GBTC vs. ETHE.SW
GBTC (Grayscale Bitcoin Trust ETF) and ETHE.SW (CoinShares Physical Ethereum (ETH)) are both Cryptocurrency funds. GBTC is passively managed, while ETHE.SW is actively managed. Over the past 5 years, GBTC returned 9.81%/yr vs -7.37%/yr for ETHE.SW. At a 0.39 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.00%/yr for ETHE.SW.
Performance
GBTC vs. ETHE.SW - Performance Comparison
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Different Trading Currencies
GBTC is traded in USD, while ETHE.SW is traded in CHF. To make them comparable, the ETHE.SW values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly higher than ETHE.SW's -39.96% 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.SW
- 1D
- -2.80%
- 1M
- -24.74%
- YTD
- -39.96%
- 6M
- -43.88%
- 1Y
- -31.20%
- 3Y*
- -0.73%
- 5Y*
- -7.37%
- 10Y*
- —
GBTC vs. ETHE.SW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | -29.24% |
ETHE.SW CoinShares Physical Ethereum (ETH) | -39.96% | -9.25% | 43.07% | 83.14% | -66.28% | 127.09% |
Correlation
The correlation between GBTC and ETHE.SW is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2021 | 0.39 |
The correlation between GBTC and ETHE.SW shifts across timeframes, from 0.39 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBTC vs. ETHE.SW — Risk / Return Rank
GBTC
ETHE.SW
GBTC vs. ETHE.SW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) and CoinShares Physical Ethereum (ETH) (ETHE.SW). 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.SW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.98 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.51 | -0.30 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.88 | -0.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | ETHE.SW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | -0.40 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.11 | +0.27 |
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 | 0.03 | +0.63 |
Drawdowns
GBTC vs. ETHE.SW - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than ETHE.SW's maximum drawdown of -79.01%. Use the drawdown chart below to compare losses from any high point for GBTC and ETHE.SW.
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Drawdown Indicators
| GBTC | ETHE.SW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -79.01% | -10.90% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -61.97% | +12.10% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -63.97% | +14.10% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -79.01% | -6.41% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -49.87% | -62.35% | +12.48% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -40.66% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 35.66% | -6.85% |
Volatility
GBTC vs. ETHE.SW - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while CoinShares Physical Ethereum (ETH) (ETHE.SW) has a volatility of 17.73%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky than ETHE.SW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBTC | ETHE.SW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 17.73% | -8.66% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 61.10% | -27.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 79.07% | -35.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 84.57% | -22.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 87.35% | -5.15% |
GBTC vs. ETHE.SW - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than ETHE.SW's 0.00% expense ratio.
Dividends
GBTC vs. ETHE.SW - Dividend Comparison
Neither GBTC nor ETHE.SW has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETHE.SW CoinShares Physical Ethereum (ETH) | 0.00% | 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.SW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETHE.SW is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETHE.SW is cheaper with a 0.00% expense ratio, compared with 1.50% for GBTC.
They also come from different issuers: Grayscale and CoinShares. Their fees differ too: 1.50% for GBTC and 0.00% for ETHE.SW.
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