QETH vs. CLIP

Last updated Jun 5, 2026

QETH (Invesco Galaxy Ethereum ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - QETH is a Cryptocurrency fund actively managed by Invesco, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. QETH is actively managed, while CLIP is passively managed. Over the past year, QETH returned -32.58% vs 3.98% for CLIP. At a 0.00 correlation, their price movements are largely independent. QETH charges 0.25%/yr vs 0.07%/yr for CLIP.

Performance

QETH vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Ethereum ETF (QETH) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QETH achieves a -40.24% return, which is significantly lower than CLIP's 1.52% return.

QETH

• 1D: -1.34%
• 1M: -25.22%
• YTD: -40.24%
• 6M: -43.56%
• 1Y: -32.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.80%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QETH vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QETH Invesco Galaxy Ethereum ETF	-40.24%	-11.44%	-3.58%
CLIP Global X 1-3 Month T-Bill ETF	1.52%	4.23%	2.23%

Correlation

The correlation between QETH and CLIP is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.00

Return for Risk

QETH vs. CLIP — Risk / Return Rank

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

QETH

QETH Risk / Return Rank: 5
QETH Sharpe Ratio Rank: 5
QETH Sortino Ratio Rank: 6
QETH Omega Ratio Rank: 6
QETH Calmar Ratio Rank: 5
QETH Martin Ratio Rank: 5

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Ethereum ETF (QETH) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	17.39	-17.87
Sortino ratio: Return per unit of downside risk	-0.34	72.61	-72.95
Omega ratio: Gain probability vs. loss probability	0.96	21.25	-20.29
Calmar ratio: Return relative to maximum drawdown	-0.52	142.78	-143.30
Martin ratio: Return relative to average drawdown	-0.86	1,155.67	-1,156.53
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. CLIP - Sharpe Ratio Comparison

The current QETH Sharpe Ratio is -0.48, which is lower than the CLIP Sharpe Ratio of 17.39. The chart below compares the historical Sharpe Ratios of QETH and CLIP, 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

	QETH	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	17.39	-17.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	10.71	-11.13

Drawdowns

QETH vs. CLIP - Drawdown Comparison

The maximum QETH drawdown since its inception was -64.07%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for QETH and CLIP.

Drawdown Indicators

	QETH	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-64.07%	-0.08%	-63.99%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-0.03%	-63.36%
Current Drawdown Current decline from peak	-63.39%	0.00%	-63.39%
Average Drawdown Average peak-to-trough decline	-32.76%	-0.00%	-32.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.96%	0.00%	+37.96%

Volatility

QETH vs. CLIP - Volatility Comparison

Invesco Galaxy Ethereum ETF (QETH) has a higher volatility of 9.72% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.05%. This indicates that QETH's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QETH	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	0.05%	+9.67%
Volatility (6M) Calculated over the trailing 6-month period	45.42%	0.14%	+45.28%
Volatility (1Y) Calculated over the trailing 1-year period	68.40%	0.23%	+68.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.22%	0.44%	+71.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.22%	0.44%	+71.78%

QETH vs. CLIP - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is higher than CLIP's 0.07% 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%.

Dividends

QETH vs. CLIP - Dividend Comparison

QETH has not paid dividends to shareholders, while CLIP's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%
QETH Invesco Galaxy Ethereum ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QETH and CLIP in my portfolio?

QETH and CLIP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QETH or CLIP?

QETH has higher volatility (9.72%) compared to CLIP (0.05%). In terms of maximum drawdown, QETH dropped -64.07% vs CLIP's -0.08%.

Which ETF is better, QETH or CLIP?

On 1-year performance, CLIP leads with 3.98% vs -32.58% for QETH. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QETH or CLIP?

Over the 1-year period, CLIP has performed better with a 3.98% return vs -32.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QETH or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.25% for QETH.

Which ETF pays a higher dividend yield, QETH or CLIP?

CLIP has the higher dividend yield at 3.91%, compared with 0.00% for QETH.

What is the main difference between QETH and CLIP?

QETH is categorized as Cryptocurrency, while CLIP is Ultrashort Bond. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.25% for QETH and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.39 vs -0.48), 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.