Average Drawdown Average peak-to-trough decline	-34.58%	-25.57%	-9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.39%	34.50%	+8.89%

Volatility

ETHW vs. AETH - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 16.83% compared to Bitwise Ethereum Strategy ETF (AETH) at 10.26%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.83%	10.26%	+6.57%
Volatility (6M) Calculated over the trailing 6-month period	47.56%	26.12%	+21.44%
Volatility (1Y) Calculated over the trailing 1-year period	68.39%	43.32%	+25.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.76%	53.92%	+17.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.76%	53.92%	+17.84%

ETHW vs. AETH - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than AETH's 0.90% expense ratio.

Dividends

ETHW vs. AETH - Dividend Comparison

ETHW has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.77%.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.77%	2.41%	14.73%	6.64%
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHW and AETH in my portfolio?

ETHW and AETH have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or AETH?

ETHW has higher volatility (16.83%) compared to AETH (10.26%). In terms of maximum drawdown, ETHW dropped -67.89% vs AETH's -51.08%.

Which ETF is better, ETHW or AETH?

On 1-year performance, AETH leads with -22.72% vs -37.00% for ETHW. On fees, ETHW is cheaper at 0.20% per year. On volatility, AETH has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or AETH?

Over the 1-year period, AETH has performed better with a -22.72% return vs -37.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or AETH?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, ETHW or AETH?

AETH has the higher dividend yield at 2.77%, compared with 0.00% for ETHW.

What is the main difference between ETHW and AETH?

Their fees differ too: 0.20% for ETHW and 0.90% for AETH.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.53 vs -0.54), 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.