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 -36.20% vs -35.44% 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 investments are quite close, with ETHW having a -47.63% return and ETH-USD slightly higher at -47.34%.
ETHW
- 1D
- -1.59%
- 1M
- -24.83%
- YTD
- -47.63%
- 6M
- -47.03%
- 1Y
- -36.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH-USD
- 1D
- -3.54%
- 1M
- -24.55%
- YTD
- -47.34%
- 6M
- -46.17%
- 1Y
- -35.44%
- 3Y*
- -5.63%
- 5Y*
- -3.10%
- 10Y*
- 60.12%
ETHW vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHW Bitwise Ethereum ETF | -47.63% | -11.26% | -4.77% |
ETH-USD Ethereum | -47.34% | -10.91% | -3.22% |
Correlation
The correlation between ETHW and ETH-USD is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.68 |
The correlation between ETHW and ETH-USD has been stable across timeframes, ranging from 0.68 to 0.71 - 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.
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 | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.95 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | -0.52 | -0.01 |
| Martin ratioReturn relative to average drawdown | -0.89 | -0.87 | -0.02 |
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Drawdowns
ETHW vs. ETH-USD - Drawdown Comparison
The maximum ETHW drawdown since its inception was -67.89%, 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 | -67.89% | -94.01% | +26.12% |
Max Drawdown (1Y)Largest decline over 1 year | -67.89% | -67.66% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -67.66% | — |
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 | -67.89% | -67.66% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -33.78% | -50.93% | +17.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.86% | 41.50% | -0.64% |
Volatility
ETHW vs. ETH-USD - Volatility Comparison
Bitwise Ethereum ETF (ETHW) has a higher volatility of 20.09% compared to Ethereum (ETH-USD) at 18.39%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier 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 | 20.09% | 18.39% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 46.58% | 46.39% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.91% | 55.72% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.21% | 59.09% | +13.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.21% | 77.04% | -4.83% |
Frequently Asked Questions
ETHW and ETH-USD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHW has higher volatility (20.09%) compared to ETH-USD (18.39%). In terms of maximum drawdown, ETHW dropped -67.89% vs ETH-USD's -94.01%.
ETHW currently has the higher Sharpe Ratio (-0.53 vs -0.53), 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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