ETHW vs. SPY

Last updated Aug 2, 2026

ETHW (Bitwise Ethereum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while SPY is a S&P 500 fund tracking the S&P 500 Index. ETHW is actively managed, while SPY is passively managed. Over the past year, ETHW returned -46.96% vs 21.49% for SPY. Their 0.51 correlation means they have sometimes moved together and sometimes differently. ETHW charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

ETHW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHW achieves a -37.28% return, which is significantly lower than SPY's 10.13% return.

ETHW

• 1D: -3.05%
• 1M: 9.61%
• 6M: -30.30%
• YTD: -37.28%
• 1Y: -46.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.96%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHW Bitwise Ethereum ETF	$14.26M	$11.82M	$10.86M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

ETHW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-37.28%	-11.26%	-4.77%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	6.35%

Correlation

The correlation between ETHW and SPY is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.51

The correlation between ETHW and SPY has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

ETHW vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHW

ETHW Risk / Return Rank: 3
ETHW Sharpe Ratio Rank: 3
ETHW Sortino Ratio Rank: 3
ETHW Omega Ratio Rank: 4
ETHW Calmar Ratio Rank: 3
ETHW Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHW vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.52	-2.27
Sortino ratio: Return per unit of downside risk	-0.98	2.11	-3.10
Omega ratio: Gain probability vs. loss probability	0.89	1.27	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.74	2.20	-2.95
Martin ratio: Return relative to average drawdown	-1.11	9.40	-10.51

ETHW vs. SPY - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.75, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of ETHW and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHW vs. SPY - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.89%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETHW and SPY.

Drawdown Indicators

	ETHW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-55.19%	-12.70%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-8.88%	-59.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-61.55%	-1.40%	-60.15%
Average Drawdown Average peak-to-trough decline	-35.20%	-9.01%	-26.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.37%	2.08%	+43.29%

Volatility

ETHW vs. SPY - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 13.10% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.10%	3.58%	+9.52%
Volatility (6M) Calculated over the trailing 6-month period	45.97%	10.14%	+35.83%
Volatility (1Y) Calculated over the trailing 1-year period	67.15%	12.89%	+54.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.13%	17.18%	+53.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.13%	17.95%	+53.18%

ETHW vs. SPY - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ETHW vs. SPY - Dividend Comparison

ETHW has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ETHW and SPY in my portfolio?

ETHW and SPY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or SPY?

ETHW has higher volatility (13.10%) compared to SPY (3.58%). In terms of maximum drawdown, ETHW dropped -67.89% vs SPY's -55.19%.

Which ETF is better, ETHW or SPY?

On 1-year performance, SPY leads with 21.49% vs -46.96% for ETHW. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs -46.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for ETHW.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for ETHW.

What is the main difference between ETHW and SPY?

ETHW is categorized as Cryptocurrency, while SPY is S&P 500. They also come from different issuers: Bitwise and State Street. Their fees differ too: 0.20% for ETHW and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.75), 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.