GAVA vs. BOAT

Last updated Jun 5, 2026

GAVA (Grayscale Avalanche Staking ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - GAVA is a Cryptocurrency fund actively managed by Grayscale, while BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index - Benchmark TR Net. GAVA is actively managed, while BOAT is passively managed. At a 0.17 correlation, their price movements are largely independent. GAVA charges 0.35%/yr vs 0.69%/yr for BOAT.

Performance

GAVA vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAVA

• 1D: -3.30%
• 1M: -17.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOAT

• 1D: 0.52%
• 1M: -5.24%
• YTD: 30.41%
• 6M: 28.97%
• 1Y: 49.40%
• 3Y*: 28.32%
• 5Y*: —
• 10Y*: —

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

GAVA vs. BOAT - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-18.74%
BOAT SonicShares Global Shipping ETF	5.62%

Correlation

The correlation between GAVA and BOAT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 13, 2026	0.17

Return for Risk

GAVA vs. BOAT — Risk / Return Rank

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

BOAT

BOAT Risk / Return Rank: 76
BOAT Sharpe Ratio Rank: 78
BOAT Sortino Ratio Rank: 75
BOAT Omega Ratio Rank: 71
BOAT Calmar Ratio Rank: 82
BOAT Martin Ratio Rank: 71

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.

GAVA vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) and SonicShares Global Shipping ETF (BOAT). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GAVA	BOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.21	0.94	-2.15

Drawdowns

GAVA vs. BOAT - Drawdown Comparison

The maximum GAVA drawdown since its inception was -24.10%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for GAVA and BOAT.

Drawdown Indicators

	GAVA	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-33.94%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.60%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-33.94%	—
Current Drawdown Current decline from peak	-24.10%	-6.22%	-17.88%
Average Drawdown Average peak-to-trough decline	-9.29%	-9.70%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.77%	—

Volatility

Volatility by Period

	GAVA	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	49.58%	19.74%	+29.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.58%	25.11%	+24.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.58%	25.11%	+24.47%

GAVA vs. BOAT - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than BOAT's 0.69% expense ratio.

Dividends

GAVA vs. BOAT - Dividend Comparison

GAVA has not paid dividends to shareholders, while BOAT's dividend yield for the trailing twelve months is around 6.28%.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.28%	8.08%	13.89%	13.65%	13.57%	1.36%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and BOAT in my portfolio?

GAVA and BOAT have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or BOAT?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or BOAT?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.69% for BOAT.

Which ETF pays a higher dividend yield, GAVA or BOAT?

BOAT has the higher dividend yield at 6.28%, compared with 0.00% for GAVA.

What is the main difference between GAVA and BOAT?

GAVA is categorized as Cryptocurrency, while BOAT is Transportation Equities. They also come from different issuers: Grayscale and Toroso Investments. Their fees differ too: 0.35% for GAVA and 0.69% for BOAT.