GBAT vs. ETH
GBAT (Grayscale Basic Attention Token Trust) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, GBAT returned -49.06% vs -32.10% for ETH. At a 0.35 correlation, their price movements are largely independent.
Performance
GBAT vs. ETH - Performance Comparison
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Returns By Period
In the year-to-date period, GBAT achieves a -63.16% return, which is significantly lower than ETH's -44.98% return.
GBAT
- 1D
- 2.77%
- 1M
- -27.03%
- YTD
- -63.16%
- 6M
- -63.28%
- 1Y
- -49.06%
- 3Y*
- -32.44%
- 5Y*
- —
- 10Y*
- —
ETH
- 1D
- 3.21%
- 1M
- -19.33%
- YTD
- -44.98%
- 6M
- -44.10%
- 1Y
- -32.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBAT vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBAT Grayscale Basic Attention Token Trust | -63.16% | -77.32% | -24.22% |
ETH Grayscale Ethereum Staking Mini ETF | -44.98% | -10.89% | -4.58% |
Correlation
The correlation between GBAT and ETH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.35 |
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Return for Risk
GBAT vs. ETH — Risk / Return Rank
GBAT
ETH
GBAT vs. ETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) and Grayscale Ethereum Staking Mini ETF (ETH). 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.
| GBAT | ETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.97 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | -0.48 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.04 | -0.78 | -0.25 |
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Drawdowns
GBAT vs. ETH - Drawdown Comparison
The maximum GBAT drawdown since its inception was -98.13%, which is greater than ETH's maximum drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for GBAT and ETH.
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Drawdown Indicators
| GBAT | ETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.13% | -67.52% | -30.61% |
Max Drawdown (1Y)Largest decline over 1 year | -78.53% | -67.52% | -11.01% |
Max Drawdown (3Y)Largest decline over 3 years | -98.13% | — | — |
Current DrawdownCurrent decline from peak | -97.68% | -66.11% | -31.57% |
Average DrawdownAverage peak-to-trough decline | -69.04% | -33.78% | -35.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.29% | 41.03% | +6.26% |
Volatility
GBAT vs. ETH - Volatility Comparison
Grayscale Basic Attention Token Trust (GBAT) has a higher volatility of 31.49% compared to Grayscale Ethereum Staking Mini ETF (ETH) at 20.47%. This indicates that GBAT's price experiences larger fluctuations and is considered to be riskier than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBAT | ETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.49% | 20.47% | +11.02% |
Volatility (6M)Calculated over the trailing 6-month period | 72.98% | 46.63% | +26.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.10% | 69.12% | +62.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 169.39% | 72.21% | +97.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 169.39% | 72.21% | +97.18% |
Dividends
GBAT vs. ETH - Dividend Comparison
Neither GBAT nor ETH has paid dividends to shareholders.
Frequently Asked Questions
GBAT and ETH have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBAT has higher volatility (31.49%) compared to ETH (20.47%). In terms of maximum drawdown, GBAT dropped -98.13% vs ETH's -67.52%.
On 1-year performance, ETH leads with -32.10% vs -49.06% for GBAT. On volatility, ETH has been the lower-risk option at 20.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETH has performed better with a -32.10% return vs -49.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBAT and ETH have nearly identical dividend yields, around 0.00%.
GBAT currently has the higher Sharpe Ratio (-0.37 vs -0.47), 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.
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