ETHW vs. IETH
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
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Returns By Period
In the year-to-date period, ETHW achieves a -39.45% return, which is significantly lower than IETH's -33.82% return.
ETHW
- 1D
- -5.78%
- 1M
- -23.65%
- YTD
- -39.45%
- 6M
- -42.65%
- 1Y
- -31.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH
- 1D
- -5.08%
- 1M
- -18.82%
- YTD
- -33.82%
- 6M
- -35.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHW vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETHW Bitwise Ethereum ETF | -39.45% | -34.05% |
IETH Bitwise Ethereum Option Income Strategy ETF | -33.82% | -28.43% |
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 3, 2025 | 0.98 |
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Return for Risk
ETHW vs. IETH — Risk / Return Rank
ETHW
IETH
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.
| ETHW | IETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.96 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | — | — |
| Martin ratioReturn relative to average drawdown | -0.84 | — | — |
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 | IETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | -1.13 | +0.72 |
Drawdowns
ETHW vs. IETH - Drawdown Comparison
The maximum ETHW drawdown since its inception was -64.04%, which is greater than IETH's maximum drawdown of -55.94%. Use the drawdown chart below to compare losses from any high point for ETHW and IETH.
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Drawdown Indicators
| ETHW | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.04% | -55.94% | -8.10% |
Max Drawdown (1Y)Largest decline over 1 year | -62.87% | — | — |
Current DrawdownCurrent decline from peak | -62.87% | -54.25% | -8.62% |
Average DrawdownAverage peak-to-trough decline | -32.65% | -37.10% | +4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.74% | — | — |
Volatility
ETHW vs. IETH - Volatility Comparison
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Volatility by Period
| ETHW | IETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.08% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 46.02% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 68.33% | 59.79% | +8.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 59.79% | +12.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.13% | 59.79% | +12.34% |
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 46.99%.
| Position | TTM | 2025 |
|---|---|---|
ETHW Bitwise Ethereum ETF | 0.00% | 0.00% |
IETH Bitwise Ethereum Option Income Strategy ETF | 46.99% | 18.26% |
Frequently Asked Questions
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.
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.
ETHW is cheaper with a 0.20% expense ratio, compared with 0.97% for IETH.
IETH has the higher dividend yield at 46.99%, compared with 0.00% for ETHW.
ETHW is categorized as Cryptocurrency, while IETH is Derivative Income. Their fees differ too: 0.20% for ETHW and 0.97% for IETH.
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