GLNK vs. ETHE

Last updated Jun 25, 2026

GLNK (Grayscale Chainlink Trust ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale - GLNK tracks the Chainlink (LINK) while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past 3 years, GLNK returned -13.05%/yr vs 9.64%/yr for ETHE. At a 0.36 correlation, their price movements are largely independent. Both charge a 2.50% expense ratio.

Performance

GLNK vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Chainlink Trust ETF (GLNK) 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, GLNK achieves a -41.16% return, which is significantly higher than ETHE's -47.00% return.

GLNK

• 1D: -4.61%
• 1M: -23.60%
• YTD: -41.16%
• 6M: -40.59%
• 1Y: -64.29%
• 3Y*: -13.05%
• 5Y*: —
• 10Y*: —

ETHE

• 1D: -4.77%
• 1M: -23.45%
• YTD: -47.00%
• 6M: -46.37%
• 1Y: -35.91%
• 3Y*: 9.64%
• 5Y*: -6.60%
• 10Y*: —

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

GLNK vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLNK Grayscale Chainlink Trust ETF	-41.16%	-87.10%	38.45%	840.06%	-18.87%
ETHE Grayscale Ethereum Trust ETF	-47.00%	-13.03%	44.14%	308.40%	-63.88%

Correlation

The correlation between GLNK and ETHE is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 19, 2022	0.36

Over the past year, GLNK and ETHE have become more correlated (0.73) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

GLNK vs. ETHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLNK

GLNK Risk / Return Rank: 4
GLNK Sharpe Ratio Rank: 4
GLNK Sortino Ratio Rank: 5
GLNK Omega Ratio Rank: 5
GLNK Calmar Ratio Rank: 3
GLNK Martin Ratio Rank: 5

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
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.

GLNK vs. ETHE - Risk-Adjusted Trends Comparison

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

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.

	GLNK	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-0.52	-0.07
Sortino ratio: Return per unit of downside risk	-0.62	-0.44	-0.18
Omega ratio: Gain probability vs. loss probability	0.93	0.95	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.53	-0.19
Martin ratio: Return relative to average drawdown	-0.92	-0.88	-0.04

GLNK vs. ETHE - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.60, which is comparable to the ETHE Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of GLNK and ETHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLNK vs. ETHE - Drawdown Comparison

The maximum GLNK drawdown since its inception was -96.22%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GLNK and ETHE.

Drawdown Indicators

	GLNK	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-96.22%	-96.26%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-89.40%	-67.77%	-21.63%
Max Drawdown (3Y) Largest decline over 3 years	-96.22%	-67.77%	-28.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-96.22%	-79.96%	-16.26%
Average Drawdown Average peak-to-trough decline	-56.20%	-72.24%	+16.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.80%	40.88%	+28.92%

Volatility

GLNK vs. ETHE - Volatility Comparison

Grayscale Chainlink Trust ETF (GLNK) and Grayscale Ethereum Trust ETF (ETHE) have volatilities of 19.39% and 19.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLNK	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.39%	19.76%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	47.13%	46.39%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	107.93%	68.99%	+38.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	163.91%	82.29%	+81.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	163.91%	191.15%	-27.24%

GLNK vs. ETHE - Expense Ratio Comparison

Both GLNK and ETHE have an expense ratio of 2.50%.

Dividends

GLNK vs. ETHE - Dividend Comparison

GLNK has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.54%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.54%
GLNK Grayscale Chainlink Trust ETF	0.00%

Frequently Asked Questions

Can I hold both GLNK and ETHE in my portfolio?

GLNK and ETHE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or ETHE?

ETHE has higher volatility (19.76%) compared to GLNK (19.39%). In terms of maximum drawdown, GLNK dropped -96.22% vs ETHE's -96.26%.

Which ETF is better, GLNK or ETHE?

On 3-year performance, ETHE leads with 9.64% vs -13.05% for GLNK. Both ETFs have the same 2.50% expense ratio. On volatility, GLNK has been the lower-risk option at 19.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or ETHE?

Over the 3-year period, ETHE has performed better with a 9.64% return vs -13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or ETHE?

GLNK and ETHE have the same expense ratio: 2.50% per year.

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

ETHE has the higher dividend yield at 1.54%, compared with 0.00% for GLNK.

What is the main difference between GLNK and ETHE?

GLNK tracks Chainlink (LINK), while ETHE tracks CoinDesk Ether Price Index.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.52 vs -0.60), 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.