ETHW vs. ETCO

Last updated Jul 18, 2026

ETHW (Bitwise Ethereum ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds. Both are actively managed. Their correlation of 0.95 suggests significant overlap in exposure. ETHW charges 0.20%/yr vs 0.66%/yr for ETCO.

Performance

ETHW vs. ETCO - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with ETHW having a -37.99% return and ETCO slightly higher at -36.19%.

ETHW

• 1D: -1.64%
• 1M: 6.46%
• 6M: -44.04%
• YTD: -37.99%
• 1Y: -46.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -1.75%
• 1M: -1.34%
• 6M: -41.10%
• YTD: -36.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
ETHW Bitwise Ethereum ETF	-37.99%	-33.74%
ETCO Grayscale Ethereum Covered Call ETF	-36.19%	-26.08%

Correlation

The correlation between ETHW and ETCO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	0.95

Return for Risk

ETHW vs. ETCO — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 4
ETHW Sharpe Ratio Rank: 4
ETHW Sortino Ratio Rank: 4
ETHW Omega Ratio Rank: 4
ETHW Calmar Ratio Rank: 4
ETHW Martin Ratio Rank: 4

ETCO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Grayscale Ethereum Covered Call ETF (ETCO). 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	ETCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	—	—
Sortino ratio: Return per unit of downside risk	-0.82	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.68	—	—
Martin ratio: Return relative to average drawdown	-1.06	—	—

Drawdowns

ETHW vs. ETCO - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.89%, which is greater than ETCO's maximum drawdown of -59.43%. Use the drawdown chart below to compare losses from any high point for ETHW and ETCO.

Drawdown Indicators

	ETHW	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-59.43%	-8.46%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	—	—
Current Drawdown Current decline from peak	-61.98%	-56.25%	-5.73%
Average Drawdown Average peak-to-trough decline	-34.69%	-37.40%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.73%	—	—

Volatility

Volatility by Period

	ETHW	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	67.48%	51.41%	+16.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.64%	51.41%	+20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.64%	51.41%	+20.23%

ETHW vs. ETCO - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than ETCO's 0.66% expense ratio.

Dividends

ETHW vs. ETCO - Dividend Comparison

ETHW has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 150.80%.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	150.80%	42.29%
ETHW Bitwise Ethereum ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHW and ETCO in my portfolio?

With a correlation of 0.95, ETHW and ETCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ETHW or ETCO?

On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETHW or ETCO?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 150.80%, compared with 0.00% for ETHW.

What is the main difference between ETHW and ETCO?

They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.20% for ETHW and 0.66% for ETCO.