GBTC vs. ETHE
GBTC (Grayscale Bitcoin Trust ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while ETHE tracks the CoinDesk Ether Price Index . Both are passively managed. Over the past 5 years, GBTC returned 9.81%/yr vs -11.85%/yr for ETHE. A 0.72 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 2.50%/yr for ETHE.
Performance
GBTC vs. ETHE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly higher than ETHE's -40.50% return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
GBTC vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -24.17% |
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
Correlation
The correlation between GBTC and ETHE is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.72 |
The correlation between GBTC and ETHE shifts across timeframes, from 0.72 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. ETHE — Risk / Return Rank
GBTC
ETHE
GBTC vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.96 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.53 | -0.28 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.88 | -0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBTC | ETHE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.49 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.14 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.06 | +0.59 |
Drawdowns
GBTC vs. ETHE - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GBTC and ETHE.
Loading charts...
Drawdown Indicators
| GBTC | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -96.26% | +6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -63.69% | +13.82% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -66.12% | +16.25% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -89.85% | +4.43% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -77.50% | +27.63% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -72.23% | +28.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 38.19% | -9.38% |
Volatility
GBTC vs. ETHE - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 9.65%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBTC | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 9.65% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 45.28% | -11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 68.22% | -24.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 82.25% | -19.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 191.78% | -109.58% |
GBTC vs. ETHE - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is lower than ETHE's 2.50% expense ratio.
Dividends
GBTC vs. ETHE - Dividend Comparison
GBTC has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
GBTC and ETHE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHE has higher volatility (9.65%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs ETHE's -96.26%.
On 5-year performance, GBTC leads with 9.81% vs -11.85% for ETHE. On fees, GBTC is cheaper at 1.50% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 9.81% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.37%, compared with 0.00% for GBTC.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while ETHE tracks CoinDesk Ether Price Index . Their fees differ too: 1.50% for GBTC and 2.50% for ETHE.
ETHE currently has the higher Sharpe Ratio (-0.49 vs -0.93), 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.
Find the right allocation for GBTC and ETHE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer