GAVA vs. ETCO

Last updated Jun 3, 2026

GAVA (Grayscale Avalanche Staking ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. GAVA charges 0.35%/yr vs 0.66%/yr for ETCO.

Performance

GAVA vs. ETCO - Performance Comparison

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

Returns By Period

GAVA

• 1D: -7.01%
• 1M: -8.64%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAVA vs. ETCO - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-12.85%
ETCO Grayscale Ethereum Covered Call ETF	-9.92%

Correlation

The correlation between GAVA and ETCO is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 13, 2026	0.77

Return for Risk

GAVA vs. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) and Grayscale Ethereum Covered Call ETF (ETCO). 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	ETCO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.94	-1.16	+0.22

Drawdowns

GAVA vs. ETCO - Drawdown Comparison

The maximum GAVA drawdown since its inception was -18.61%, smaller than the maximum ETCO drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for GAVA and ETCO.

Drawdown Indicators

	GAVA	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-56.81%	+38.20%
Current Drawdown Current decline from peak	-18.61%	-54.32%	+35.71%
Average Drawdown Average peak-to-trough decline	-8.80%	-34.43%	+25.63%

Volatility

Volatility by Period

	GAVA	ETCO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	49.54%	52.49%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.54%	52.49%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.54%	52.49%	-2.95%

GAVA vs. ETCO - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than ETCO's 0.66% expense ratio.

Dividends

GAVA vs. ETCO - Dividend Comparison

GAVA has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 127.41%.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and ETCO in my portfolio?

GAVA and ETCO have a correlation of 0.77, 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 ETCO?

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 ETCO?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.66% for ETCO.

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

ETCO has the higher dividend yield at 127.41%, compared with 0.00% for GAVA.

What is the main difference between GAVA and ETCO?

Their fees differ too: 0.35% for GAVA and 0.66% for ETCO.