ETHW vs. ETH-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Ethereum ETF (ETHW) and Ethereum (ETH-USD).

ETHW is an actively managed fund by Bitwise. It was launched on Jul 22, 2024.

Performance

ETHW vs. ETH-USD - Performance Comparison

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

ETHW vs. ETH-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-28.02%	-11.26%	-3.54%
ETH-USD Ethereum	-27.34%	-10.91%	-4.38%

Returns By Period

The year-to-date returns for both investments are quite close, with ETHW having a -28.02% return and ETH-USD slightly higher at -27.34%.

ETHW

• 1D: 2.07%
• 1M: 5.01%
• YTD: -28.02%
• 6M: -50.72%
• 1Y: 11.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH-USD

• 1D: 2.47%
• 1M: 6.32%
• YTD: -27.34%
• 6M: -50.45%
• 1Y: 13.15%
• 3Y*: 6.28%
• 5Y*: 0.20%
• 10Y*: 68.60%

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

Return for Risk

ETHW vs. ETH-USD — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 19
ETHW Sharpe Ratio Rank: 15
ETHW Sortino Ratio Rank: 26
ETHW Omega Ratio Rank: 22
ETHW Calmar Ratio Rank: 17
ETHW Martin Ratio Rank: 16

ETH-USD

ETH-USD Risk / Return Rank: 79
ETH-USD Sharpe Ratio Rank: 85
ETH-USD Sortino Ratio Rank: 84
ETH-USD Omega Ratio Rank: 83
ETH-USD Calmar Ratio Rank: 72
ETH-USD Martin Ratio Rank: 68

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. 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 ratio Return per unit of total volatility	0.16	0.18	-0.02
Sortino ratio Return per unit of downside risk	0.80	0.83	-0.03
Omega ratio Gain probability vs. loss probability	1.09	1.09	0.00
Calmar ratio Return relative to maximum drawdown	0.27	-0.85	+1.12
Martin ratio Return relative to average drawdown	0.55	-1.46	+2.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHW vs. ETH-USD - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is 0.16, which is comparable to the ETH-USD Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of ETHW and ETH-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHW	ETH-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.18	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.80	-1.14

Correlation

The correlation between ETHW and ETH-USD is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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.

Drawdown Indicators

	ETHW	ETH-USD	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-94.01%	+29.97%
Max Drawdown (1Y) Largest decline over 1 year	-61.69%	-62.26%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-79.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.01%	—
Current Drawdown Current decline from peak	-55.87%	-55.38%	-0.49%
Average Drawdown Average peak-to-trough decline	-30.46%	-50.81%	+20.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.62%	36.32%	-5.70%

Volatility

ETHW vs. ETH-USD - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 18.96% compared to Ethereum (ETH-USD) at 17.83%. 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.

Volatility by Period

	ETHW	ETH-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.96%	17.83%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	53.61%	51.52%	+2.09%
Volatility (1Y) Calculated over the trailing 1-year period	75.78%	62.50%	+13.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.63%	63.60%	+11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.63%	78.85%	-4.22%