GSOL vs. ETHW

Last updated Jun 4, 2026

GSOL (Grayscale Solana Staking ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. Both are actively managed. Their correlation of 0.80 suggests significant overlap in exposure. GSOL charges 0.35%/yr vs 0.20%/yr for ETHW.

Performance

GSOL vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Solana Staking ETF (GSOL) and Bitwise Ethereum ETF (ETHW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GSOL

• 1D: -4.43%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHW

• 1D: -5.78%
• 1M: -23.65%
• YTD: -39.45%
• 6M: -42.65%
• 1Y: -31.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSOL vs. ETHW - Yearly Performance Comparison

	2026 (YTD)
GSOL Grayscale Solana Staking ETF	-12.36%
ETHW Bitwise Ethereum ETF	-10.62%

Correlation

The correlation between GSOL and ETHW is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.80

Return for Risk

GSOL vs. ETHW — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 5
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 5
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW 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.

GSOL vs. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Solana Staking ETF (GSOL) and Bitwise Ethereum ETF (ETHW). 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

	GSOL	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.23	-0.41	-1.82

Drawdowns

GSOL vs. ETHW - Drawdown Comparison

The maximum GSOL drawdown since its inception was -12.36%, smaller than the maximum ETHW drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for GSOL and ETHW.

Drawdown Indicators

	GSOL	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-12.36%	-64.04%	+51.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-62.87%	—
Current Drawdown Current decline from peak	-12.36%	-62.87%	+50.51%
Average Drawdown Average peak-to-trough decline	-5.53%	-32.65%	+27.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.74%	—

Volatility

Volatility by Period

	GSOL	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	51.66%	68.33%	-16.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.66%	72.13%	-20.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.66%	72.13%	-20.47%

GSOL vs. ETHW - Expense Ratio Comparison

GSOL has a 0.35% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

GSOL vs. ETHW - Dividend Comparison

Neither GSOL nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GSOL and ETHW in my portfolio?

GSOL and ETHW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSOL or ETHW?

On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSOL or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.35% for GSOL.

Which ETF pays a higher dividend yield, GSOL or ETHW?

GSOL and ETHW have nearly identical dividend yields, around 0.00%.

What is the main difference between GSOL and ETHW?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.35% for GSOL and 0.20% for ETHW.