ETHW vs. IETH

Last updated Jun 24, 2026

ETHW (Bitwise Ethereum ETF) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while IETH is a Derivative Income fund actively managed by Bitwise. Both are actively managed. With a 0.98 correlation, they move nearly in lockstep. ETHW charges 0.20%/yr vs 0.97%/yr for IETH.

Performance

ETHW vs. IETH - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHW achieves a -44.19% return, which is significantly lower than IETH's -38.45% return.

ETHW

• 1D: -4.27%
• 1M: -19.58%
• YTD: -44.19%
• 6M: -44.14%
• 1Y: -28.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IETH

• 1D: -3.27%
• 1M: -17.57%
• YTD: -38.45%
• 6M: -35.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. IETH - Yearly Performance Comparison

	2026 (YTD)	2025
ETHW Bitwise Ethereum ETF	-44.19%	-31.54%
IETH Bitwise Ethereum Option Income Strategy ETF	-38.45%	-27.34%

Correlation

The correlation between ETHW and IETH is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.98

Return for Risk

ETHW vs. IETH — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 6
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 6
ETHW Martin Ratio Rank: 6

IETH

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. IETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Bitwise Ethereum Option Income Strategy ETF (IETH). 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	IETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	—	—
Sortino ratio: Return per unit of downside risk	-0.21	—	—
Omega ratio: Gain probability vs. loss probability	0.98	—	—
Calmar ratio: Return relative to maximum drawdown	-0.42	—	—
Martin ratio: Return relative to average drawdown	-0.71	—	—

Drawdowns

ETHW vs. IETH - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.57%, which is greater than IETH's maximum drawdown of -59.55%. Use the drawdown chart below to compare losses from any high point for ETHW and IETH.

Drawdown Indicators

	ETHW	IETH	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-59.55%	-8.02%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	—	—
Current Drawdown Current decline from peak	-65.78%	-57.45%	-8.33%
Average Drawdown Average peak-to-trough decline	-33.64%	-38.29%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.41%	—	—

Volatility

Volatility by Period

	ETHW	IETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.07%	60.54%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.28%	60.54%	+11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.28%	60.54%	+11.74%

ETHW vs. IETH - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than IETH's 0.97% expense ratio.

Dividends

ETHW vs. IETH - Dividend Comparison

ETHW has not paid dividends to shareholders, while IETH's dividend yield for the trailing twelve months is around 50.52%.

Position	TTM	2025
ETHW Bitwise Ethereum ETF	0.00%	0.00%
IETH Bitwise Ethereum Option Income Strategy ETF	50.52%	18.26%

Frequently Asked Questions

Can I hold both ETHW and IETH in my portfolio?

With a correlation of 0.98, ETHW and IETH 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 IETH?

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 IETH?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 50.52%, compared with 0.00% for ETHW.

What is the main difference between ETHW and IETH?

ETHW is categorized as Cryptocurrency, while IETH is Derivative Income. Their fees differ too: 0.20% for ETHW and 0.97% for IETH.