ETHW vs. ETH-USD
ETHW (Bitwise Ethereum ETF) is Cryptocurrency fund actively managed by Bitwise, while ETH-USD (Ethereum) is a cryptocurrency. Over the past year, ETHW returned -31.71% vs -31.03% for ETH-USD. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
ETHW vs. ETH-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ETHW having a -39.45% return and ETH-USD slightly lower at -39.68%.
ETHW
- 1D
- -5.78%
- 1M
- -23.65%
- YTD
- -39.45%
- 6M
- -42.65%
- 1Y
- -31.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH-USD
- 1D
- -3.66%
- 1M
- -23.74%
- YTD
- -39.68%
- 6M
- -43.89%
- 1Y
- -31.03%
- 3Y*
- -1.81%
- 5Y*
- -7.83%
- 10Y*
- 62.38%
ETHW vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHW Bitwise Ethereum ETF | -39.45% | -11.26% | -3.54% |
ETH-USD Ethereum | -39.68% | -10.91% | -4.38% |
Correlation
The correlation between ETHW and ETH-USD is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | 0.68 |
The correlation between ETHW and ETH-USD has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.
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Return for Risk
ETHW vs. ETH-USD — Risk / Return Rank
ETHW
ETH-USD
ETHW vs. ETH-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Ethereum (ETH-USD). 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.
| ETHW | ETH-USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.47 | -0.46 | -0.01 |
Sortino ratioReturn per unit of downside risk | -0.32 | -0.31 | -0.01 |
Omega ratioGain probability vs. loss probability | 0.96 | 0.97 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.49 | -0.01 |
Martin ratioReturn relative to average drawdown | -0.84 | -0.82 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHW | ETH-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | -0.46 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.11 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | 0.76 | -1.17 |
Drawdowns
ETHW vs. ETH-USD - Drawdown Comparison
The maximum ETHW drawdown since its inception was -64.04%, smaller than the maximum ETH-USD drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for ETHW and ETH-USD.
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Drawdown Indicators
| ETHW | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.04% | -94.01% | +29.97% |
Max Drawdown (1Y)Largest decline over 1 year | -62.87% | -62.96% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -63.80% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -79.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.01% | — |
Current DrawdownCurrent decline from peak | -62.87% | -62.96% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -32.65% | -50.87% | +18.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.74% | 43.64% | -5.90% |
Volatility
ETHW vs. ETH-USD - Volatility Comparison
The current volatility for Bitwise Ethereum ETF (ETHW) is 10.08%, while Ethereum (ETH-USD) has a volatility of 10.96%. This indicates that ETHW experiences smaller price fluctuations and is considered to be less risky than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHW | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.08% | 10.96% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 46.02% | 45.10% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.33% | 55.90% | +12.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 59.54% | +12.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.13% | 77.96% | -5.83% |
Frequently Asked Questions
ETHW and ETH-USD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (10.96%) compared to ETHW (10.08%). In terms of maximum drawdown, ETHW dropped -64.04% vs ETH-USD's -94.01%.
ETH-USD currently has the higher Sharpe Ratio (-0.46 vs -0.47), 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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