GDOG vs. ETHE

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale - GDOG tracks the CoinDesk Dogecoin Blended Reference Rate Index while ETHE tracks the CoinDesk Ether Price Index . Both are passively managed. A 0.79 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 2.50%/yr for ETHE.

Performance

GDOG vs. ETHE - Performance Comparison

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

Returns By Period

In the year-to-date period, GDOG achieves a -21.87% return, which is significantly higher than ETHE's -39.63% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: -5.64%
• 1M: -23.64%
• YTD: -39.63%
• 6M: -42.89%
• 1Y: -32.48%
• 3Y*: 19.37%
• 5Y*: -11.60%
• 10Y*: —

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

GDOG vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
ETHE Grayscale Ethereum Trust ETF	-39.63%	-0.16%

Correlation

The correlation between GDOG and ETHE is 0.79, 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 25, 2025	0.79

Return for Risk

GDOG 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: 4
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 4
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.

GDOG vs. ETHE - Risk-Adjusted Trends Comparison

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

	GDOG	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.48	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.06	-0.92

Drawdowns

GDOG vs. ETHE - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GDOG and ETHE.

Drawdown Indicators

	GDOG	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-96.26%	+53.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-63.16%	—
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	-41.16%	-77.17%	+36.01%
Average Drawdown Average peak-to-trough decline	-28.48%	-72.23%	+43.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.98%	—

Volatility

Volatility by Period

	GDOG	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	68.31%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	82.26%	-8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	191.84%	-117.86%

GDOG vs. ETHE - Expense Ratio Comparison

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

Dividends

GDOG vs. ETHE - Dividend Comparison

GDOG has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.35%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.35%
GDOG Grayscale Dogecoin Trust ETF	0.00%

Frequently Asked Questions

Can I hold both GDOG and ETHE in my portfolio?

GDOG and ETHE have a correlation of 0.79, 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 ETHE?

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 ETHE?

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

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

ETHE has the higher dividend yield at 1.35%, compared with 0.00% for GDOG.

What is the main difference between GDOG and ETHE?

GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index, while ETHE tracks CoinDesk Ether Price Index . Their fees differ too: 0.35% for GDOG and 2.50% for ETHE.