QETH vs. BITB

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Galaxy Ethereum ETF (QETH) and Bitwise Bitcoin ETF (BITB).

QETH and BITB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QETH is an actively managed fund by Invesco. It was launched on Jul 23, 2024. BITB is a passively managed fund by Bitwise Asset Management that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024.

Performance

QETH vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Ethereum ETF (QETH) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

QETH vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QETH Invesco Galaxy Ethereum ETF	-28.00%	-11.44%	-3.58%
BITB Bitwise Bitcoin ETF	-22.18%	-6.47%	42.32%

Returns By Period

In the year-to-date period, QETH achieves a -28.00% return, which is significantly lower than BITB's -22.18% return.

QETH

• 1D: 2.01%
• 1M: 4.93%
• YTD: -28.00%
• 6M: -50.79%
• 1Y: 11.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: 0.54%
• 1M: -1.46%
• YTD: -22.18%
• 6M: -42.10%
• 1Y: -20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QETH vs. BITB - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is higher than BITB's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

QETH

Invesco Galaxy Ethereum ETF

BITB

Bitwise Bitcoin ETF

Return for Risk

QETH vs. BITB — Risk / Return Rank

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

QETH

QETH Risk / Return Rank: 18
QETH Sharpe Ratio Rank: 15
QETH Sortino Ratio Rank: 25
QETH Omega Ratio Rank: 21
QETH Calmar Ratio Rank: 16
QETH Martin Ratio Rank: 15

BITB

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

QETH vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Ethereum ETF (QETH) and Bitwise Bitcoin ETF (BITB). 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.

	QETH	BITB	Difference
Sharpe ratio Return per unit of total volatility	0.15	-0.44	+0.60
Sortino ratio Return per unit of downside risk	0.79	-0.37	+1.16
Omega ratio Gain probability vs. loss probability	1.09	0.96	+0.13
Calmar ratio Return relative to maximum drawdown	0.27	-0.36	+0.63
Martin ratio Return relative to average drawdown	0.55	-0.75	+1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QETH vs. BITB - Sharpe Ratio Comparison

The current QETH Sharpe Ratio is 0.15, which is higher than the BITB Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of QETH and BITB, 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

	QETH	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	-0.44	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	0.36	-0.70

Correlation

The correlation between QETH and BITB is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QETH vs. BITB - Dividend Comparison

Neither QETH nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

QETH vs. BITB - Drawdown Comparison

The maximum QETH drawdown since its inception was -64.07%, which is greater than BITB's maximum drawdown of -49.38%. Use the drawdown chart below to compare losses from any high point for QETH and BITB.

Drawdown Indicators

	QETH	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-64.07%	-49.38%	-14.69%
Max Drawdown (1Y) Largest decline over 1 year	-61.69%	-49.38%	-12.31%
Current Drawdown Current decline from peak	-55.88%	-45.79%	-10.09%
Average Drawdown Average peak-to-trough decline	-30.50%	-14.19%	-16.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.62%	23.25%	+7.37%

Volatility

QETH vs. BITB - Volatility Comparison

Invesco Galaxy Ethereum ETF (QETH) has a higher volatility of 18.99% compared to Bitwise Bitcoin ETF (BITB) at 12.97%. This indicates that QETH's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QETH	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	12.97%	+6.02%
Volatility (6M) Calculated over the trailing 6-month period	53.63%	36.82%	+16.81%
Volatility (1Y) Calculated over the trailing 1-year period	75.91%	45.26%	+30.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.80%	51.01%	+23.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.80%	51.01%	+23.79%