LTCN vs. ETHW

Last updated Jun 5, 2026

LTCN (Grayscale Litecoin Trust) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. LTCN is passively managed, while ETHW is actively managed. Over the past year, LTCN returned -52.40% vs -32.55% for ETHW. A 0.66 correlation means they provide meaningful diversification when combined. LTCN charges 2.50%/yr vs 0.20%/yr for ETHW.

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.

Returns By Period

In the year-to-date period, LTCN achieves a -42.76% return, which is significantly lower than ETHW's -40.29% return.

LTCN

• 1D: -0.64%
• 1M: -19.52%
• YTD: -42.76%
• 6M: -51.38%
• 1Y: -52.40%
• 3Y*: -6.83%
• 5Y*: -59.10%
• 10Y*: —

ETHW

• 1D: -1.40%
• 1M: -25.25%
• YTD: -40.29%
• 6M: -43.56%
• 1Y: -32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LTCN vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LTCN Grayscale Litecoin Trust	-42.76%	-54.37%	-43.68%
ETHW Bitwise Ethereum ETF	-40.29%	-11.26%	-3.54%

Correlation

The correlation between LTCN and ETHW is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.66

The correlation between LTCN and ETHW has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

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: 3
LTCN Sharpe Ratio Rank: 3
LTCN Sortino Ratio Rank: 3
LTCN Omega Ratio Rank: 3
LTCN Calmar Ratio Rank: 3
LTCN Martin Ratio Rank: 3

ETHW

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

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	-0.75	-0.48	-0.28
Sortino ratio: Return per unit of downside risk	-1.03	-0.34	-0.69
Omega ratio: Gain probability vs. loss probability	0.88	0.96	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.75	-0.52	-0.24
Martin ratio: Return relative to average drawdown	-1.21	-0.86	-0.36
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 -0.75, which is lower than the ETHW Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of LTCN and ETHW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LTCN	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	-0.48	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	-0.42	+0.22

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	-69.62%	-63.39%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-92.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.28%	—	—
Current Drawdown Current decline from peak	-99.33%	-63.39%	-35.94%
Average Drawdown Average peak-to-trough decline	-89.62%	-32.72%	-56.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.18%	37.95%	+5.23%

Volatility

LTCN vs. ETHW - Volatility Comparison

Grayscale Litecoin Trust (LTCN) has a higher volatility of 12.32% compared to Bitwise Ethereum ETF (ETHW) at 9.86%. This indicates that LTCN's price experiences larger fluctuations and is considered to be riskier 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	12.32%	9.86%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	41.08%	45.32%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	69.66%	68.23%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.66%	72.06%	+34.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.37%	72.06%	+69.31%

LTCN vs. ETHW - Expense Ratio Comparison

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

Dividends

LTCN vs. ETHW - Dividend Comparison

Neither LTCN nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LTCN and ETHW in my portfolio?

LTCN and ETHW have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTCN or ETHW?

LTCN has higher volatility (12.32%) compared to ETHW (9.86%). In terms of maximum drawdown, LTCN dropped -99.58% vs ETHW's -64.04%.

Which ETF is better, LTCN or ETHW?

On 1-year performance, ETHW leads with -32.55% vs -52.40% for LTCN. On fees, ETHW is cheaper at 0.20% per year. On volatility, ETHW has been the lower-risk option at 9.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTCN or ETHW?

Over the 1-year period, ETHW has performed better with a -32.55% return vs -52.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTCN or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 2.50% for LTCN.

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

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

What is the main difference between LTCN and ETHW?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 2.50% for LTCN and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.48 vs -0.75), 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.