NEHI vs. ETCO

Last updated Jun 5, 2026

NEHI (NEOS Ethereum High Income ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. NEHI charges 0.98%/yr vs 0.66%/yr for ETCO.

Performance

NEHI vs. ETCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) and Grayscale Ethereum Covered Call ETF (ETCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEHI achieves a -36.78% return, which is significantly lower than ETCO's -34.48% return.

NEHI

• 1D: -1.50%
• 1M: -23.11%
• YTD: -36.78%
• 6M: -38.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NEHI vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
NEHI NEOS Ethereum High Income ETF	-36.78%	-3.02%
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-1.83%

Correlation

The correlation between NEHI and ETCO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.95

Return for Risk

NEHI vs. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) and Grayscale Ethereum Covered Call ETF (ETCO). 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

	NEHI	ETCO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.10	-1.17	+0.07

Drawdowns

NEHI vs. ETCO - Drawdown Comparison

The maximum NEHI drawdown since its inception was -43.46%, smaller than the maximum ETCO drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for NEHI and ETCO.

Drawdown Indicators

	NEHI	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-56.81%	+13.35%
Current Drawdown Current decline from peak	-43.46%	-55.08%	+11.62%
Average Drawdown Average peak-to-trough decline	-25.23%	-34.54%	+9.31%

Volatility

Volatility by Period

	NEHI	ETCO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	57.19%	52.38%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.19%	52.38%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.19%	52.38%	+4.81%

NEHI vs. ETCO - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is higher than ETCO's 0.66% expense ratio.

Dividends

NEHI vs. ETCO - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 24.72%, less than ETCO's 129.56% yield.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%
NEHI NEOS Ethereum High Income ETF	24.72%	2.87%

Frequently Asked Questions

Can I hold both NEHI and ETCO in my portfolio?

With a correlation of 0.95, NEHI and ETCO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, NEHI or ETCO?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NEHI or ETCO?

ETCO is cheaper with a 0.66% expense ratio, compared with 0.98% for NEHI.

Which ETF pays a higher dividend yield, NEHI or ETCO?

ETCO has the higher dividend yield at 129.56%, compared with 24.72% for NEHI.

What is the main difference between NEHI and ETCO?

They also come from different issuers: Neos and Grayscale. Their fees differ too: 0.98% for NEHI and 0.66% for ETCO.