ETHW vs. BMNR
ETHW (Bitwise Ethereum ETF) is Cryptocurrency fund actively managed by Bitwise, while BMNR (BitMine Immersion Technologies, Inc.) is a stock. Over the past year, ETHW returned -35.24% vs 217.29% for BMNR. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
ETHW vs. BMNR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ETHW having a -46.78% return and BMNR slightly lower at -48.36%.
ETHW
- 1D
- -4.63%
- 1M
- -23.31%
- YTD
- -46.78%
- 6M
- -46.17%
- 1Y
- -35.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNR
- 1D
- -7.34%
- 1M
- -25.74%
- YTD
- -48.36%
- 6M
- -52.23%
- 1Y
- 217.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHW vs. BMNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHW Bitwise Ethereum ETF | -46.78% | 12.96% |
BMNR BitMine Immersion Technologies, Inc. | -48.36% | 274.59% |
Correlation
The correlation between ETHW and BMNR is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | 0.71 |
The correlation between ETHW and BMNR has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.
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Return for Risk
ETHW vs. BMNR — Risk / Return Rank
ETHW
BMNR
ETHW vs. BMNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and BitMine Immersion Technologies, Inc. (BMNR). 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 | BMNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -8.78 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.99 | -1.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.44 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.87 | 2.92 | -3.79 |
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Drawdowns
ETHW vs. BMNR - Drawdown Comparison
The maximum ETHW drawdown since its inception was -67.57%, smaller than the maximum BMNR drawdown of -89.61%. Use the drawdown chart below to compare losses from any high point for ETHW and BMNR.
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Drawdown Indicators
| ETHW | BMNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.57% | -89.61% | +22.04% |
Max Drawdown (1Y)Largest decline over 1 year | -67.57% | -89.61% | +22.04% |
Current DrawdownCurrent decline from peak | -67.37% | -89.61% | +22.24% |
Average DrawdownAverage peak-to-trough decline | -33.71% | -71.30% | +37.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.63% | 74.78% | -34.15% |
Volatility
ETHW vs. BMNR - Volatility Comparison
The current volatility for Bitwise Ethereum ETF (ETHW) is 20.17%, while BitMine Immersion Technologies, Inc. (BMNR) has a volatility of 22.24%. This indicates that ETHW experiences smaller price fluctuations and is considered to be less risky than BMNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHW | BMNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.17% | 22.24% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 46.57% | 59.04% | -12.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.10% | 717.39% | -648.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.28% | 701.40% | -629.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.28% | 701.40% | -629.12% |
Dividends
ETHW vs. BMNR - Dividend Comparison
ETHW has not paid dividends to shareholders, while BMNR's dividend yield for the trailing twelve months is around 0.07%.
| Position | TTM | 2025 |
|---|---|---|
BMNR BitMine Immersion Technologies, Inc. | 0.07% | 0.04% |
ETHW Bitwise Ethereum ETF | 0.00% | 0.00% |
Frequently Asked Questions
ETHW and BMNR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BMNR has higher volatility (22.24%) compared to ETHW (20.17%). In terms of maximum drawdown, ETHW dropped -67.57% vs BMNR's -89.61%.
BMNR currently has the higher Sharpe Ratio (0.30 vs -0.51), 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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