GXLM vs. ETHE

Last updated Jun 30, 2026

GXLM (Grayscale Stellar Lumens Trust (XLM)) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale. GXLM is actively managed, while ETHE is passively managed. Over the past 3 years, GXLM returned -27.76%/yr vs 10.08%/yr for ETHE. At a 0.44 correlation, their price movements are largely independent.

Performance

GXLM vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Stellar Lumens Trust (XLM) (GXLM) 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, GXLM achieves a 6.12% return, which is significantly higher than ETHE's -45.60% return.

GXLM

• 1D: -0.10%
• 1M: -24.43%
• YTD: 6.12%
• 6M: 1.93%
• 1Y: 3.00%
• 3Y*: -27.76%
• 5Y*: —
• 10Y*: —

ETHE

• 1D: 3.14%
• 1M: -19.40%
• YTD: -45.60%
• 6M: -44.76%
• 1Y: -33.74%
• 3Y*: 10.08%
• 5Y*: -9.93%
• 10Y*: —

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

GXLM vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GXLM Grayscale Stellar Lumens Trust (XLM)	6.12%	-50.11%	15.60%	532.21%	-87.63%	-42.77%
ETHE Grayscale Ethereum Trust ETF	-45.60%	-13.03%	44.14%	308.40%	-85.29%	-6.77%

Correlation

The correlation between GXLM and ETHE is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.44

Over the past year, GXLM and ETHE have become more correlated (0.65) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

GXLM vs. ETHE — Risk / Return Rank

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

GXLM

GXLM Risk / Return Rank: 12
GXLM Sharpe Ratio Rank: 10
GXLM Sortino Ratio Rank: 17
GXLM Omega Ratio Rank: 16
GXLM Calmar Ratio Rank: 9
GXLM Martin Ratio Rank: 9

ETHE

ETHE Risk / Return Rank: 6
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 6

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.

GXLM vs. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Stellar Lumens Trust (XLM) (GXLM) 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.

	GXLM	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	0.03	-0.49	+0.52
Sortino ratio: Return per unit of downside risk	0.89	-0.37	+1.25
Omega ratio: Gain probability vs. loss probability	1.10	0.96	+0.14
Calmar ratio: Return relative to maximum drawdown	0.04	-0.50	+0.54
Martin ratio: Return relative to average drawdown	0.06	-0.81	+0.87

GXLM vs. ETHE - Sharpe Ratio Comparison

The current GXLM Sharpe Ratio is 0.03, which is higher than the ETHE Sharpe Ratio of -0.49. The chart below compares the historical Sharpe Ratios of GXLM 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

GXLM vs. ETHE - Drawdown Comparison

The maximum GXLM drawdown since its inception was -94.01%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GXLM and ETHE.

Drawdown Indicators

	GXLM	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-94.01%	-96.26%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-71.88%	-68.17%	-3.71%
Max Drawdown (3Y) Largest decline over 3 years	-78.19%	-68.17%	-10.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-76.54%	-79.43%	+2.89%
Average Drawdown Average peak-to-trough decline	-70.43%	-72.25%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.28%	41.54%	+10.74%

Volatility

GXLM vs. ETHE - Volatility Comparison

Grayscale Stellar Lumens Trust (XLM) (GXLM) has a higher volatility of 34.14% compared to Grayscale Ethereum Trust ETF (ETHE) at 20.29%. This indicates that GXLM'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.

Volatility by Period

	GXLM	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.14%	20.29%	+13.85%
Volatility (6M) Calculated over the trailing 6-month period	61.53%	46.56%	+14.97%
Volatility (1Y) Calculated over the trailing 1-year period	104.03%	69.04%	+34.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	148.38%	81.95%	+66.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	148.38%	190.99%	-42.61%

Dividends

GXLM vs. ETHE - Dividend Comparison

GXLM has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.50%
GXLM Grayscale Stellar Lumens Trust (XLM)	0.00%

Frequently Asked Questions

Can I hold both GXLM and ETHE in my portfolio?

GXLM and ETHE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXLM or ETHE?

GXLM has higher volatility (34.14%) compared to ETHE (20.29%). In terms of maximum drawdown, GXLM dropped -94.01% vs ETHE's -96.26%.

Which ETF is better, GXLM or ETHE?

On 3-year performance, ETHE leads with 10.08% vs -27.76% for GXLM. On volatility, ETHE has been the lower-risk option at 20.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXLM or ETHE?

Over the 3-year period, ETHE has performed better with a 10.08% return vs -27.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ETHE has the higher dividend yield at 1.50%, compared with 0.00% for GXLM.

Which has better risk-adjusted returns?

GXLM currently has the higher Sharpe Ratio (0.03 vs -0.49), 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.