FETH vs. RAVI

Last updated Jun 24, 2026

FETH (Fidelity Ethereum Fund) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index, while RAVI is a Ultrashort Bond fund actively managed by FlexShares. FETH is passively managed, while RAVI is actively managed. Over the past year, FETH returned -28.45% vs 4.37% for RAVI. At a correlation of -0.01, they often move in opposite directions. Both charge a 0.25% expense ratio.

Performance

FETH vs. RAVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) and FlexShares Ultra-Short Income ETF (RAVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FETH achieves a -44.11% return, which is significantly lower than RAVI's 1.69% return.

FETH

• 1D: -4.17%
• 1M: -19.46%
• YTD: -44.11%
• 6M: -44.07%
• 1Y: -28.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAVI

• 1D: 0.05%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.79%
• 1Y: 4.37%
• 3Y*: 5.17%
• 5Y*: 3.54%
• 10Y*: 2.67%

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

FETH vs. RAVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-44.11%	-11.37%	-4.68%
RAVI FlexShares Ultra-Short Income ETF	1.69%	4.98%	2.38%

Correlation

The correlation between FETH and RAVI is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.01

Return for Risk

FETH vs. RAVI — Risk / Return Rank

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

FETH

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

RAVI

RAVI Risk / Return Rank: 99
RAVI Sharpe Ratio Rank: 99
RAVI Sortino Ratio Rank: 99
RAVI Omega Ratio Rank: 99
RAVI Calmar Ratio Rank: 99
RAVI Martin Ratio Rank: 99

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.

FETH vs. RAVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) and FlexShares Ultra-Short Income ETF (RAVI). 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.

	FETH	RAVI	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	10.73	-11.15
Sortino ratio: Return per unit of downside risk	-0.20	23.47	-23.68
Omega ratio: Gain probability vs. loss probability	0.98	5.23	-4.25
Calmar ratio: Return relative to maximum drawdown	-0.42	37.51	-37.93
Martin ratio: Return relative to average drawdown	-0.70	214.85	-215.56

FETH vs. RAVI - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.41, which is lower than the RAVI Sharpe Ratio of 10.73. The chart below compares the historical Sharpe Ratios of FETH and RAVI, 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

FETH vs. RAVI - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.57%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for FETH and RAVI.

Drawdown Indicators

	FETH	RAVI	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-3.72%	-63.85%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	-0.12%	-67.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-3.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-3.72%	—
Current Drawdown Current decline from peak	-65.81%	0.00%	-65.81%
Average Drawdown Average peak-to-trough decline	-33.69%	-0.17%	-33.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.48%	0.02%	+40.46%

Volatility

FETH vs. RAVI - Volatility Comparison

Fidelity Ethereum Fund (FETH) has a higher volatility of 19.78% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.13%. This indicates that FETH's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FETH	RAVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.78%	0.13%	+19.65%
Volatility (6M) Calculated over the trailing 6-month period	46.89%	0.31%	+46.58%
Volatility (1Y) Calculated over the trailing 1-year period	69.15%	0.41%	+68.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.38%	1.41%	+70.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.38%	1.28%	+71.10%

FETH vs. RAVI - Expense Ratio Comparison

Both FETH and RAVI have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FETH vs. RAVI - Dividend Comparison

FETH has not paid dividends to shareholders, while RAVI's dividend yield for the trailing twelve months is around 4.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RAVI FlexShares Ultra-Short Income ETF	4.37%	4.59%	5.34%	4.55%	1.70%	0.90%	1.29%	2.53%	2.22%	1.28%	0.90%

Frequently Asked Questions

Can I hold both FETH and RAVI in my portfolio?

FETH and RAVI have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FETH or RAVI?

FETH has higher volatility (19.78%) compared to RAVI (0.13%). In terms of maximum drawdown, FETH dropped -67.57% vs RAVI's -3.72%.

Which ETF is better, FETH or RAVI?

On 1-year performance, RAVI leads with 4.37% vs -28.45% for FETH. Both ETFs have the same 0.25% expense ratio. On volatility, RAVI has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or RAVI?

Over the 1-year period, RAVI has performed better with a 4.37% return vs -28.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or RAVI?

FETH and RAVI have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, FETH or RAVI?

RAVI has the higher dividend yield at 4.37%, compared with 0.00% for FETH.

What is the main difference between FETH and RAVI?

FETH is categorized as Cryptocurrency, while RAVI is Ultrashort Bond. They also come from different issuers: Fidelity and FlexShares.

Which has better risk-adjusted returns?

RAVI currently has the higher Sharpe Ratio (10.73 vs -0.41), 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.