GAVA vs. ETHE

Last updated Jun 5, 2026

GAVA (Grayscale Avalanche Staking ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale. GAVA is actively managed, while ETHE is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. GAVA charges 0.35%/yr vs 2.50%/yr for ETHE.

Performance

GAVA vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and Grayscale Ethereum Trust ETF (ETHE). 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*: —

ETHE

• 1D: -1.44%
• 1M: -25.23%
• YTD: -40.50%
• 6M: -43.78%
• 1Y: -33.45%
• 3Y*: 21.42%
• 5Y*: -11.85%
• 10Y*: —

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

GAVA vs. ETHE - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-18.74%
ETHE Grayscale Ethereum Trust ETF	-14.50%

Correlation

The correlation between GAVA and ETHE is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 13, 2026	0.82

Return for Risk

GAVA vs. ETHE — Risk / Return Rank

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

ETHE

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

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. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) and Grayscale Ethereum Trust ETF (ETHE). 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	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.21	0.06	-1.27

Drawdowns

GAVA vs. ETHE - Drawdown Comparison

The maximum GAVA drawdown since its inception was -24.10%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GAVA and ETHE.

Drawdown Indicators

	GAVA	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-96.26%	+72.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-63.69%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-66.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-24.10%	-77.50%	+53.40%
Average Drawdown Average peak-to-trough decline	-9.29%	-72.23%	+62.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	38.19%	—

Volatility

Volatility by Period

	GAVA	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	49.58%	68.22%	-18.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.58%	82.25%	-32.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.58%	191.78%	-142.20%

GAVA vs. ETHE - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

GAVA vs. ETHE - Dividend Comparison

GAVA has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.37%
GAVA Grayscale Avalanche Staking ETF	0.00%

Frequently Asked Questions

Can I hold both GAVA and ETHE in my portfolio?

GAVA and ETHE have a correlation of 0.82, 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 ETHE?

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 ETHE?

GAVA is cheaper with a 0.35% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.37%, compared with 0.00% for GAVA.

What is the main difference between GAVA and ETHE?

Their fees differ too: 0.35% for GAVA and 2.50% for ETHE.