ETHW vs. GSOL

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Ethereum ETF (ETHW) and Grayscale Solana Staking ETF (GSOL).

ETHW and GSOL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHW is an actively managed fund by Bitwise. It was launched on Jul 22, 2024. GSOL is an actively managed fund by Grayscale. It was launched on Nov 18, 2021.

Performance

ETHW vs. GSOL - Performance Comparison

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

ETHW vs. GSOL - Yearly Performance Comparison

	2026 (YTD)	2025
ETHW Bitwise Ethereum ETF	-29.48%	-19.43%
GSOL Grayscale Solana Staking ETF	-32.64%	-29.95%

Returns By Period

In the year-to-date period, ETHW achieves a -29.48% return, which is significantly higher than GSOL's -32.64% return.

ETHW

• 1D: 3.66%
• 1M: 8.93%
• YTD: -29.48%
• 6M: -49.70%
• 1Y: 14.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GSOL

• 1D: 0.16%
• 1M: 1.49%
• YTD: -32.64%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. GSOL - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than GSOL's 0.35% expense ratio.

GSOL

Grayscale Solana Staking ETF

ETHW

Bitwise Ethereum ETF

Return for Risk

ETHW vs. GSOL — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 21
ETHW Sharpe Ratio Rank: 17
ETHW Sortino Ratio Rank: 30
ETHW Omega Ratio Rank: 25
ETHW Calmar Ratio Rank: 16
ETHW Martin Ratio Rank: 15

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. GSOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Grayscale Solana Staking ETF (GSOL). 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	GSOL	Difference
Sharpe ratio Return per unit of total volatility	0.19	—	—
Sortino ratio Return per unit of downside risk	0.84	—	—
Omega ratio Gain probability vs. loss probability	1.10	—	—
Calmar ratio Return relative to maximum drawdown	0.19	—	—
Martin ratio Return relative to average drawdown	0.39	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETHW	GSOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-1.00	+0.65

Correlation

The correlation between ETHW and GSOL is 0.93, 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.

Dividends

ETHW vs. GSOL - Dividend Comparison

Neither ETHW nor GSOL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ETHW vs. GSOL - Drawdown Comparison

The maximum ETHW drawdown since its inception was -64.04%, which is greater than GSOL's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for ETHW and GSOL.

Drawdown Indicators

	ETHW	GSOL	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-58.63%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-61.69%	—	—
Current Drawdown Current decline from peak	-56.76%	-55.35%	-1.41%
Average Drawdown Average peak-to-trough decline	-30.40%	-37.53%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.42%	—	—

Volatility

Volatility by Period

	ETHW	GSOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.79%	84.62%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.70%	84.62%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.70%	84.62%	-9.92%