QETH vs. ETHW

Last updated Jun 5, 2026

QETH (Invesco Galaxy Ethereum ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, QETH returned -32.58% vs -32.55% for ETHW. With a 1.00 correlation, they move nearly in lockstep. QETH charges 0.25%/yr vs 0.20%/yr for ETHW.

Performance

QETH vs. ETHW - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with QETH having a -40.24% return and ETHW slightly lower at -40.29%.

QETH

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

QETH vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QETH Invesco Galaxy Ethereum ETF	-40.24%	-11.44%	-3.58%
ETHW Bitwise Ethereum ETF	-40.29%	-11.26%	-3.54%

Correlation

The correlation between QETH and ETHW is 1.00 - 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 (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	1.00

The correlation between QETH and ETHW has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

QETH vs. ETHW — 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

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.

QETH vs. ETHW - Risk-Adjusted Trends Comparison

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

	QETH	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	-0.48	0.00
Sortino ratio: Return per unit of downside risk	-0.34	-0.34	0.00
Omega ratio: Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.52	0.00
Martin ratio: Return relative to average drawdown	-0.86	-0.86	0.00
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. ETHW - Sharpe Ratio Comparison

The current QETH Sharpe Ratio is -0.48, which is comparable to the ETHW Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of QETH 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

	QETH	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.48	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.42	0.00

Drawdowns

QETH vs. ETHW - Drawdown Comparison

The maximum QETH drawdown since its inception was -64.07%, roughly equal to the maximum ETHW drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for QETH and ETHW.

Drawdown Indicators

	QETH	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-64.07%	-64.04%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-63.39%	-63.39%	0.00%
Current Drawdown Current decline from peak	-63.39%	-63.39%	0.00%
Average Drawdown Average peak-to-trough decline	-32.76%	-32.72%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.96%	37.95%	+0.01%

Volatility

QETH vs. ETHW - Volatility Comparison

Invesco Galaxy Ethereum ETF (QETH) and Bitwise Ethereum ETF (ETHW) have volatilities of 9.72% and 9.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QETH	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	9.86%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	45.42%	45.32%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	68.40%	68.23%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.22%	72.06%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.22%	72.06%	+0.16%

QETH vs. ETHW - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is higher than ETHW'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%.

Dividends

QETH vs. ETHW - Dividend Comparison

Neither QETH nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QETH and ETHW in my portfolio?

With a correlation of 1.00, QETH and ETHW 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 is riskier, QETH or ETHW?

ETHW has higher volatility (9.86%) compared to QETH (9.72%). In terms of maximum drawdown, QETH dropped -64.07% vs ETHW's -64.04%.

Which ETF is better, QETH or ETHW?

On 1-year performance, ETHW leads with -32.55% vs -32.58% for QETH. On fees, ETHW is cheaper at 0.20% per year. On volatility, QETH has been the lower-risk option at 9.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QETH or ETHW?

Over the 1-year period, ETHW has performed better with a -32.55% 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 ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.25% for QETH.

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

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

What is the main difference between QETH and ETHW?

They also come from different issuers: Invesco and Bitwise. Their fees differ too: 0.25% for QETH and 0.20% for ETHW.

Which has better risk-adjusted returns?

QETH currently has the higher Sharpe Ratio (-0.48 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.