ETHW vs. YBTC

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Ethereum ETF (ETHW) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC).

ETHW and YBTC 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. YBTC is an actively managed fund by Roundhill. It was launched on Jan 17, 2024.

Performance

ETHW vs. YBTC - Performance Comparison

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

ETHW vs. YBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-28.02%	-11.26%	-3.54%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-18.40%	-4.23%	22.83%

Returns By Period

In the year-to-date period, ETHW achieves a -28.02% return, which is significantly lower than YBTC's -18.40% return.

ETHW

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

YBTC

• 1D: -0.08%
• 1M: 3.24%
• YTD: -18.40%
• 6M: -38.10%
• 1Y: -16.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. YBTC - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than YBTC's 0.95% expense ratio.

YBTC

Roundhill Bitcoin Covered Call Strategy ETF

ETHW

Bitwise Ethereum ETF

Return for Risk

ETHW vs. YBTC — 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

YBTC

YBTC Risk / Return Rank: 6
YBTC Sharpe Ratio Rank: 5
YBTC Sortino Ratio Rank: 6
YBTC Omega Ratio Rank: 6
YBTC Calmar Ratio Rank: 7
YBTC Martin Ratio Rank: 7

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. YBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) and Roundhill Bitcoin Covered Call Strategy ETF (YBTC). 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	YBTC	Difference
Sharpe ratio Return per unit of total volatility	0.16	-0.41	+0.57
Sortino ratio Return per unit of downside risk	0.80	-0.33	+1.13
Omega ratio Gain probability vs. loss probability	1.09	0.96	+0.13
Calmar ratio Return relative to maximum drawdown	0.27	-0.31	+0.58
Martin ratio Return relative to average drawdown	0.55	-0.69	+1.23
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. YBTC - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is 0.16, which is higher than the YBTC Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of ETHW and YBTC, 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	YBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	-0.41	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.25	-0.58

Correlation

The correlation between ETHW and YBTC is 0.76, 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. YBTC - Dividend Comparison

ETHW has not paid dividends to shareholders, while YBTC's dividend yield for the trailing twelve months is around 86.80%.

	TTM	2025	2024
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	86.80%	76.04%	44.53%

Drawdowns

ETHW vs. YBTC - Drawdown Comparison

The maximum ETHW drawdown since its inception was -64.04%, which is greater than YBTC's maximum drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for ETHW and YBTC.

Drawdown Indicators

	ETHW	YBTC	Difference
Max Drawdown Largest peak-to-trough decline	-64.04%	-47.09%	-16.95%
Max Drawdown (1Y) Largest decline over 1 year	-61.69%	-47.09%	-14.60%
Current Drawdown Current decline from peak	-55.87%	-40.41%	-15.46%
Average Drawdown Average peak-to-trough decline	-30.46%	-11.10%	-19.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.62%	20.98%	+9.64%

Volatility

ETHW vs. YBTC - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 18.96% compared to Roundhill Bitcoin Covered Call Strategy ETF (YBTC) at 9.19%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than YBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	YBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.96%	9.19%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	53.61%	34.09%	+19.52%
Volatility (1Y) Calculated over the trailing 1-year period	75.78%	40.09%	+35.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.63%	41.56%	+33.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.63%	41.56%	+33.07%