OBTC vs. ETHV

Last updated Jun 26, 2026

OBTC (Osprey Bitcoin Trust) and ETHV (VanEck Ethereum ETF) are both Cryptocurrency funds - OBTC tracks the Bitcoin (BTC) while ETHV tracks the MarketVector Ethereum Benchmark Rate. Both are passively managed. Over the past year, OBTC returned -39.69% vs -36.10% for ETHV. A 0.79 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.20%/yr for ETHV.

Performance

OBTC vs. ETHV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) and VanEck Ethereum ETF (ETHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBTC achieves a -32.48% return, which is significantly higher than ETHV's -47.61% return.

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

ETHV

• 1D: -1.60%
• 1M: -24.79%
• YTD: -47.61%
• 6M: -47.01%
• 1Y: -36.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. ETHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBTC Osprey Bitcoin Trust	-32.48%	-1.87%	36.98%
ETHV VanEck Ethereum ETF	-47.61%	-11.02%	-5.50%

Correlation

The correlation between OBTC and ETHV is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.79

The correlation between OBTC and ETHV has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

OBTC vs. ETHV — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 2

ETHV

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

OBTC vs. ETHV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) and VanEck Ethereum ETF (ETHV). 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.

	OBTC	ETHV	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.53	-0.36
Sortino ratio: Return per unit of downside risk	-1.25	-0.44	-0.81
Omega ratio: Gain probability vs. loss probability	0.86	0.95	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.53	-0.28
Martin ratio: Return relative to average drawdown	-1.45	-0.88	-0.56

OBTC vs. ETHV - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.89, which is lower than the ETHV Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of OBTC and ETHV, 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

OBTC vs. ETHV - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than ETHV's maximum drawdown of -67.88%. Use the drawdown chart below to compare losses from any high point for OBTC and ETHV.

Drawdown Indicators

	OBTC	ETHV	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-67.88%	-26.62%
Max Drawdown (1Y) Largest decline over 1 year	-49.13%	-67.88%	+18.75%
Max Drawdown (3Y) Largest decline over 3 years	-49.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-66.28%	-67.88%	+1.60%
Average Drawdown Average peak-to-trough decline	-69.52%	-33.86%	-35.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.45%	40.85%	-13.40%

Volatility

OBTC vs. ETHV - Volatility Comparison

The current volatility for Osprey Bitcoin Trust (OBTC) is 13.17%, while VanEck Ethereum ETF (ETHV) has a volatility of 19.83%. This indicates that OBTC experiences smaller price fluctuations and is considered to be less risky than ETHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	ETHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	19.83%	-6.66%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	46.42%	-11.52%
Volatility (1Y) Calculated over the trailing 1-year period	44.83%	68.91%	-24.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	72.34%	-15.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.82%	72.34%	+4.48%

OBTC vs. ETHV - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is higher than ETHV's 0.20% expense ratio.

Dividends

OBTC vs. ETHV - Dividend Comparison

Neither OBTC nor ETHV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OBTC and ETHV in my portfolio?

OBTC and ETHV have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBTC or ETHV?

ETHV has higher volatility (19.83%) compared to OBTC (13.17%). In terms of maximum drawdown, OBTC dropped -94.50% vs ETHV's -67.88%.

Which ETF is better, OBTC or ETHV?

On 1-year performance, ETHV leads with -36.10% vs -39.69% for OBTC. On fees, ETHV is cheaper at 0.20% per year. On volatility, OBTC has been the lower-risk option at 13.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or ETHV?

Over the 1-year period, ETHV has performed better with a -36.10% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or ETHV?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.49% for OBTC.

Which ETF pays a higher dividend yield, OBTC or ETHV?

OBTC and ETHV have nearly identical dividend yields, around 0.00%.

What is the main difference between OBTC and ETHV?

OBTC tracks Bitcoin (BTC), while ETHV tracks MarketVector Ethereum Benchmark Rate. They also come from different issuers: Osprey Funds and VanEck. Their fees differ too: 0.49% for OBTC and 0.20% for ETHV.

Which has better risk-adjusted returns?

ETHV currently has the higher Sharpe Ratio (-0.53 vs -0.89), 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.