ETHW vs. BTC

Last updated Jun 24, 2026

ETHW (Bitwise Ethereum ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETHW returned -28.49% vs -39.75% for BTC. Their correlation of 0.82 suggests significant overlap in exposure. ETHW charges 0.20%/yr vs 0.15%/yr for BTC.

Performance

ETHW vs. BTC - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHW achieves a -44.19% return, which is significantly lower than BTC's -28.84% return.

ETHW

• 1D: -4.27%
• 1M: -19.58%
• YTD: -44.19%
• 6M: -44.14%
• 1Y: -28.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -3.23%
• 1M: -17.80%
• YTD: -28.84%
• 6M: -28.95%
• 1Y: -39.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-44.19%	-11.26%	2.04%
BTC Grayscale Bitcoin Mini Trust ETF	-28.84%	-7.50%	41.93%

Correlation

The correlation between ETHW and BTC is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.82

The correlation between ETHW and BTC has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

ETHW vs. BTC — Risk / Return Rank

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

ETHW

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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC 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.

ETHW vs. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Grayscale Bitcoin Mini Trust ETF (BTC). 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	BTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.90	+0.49
Sortino ratio: Return per unit of downside risk	-0.21	-1.26	+1.05
Omega ratio: Gain probability vs. loss probability	0.98	0.86	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.77	+0.34
Martin ratio: Return relative to average drawdown	-0.71	-1.30	+0.60

ETHW vs. BTC - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.41, which is higher than the BTC Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of ETHW and BTC, 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. BTC - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.57%, which is greater than BTC's maximum drawdown of -51.97%. Use the drawdown chart below to compare losses from any high point for ETHW and BTC.

Drawdown Indicators

	ETHW	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-51.97%	-15.60%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	-51.97%	-15.60%
Current Drawdown Current decline from peak	-65.78%	-50.40%	-15.38%
Average Drawdown Average peak-to-trough decline	-33.64%	-17.66%	-15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.41%	30.52%	+9.89%

Volatility

ETHW vs. BTC - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 20.02% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 12.93%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.02%	12.93%	+7.09%
Volatility (6M) Calculated over the trailing 6-month period	47.05%	34.58%	+12.47%
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	44.23%	+24.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.28%	48.26%	+24.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.28%	48.26%	+24.02%

ETHW vs. BTC - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is higher than BTC's 0.15% 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

ETHW vs. BTC - Dividend Comparison

Neither ETHW nor BTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHW and BTC in my portfolio?

ETHW and BTC have a correlation of 0.89, 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 BTC?

ETHW has higher volatility (20.02%) compared to BTC (12.93%). In terms of maximum drawdown, ETHW dropped -67.57% vs BTC's -51.97%.

Which ETF is better, ETHW or BTC?

On 1-year performance, ETHW leads with -28.49% vs -39.75% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 12.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or BTC?

Over the 1-year period, ETHW has performed better with a -28.49% return vs -39.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.20% for ETHW.

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

ETHW and BTC have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHW and BTC?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.20% for ETHW and 0.15% for BTC.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.41 vs -0.90), 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.