LTCN vs. ETHW

Last updated Apr 1, 2026

Compare and contrast key facts about Grayscale Litecoin Trust (LTCN) and Bitwise Ethereum ETF (ETHW).

LTCN and ETHW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LTCN is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Litecoin Price Index. It was launched on Aug 18, 2020. ETHW is an actively managed fund by Bitwise. It was launched on Jul 22, 2024.

Performance

LTCN vs. ETHW - Performance Comparison

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

LTCN vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LTCN Grayscale Litecoin Trust	-30.08%	-54.37%	-43.68%
ETHW Bitwise Ethereum ETF	-29.48%	-11.26%	-3.54%

Returns By Period

The year-to-date returns for both investments are quite close, with LTCN having a -30.08% return and ETHW slightly higher at -29.48%.

LTCN

• 1D: 0.99%
• 1M: -0.71%
• YTD: -30.08%
• 6M: -53.58%
• 1Y: -37.99%
• 3Y*: 0.25%
• 5Y*: -48.71%
• 10Y*: —

ETHW

• 1D: 3.66%
• 1M: 8.93%
• YTD: -29.48%
• 6M: -49.70%
• 1Y: 14.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LTCN vs. ETHW - Expense Ratio Comparison

LTCN has a 2.50% expense ratio, which is higher than ETHW's 0.20% expense ratio.

LTCN

Grayscale Litecoin Trust

ETHW

Bitwise Ethereum ETF

Return for Risk

LTCN vs. ETHW — Risk / Return Rank

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

LTCN

LTCN Risk / Return Rank: 4
LTCN Sharpe Ratio Rank: 4
LTCN Sortino Ratio Rank: 5
LTCN Omega Ratio Rank: 5
LTCN Calmar Ratio Rank: 2
LTCN Martin Ratio Rank: 2

ETHW

ETHW Risk / Return Rank: 21
ETHW Sharpe Ratio Rank: 17
ETHW Sortino Ratio Rank: 30
ETHW Omega Ratio Rank: 25
ETHW Calmar Ratio Rank: 16
ETHW Martin Ratio Rank: 15

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.

LTCN vs. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Litecoin Trust (LTCN) 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.

	LTCN	ETHW	Difference
Sharpe ratio Return per unit of total volatility	-0.51	0.19	-0.70
Sortino ratio Return per unit of downside risk	-0.39	0.84	-1.23
Omega ratio Gain probability vs. loss probability	0.96	1.10	-0.14
Calmar ratio Return relative to maximum drawdown	-0.67	0.19	-0.86
Martin ratio Return relative to average drawdown	-1.25	0.39	-1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTCN vs. ETHW - Sharpe Ratio Comparison

The current LTCN Sharpe Ratio is -0.51, which is lower than the ETHW Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of LTCN and ETHW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LTCN	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	0.19	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	-0.35	+0.16

Correlation

The correlation between LTCN and ETHW is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LTCN vs. ETHW - Dividend Comparison

Neither LTCN nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

LTCN vs. ETHW - Drawdown Comparison

The maximum LTCN drawdown since its inception was -99.58%, which is greater than ETHW's maximum drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for LTCN and ETHW.

Drawdown Indicators

	LTCN	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-99.58%	-64.04%	-35.54%
Max Drawdown (1Y) Largest decline over 1 year	-65.17%	-61.69%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-99.53%	—	—
Current Drawdown Current decline from peak	-99.18%	-56.76%	-42.42%
Average Drawdown Average peak-to-trough decline	-89.31%	-30.40%	-58.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.69%	30.42%	+4.27%

Volatility

LTCN vs. ETHW - Volatility Comparison

The current volatility for Grayscale Litecoin Trust (LTCN) is 11.52%, while Bitwise Ethereum ETF (ETHW) has a volatility of 19.15%. This indicates that LTCN experiences smaller price fluctuations and is considered to be less risky than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTCN	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.52%	19.15%	-7.63%
Volatility (6M) Calculated over the trailing 6-month period	54.46%	53.54%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	75.66%	75.79%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.23%	74.70%	+38.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.44%	74.70%	+68.74%