GDOG vs. ETCO

Last updated Jun 25, 2026

GDOG (Grayscale Dogecoin Trust ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. GDOG is passively managed, while ETCO is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.66%/yr for ETCO.

Performance

GDOG vs. ETCO - Performance Comparison

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

Returns By Period

In the year-to-date period, GDOG achieves a -37.04% return, which is significantly higher than ETCO's -40.01% return.

GDOG

• 1D: -5.88%
• 1M: -28.52%
• YTD: -37.04%
• 6M: -42.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -4.48%
• 1M: -20.52%
• YTD: -40.01%
• 6M: -39.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDOG vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-37.04%	-19.74%
ETCO Grayscale Ethereum Covered Call ETF	-40.01%	11.70%

Correlation

The correlation between GDOG 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 Nov 24, 2025	0.77

Return for Risk

GDOG vs. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) 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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

GDOG vs. ETCO - Drawdown Comparison

The maximum GDOG drawdown since its inception was -52.59%, smaller than the maximum ETCO drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for GDOG and ETCO.

Drawdown Indicators

	GDOG	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-52.59%	-59.30%	+6.71%
Current Drawdown Current decline from peak	-52.59%	-58.86%	+6.27%
Average Drawdown Average peak-to-trough decline	-29.97%	-35.83%	+5.86%

Volatility

Volatility by Period

	GDOG	ETCO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	73.20%	53.09%	+20.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.20%	53.09%	+20.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.20%	53.09%	+20.11%

GDOG vs. ETCO - Expense Ratio Comparison

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

Dividends

GDOG vs. ETCO - Dividend Comparison

GDOG has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 147.93%.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	147.93%	42.29%
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDOG and ETCO in my portfolio?

GDOG 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, GDOG or ETCO?

On fees, GDOG 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, GDOG or ETCO?

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

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

ETCO has the higher dividend yield at 147.93%, compared with 0.00% for GDOG.

What is the main difference between GDOG and ETCO?

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