GLXY vs. ETHE
GLXY (Galaxy Digital Holdings Ltd) is a stock, while ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index. Over the past year, GLXY returned 75.61% vs -29.27% for ETHE. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
GLXY vs. ETHE - Performance Comparison
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Returns By Period
In the year-to-date period, GLXY achieves a 48.12% return, which is significantly higher than ETHE's -41.95% return.
GLXY
- 1D
- -3.16%
- 1M
- 15.60%
- YTD
- 48.12%
- 6M
- 34.58%
- 1Y
- 75.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE
- 1D
- 1.60%
- 1M
- -16.15%
- YTD
- -41.95%
- 6M
- -42.04%
- 1Y
- -29.27%
- 3Y*
- 13.02%
- 5Y*
- -5.46%
- 10Y*
- —
GLXY vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GLXY Galaxy Digital Holdings Ltd | 48.12% | -4.85% |
ETHE Grayscale Ethereum Trust ETF | -41.95% | 15.88% |
Correlation
The correlation between GLXY and ETHE is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 16, 2025 | 0.63 |
The correlation between GLXY and ETHE has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
GLXY vs. ETHE — Risk / Return Rank
GLXY
ETHE
GLXY vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Galaxy Digital Holdings Ltd (GLXY) 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.
| GLXY | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.97 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | -0.43 | +1.69 |
| Martin ratioReturn relative to average drawdown | 2.28 | -0.72 | +3.01 |
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Drawdowns
GLXY vs. ETHE - Drawdown Comparison
The maximum GLXY drawdown since its inception was -60.71%, smaller than the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GLXY and ETHE.
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Drawdown Indicators
| GLXY | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.71% | -96.26% | +35.55% |
Max Drawdown (1Y)Largest decline over 1 year | -60.71% | -67.77% | +7.06% |
Max Drawdown (3Y)Largest decline over 3 years | — | -67.77% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.85% | — |
Current DrawdownCurrent decline from peak | -22.73% | -78.05% | +55.32% |
Average DrawdownAverage peak-to-trough decline | -27.83% | -72.23% | +44.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.22% | 40.44% | -7.22% |
Volatility
GLXY vs. ETHE - Volatility Comparison
Galaxy Digital Holdings Ltd (GLXY) has a higher volatility of 30.12% compared to Grayscale Ethereum Trust ETF (ETHE) at 19.34%. This indicates that GLXY's price experiences larger fluctuations and is considered to be riskier than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLXY | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.12% | 19.34% | +10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 67.37% | 46.70% | +20.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.38% | 68.97% | +21.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.18% | 82.28% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.18% | 191.24% | -102.06% |
Dividends
GLXY vs. ETHE - Dividend Comparison
GLXY has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.40%.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.40% |
GLXY Galaxy Digital Holdings Ltd | 0.00% |
Frequently Asked Questions
GLXY and ETHE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLXY has higher volatility (30.12%) compared to ETHE (19.34%). In terms of maximum drawdown, GLXY dropped -60.71% vs ETHE's -96.26%.
GLXY currently has the higher Sharpe Ratio (0.84 vs -0.43), 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.
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