SBET vs. ETHE
SBET (Sharplink, Inc.) is a stock, while ETHE (Grayscale Ethereum Trust ETF) is Cryptocurrency fund tracking the CoinDesk Ether Price Index. Over the past year, SBET returned -79.01% vs -37.69% for ETHE. At a 0.39 correlation, their price movements are largely independent.
Performance
SBET vs. ETHE - Performance Comparison
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Returns By Period
In the year-to-date period, SBET achieves a -31.99% return, which is significantly higher than ETHE's -35.60% return.
SBET
- 1D
- 2.18%
- 1M
- 4.83%
- 6M
- -44.12%
- YTD
- -31.99%
- 1Y
- -79.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHE
- 1D
- 2.44%
- 1M
- 5.59%
- 6M
- -43.48%
- YTD
- -35.60%
- 1Y
- -37.69%
- 3Y*
- 11.61%
- 5Y*
- -2.47%
- 10Y*
- —
SBET vs. ETHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SBET Sharplink, Inc. | -31.99% | 15.65% | -45.41% |
ETHE Grayscale Ethereum Trust ETF | -35.60% | -13.03% | 29.78% |
Correlation
The correlation between SBET and ETHE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2024 | 0.39 |
Over the past year, SBET and ETHE have become more correlated (0.78) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
SBET vs. ETHE — Risk / Return Rank
SBET
ETHE
SBET vs. ETHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sharplink, Inc. (SBET) and Grayscale Ethereum Trust ETF (ETHE). 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.
| SBET | ETHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.94 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.55 | -0.35 |
| Martin ratioReturn relative to average drawdown | -1.10 | -0.86 | -0.24 |
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Drawdowns
SBET vs. ETHE - Drawdown Comparison
The maximum SBET drawdown since its inception was -94.24%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for SBET and ETHE.
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Drawdown Indicators
| SBET | ETHE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.24% | -96.26% | +2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -87.80% | -68.17% | -19.63% |
Max Drawdown (3Y)Largest decline over 3 years | — | -68.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.85% | — |
Current DrawdownCurrent decline from peak | -92.32% | -75.65% | -16.67% |
Average DrawdownAverage peak-to-trough decline | -66.86% | -72.29% | +5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.60% | 43.64% | +27.96% |
Volatility
SBET vs. ETHE - Volatility Comparison
Sharplink, Inc. (SBET) has a higher volatility of 20.72% compared to Grayscale Ethereum Trust ETF (ETHE) at 16.73%. This indicates that SBET's price experiences larger fluctuations and is considered to be riskier than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBET | ETHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.72% | 16.73% | +3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 56.29% | 47.39% | +8.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 93.28% | 68.31% | +24.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 333.66% | 81.72% | +251.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 333.66% | 190.44% | +143.22% |
Dividends
SBET vs. ETHE - Dividend Comparison
SBET has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.41%.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.41% |
SBET Sharplink, Inc. | 0.00% |
Frequently Asked Questions
SBET and ETHE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBET has higher volatility (20.72%) compared to ETHE (16.73%). In terms of maximum drawdown, SBET dropped -94.24% vs ETHE's -96.26%.
ETHE currently has the higher Sharpe Ratio (-0.55 vs -0.87), 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.
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