SBET vs. ETHE

Last updated Apr 2, 2026

Compare and contrast key facts about SharpLink Gaming Ltd. (SBET) and Grayscale Ethereum Trust ETF (ETHE).

ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017.

Performance

SBET vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SharpLink Gaming Ltd. (SBET) and Grayscale Ethereum Trust ETF (ETHE). The values are adjusted to include any dividend payments, if applicable.

SBET vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SBET SharpLink Gaming Ltd.	-27.74%	15.65%	-52.63%
ETHE Grayscale Ethereum Trust ETF	-28.06%	-13.03%	31.92%

Returns By Period

The year-to-date returns for both stocks are quite close, with SBET having a -27.74% return and ETHE slightly lower at -28.06%.

SBET

• 1D: 0.16%
• 1M: -12.58%
• YTD: -27.74%
• 6M: -62.81%
• 1Y: 64.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHE

• 1D: 2.11%
• 1M: 5.07%
• YTD: -28.06%
• 6M: -50.86%
• 1Y: 10.20%
• 3Y*: 26.95%
• 5Y*: -1.42%
• 10Y*: —

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

Return for Risk

SBET vs. ETHE — Risk / Return Rank

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

SBET

SBET Risk / Return Rank: 71
SBET Sharpe Ratio Rank: 45
SBET Sortino Ratio Rank: 98
SBET Omega Ratio Rank: 97
SBET Calmar Ratio Rank: 61
SBET Martin Ratio Rank: 53

ETHE

ETHE Risk / Return Rank: 19
ETHE Sharpe Ratio Rank: 15
ETHE Sortino Ratio Rank: 25
ETHE Omega Ratio Rank: 22
ETHE Calmar Ratio Rank: 17
ETHE Martin Ratio Rank: 15

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.

SBET vs. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SharpLink Gaming Ltd. (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.

	SBET	ETHE	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.14	-0.01
Sortino ratio Return per unit of downside risk	4.76	0.76	+4.00
Omega ratio Gain probability vs. loss probability	1.64	1.09	+0.55
Calmar ratio Return relative to maximum drawdown	0.92	0.25	+0.67
Martin ratio Return relative to average drawdown	1.12	0.49	+0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBET vs. ETHE - Sharpe Ratio Comparison

The current SBET Sharpe Ratio is 0.13, which is comparable to the ETHE Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of SBET and ETHE, 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

	SBET	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.14	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.08	-0.18

Correlation

The correlation between SBET and ETHE is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 0.74%.

	TTM
SBET SharpLink Gaming Ltd.	0.00%
ETHE Grayscale Ethereum Trust ETF	0.74%

Drawdowns

SBET vs. ETHE - Drawdown Comparison

The maximum SBET drawdown since its inception was -92.41%, 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.

Drawdown Indicators

	SBET	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-92.41%	-96.26%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-92.41%	-61.89%	-30.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-91.84%	-72.79%	-19.05%
Average Drawdown Average peak-to-trough decline	-63.64%	-72.24%	+8.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	76.02%	30.81%	+45.21%

Volatility

SBET vs. ETHE - Volatility Comparison

SharpLink Gaming Ltd. (SBET) has a higher volatility of 24.90% compared to Grayscale Ethereum Trust ETF (ETHE) at 19.07%. 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.

Volatility by Period

	SBET	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.90%	19.07%	+5.83%
Volatility (6M) Calculated over the trailing 6-month period	60.09%	53.57%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	499.31%	75.68%	+423.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	354.50%	85.12%	+269.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	354.50%	194.12%	+160.38%