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 13.18% vs -41.93% for ETHE. A 0.61 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 4.43% return, which is significantly higher than ETHE's -40.62% return.
GLXY
- 1D
- -6.15%
- 1M
- -30.01%
- 6M
- -8.40%
- YTD
- 4.43%
- 1Y
- 13.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE
- 1D
- -1.11%
- 1M
- 6.40%
- 6M
- -43.12%
- YTD
- -40.62%
- 1Y
- -41.93%
- 3Y*
- 8.63%
- 5Y*
- -4.71%
- 10Y*
- —
GLXY vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GLXY Galaxy Digital Holdings Ltd | 4.43% | -4.85% |
ETHE Grayscale Ethereum Trust ETF | -40.62% | 15.88% |
Correlation
The correlation between GLXY and ETHE is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 16, 2025 | 0.61 |
The correlation between GLXY and ETHE has been stable across timeframes, ranging from 0.61 to 0.64 - 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 | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.93 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | -0.62 | +0.84 |
| Martin ratioReturn relative to average drawdown | 0.38 | -0.97 | +1.35 |
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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% | -68.17% | +7.46% |
Max Drawdown (3Y)Largest decline over 3 years | — | -68.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.85% | — |
Current DrawdownCurrent decline from peak | -45.52% | -77.54% | +32.02% |
Average DrawdownAverage peak-to-trough decline | -28.32% | -72.28% | +43.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.40% | 43.30% | -8.90% |
Volatility
GLXY vs. ETHE - Volatility Comparison
Galaxy Digital Holdings Ltd (GLXY) has a higher volatility of 19.46% compared to Grayscale Ethereum Trust ETF (ETHE) at 16.05%. 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 | 19.46% | 16.05% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 67.81% | 46.93% | +20.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.17% | 68.14% | +22.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.33% | 81.69% | +6.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.33% | 190.54% | -102.21% |
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 1.53%.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.53% |
GLXY Galaxy Digital Holdings Ltd | 0.00% |
Frequently Asked Questions
GLXY and ETHE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLXY has higher volatility (19.46%) compared to ETHE (16.05%). In terms of maximum drawdown, GLXY dropped -60.71% vs ETHE's -96.26%.
GLXY currently has the higher Sharpe Ratio (0.15 vs -0.62), 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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