VETH.DE vs. CPYG.DE

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Ethereum ETN (VETH.DE) and CoinShares Physical Polygon Staked ETP (CPYG.DE).

VETH.DE and CPYG.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VETH.DE is a passively managed fund by VanEck that tracks the performance of the MVIS CryptoCompare Ethereum VWAP Close Index. It was launched on Mar 26, 2021. CPYG.DE is an actively managed fund by CoinShares. It was launched on Jun 21, 2022.

Performance

VETH.DE vs. CPYG.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck Ethereum ETN (VETH.DE) and CoinShares Physical Polygon Staked ETP (CPYG.DE). The values are adjusted to include any dividend payments, if applicable.

VETH.DE vs. CPYG.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VETH.DE VanEck Ethereum ETN	-27.59%	-21.95%	52.69%	89.80%	0.01%
CPYG.DE CoinShares Physical Polygon Staked ETP	-8.76%	-79.89%	-49.31%	33.78%	72.29%

Returns By Period

In the year-to-date period, VETH.DE achieves a -27.59% return, which is significantly lower than CPYG.DE's -8.76% return.

VETH.DE

• 1D: 2.74%
• 1M: 4.80%
• YTD: -27.59%
• 6M: -50.37%
• 1Y: 3.85%
• 3Y*: 2.67%
• 5Y*: 1.77%
• 10Y*: —

CPYG.DE

• 1D: 3.06%
• 1M: -10.10%
• YTD: -8.76%
• 6M: -59.49%
• 1Y: -56.71%
• 3Y*: -55.99%
• 5Y*: —
• 10Y*: —

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

VETH.DE vs. CPYG.DE - Expense Ratio Comparison

VETH.DE has a 1.00% expense ratio, which is higher than CPYG.DE's 0.00% expense ratio.

VETH.DE

VanEck Ethereum ETN

CPYG.DE

CoinShares Physical Polygon Staked ETP

Return for Risk

VETH.DE vs. CPYG.DE — Risk / Return Rank

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

VETH.DE

VETH.DE Risk / Return Rank: 15
VETH.DE Sharpe Ratio Rank: 13
VETH.DE Sortino Ratio Rank: 19
VETH.DE Omega Ratio Rank: 17
VETH.DE Calmar Ratio Rank: 12
VETH.DE Martin Ratio Rank: 12

CPYG.DE

CPYG.DE Risk / Return Rank: 1
CPYG.DE Sharpe Ratio Rank: 2
CPYG.DE Sortino Ratio Rank: 1
CPYG.DE Omega Ratio Rank: 2
CPYG.DE Calmar Ratio Rank: 1
CPYG.DE Martin Ratio Rank: 1

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.

VETH.DE vs. CPYG.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETN (VETH.DE) and CoinShares Physical Polygon Staked ETP (CPYG.DE). 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.

	VETH.DE	CPYG.DE	Difference
Sharpe ratio Return per unit of total volatility	0.06	-0.77	+0.83
Sortino ratio Return per unit of downside risk	0.57	-1.16	+1.73
Omega ratio Gain probability vs. loss probability	1.06	0.88	+0.19
Calmar ratio Return relative to maximum drawdown	0.08	-0.80	+0.88
Martin ratio Return relative to average drawdown	0.16	-1.38	+1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VETH.DE vs. CPYG.DE - Sharpe Ratio Comparison

The current VETH.DE Sharpe Ratio is 0.06, which is higher than the CPYG.DE Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of VETH.DE and CPYG.DE, 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

	VETH.DE	CPYG.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	-0.77	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-0.40	+0.42

Correlation

The correlation between VETH.DE and CPYG.DE is 0.72, 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

VETH.DE vs. CPYG.DE - Dividend Comparison

Neither VETH.DE nor CPYG.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

VETH.DE vs. CPYG.DE - Drawdown Comparison

The maximum VETH.DE drawdown since its inception was -76.77%, smaller than the maximum CPYG.DE drawdown of -94.07%. Use the drawdown chart below to compare losses from any high point for VETH.DE and CPYG.DE.

Drawdown Indicators

	VETH.DE	CPYG.DE	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-94.07%	+17.30%
Max Drawdown (1Y) Largest decline over 1 year	-60.97%	-69.16%	+8.19%
Max Drawdown (5Y) Largest decline over 5 years	-76.77%	—	—
Current Drawdown Current decline from peak	-56.89%	-93.62%	+36.73%
Average Drawdown Average peak-to-trough decline	-43.30%	-55.96%	+12.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.25%	39.95%	-10.70%

Volatility

VETH.DE vs. CPYG.DE - Volatility Comparison

VanEck Ethereum ETN (VETH.DE) has a higher volatility of 17.90% compared to CoinShares Physical Polygon Staked ETP (CPYG.DE) at 14.78%. This indicates that VETH.DE's price experiences larger fluctuations and is considered to be riskier than CPYG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VETH.DE	CPYG.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.90%	14.78%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	45.64%	51.09%	-5.45%
Volatility (1Y) Calculated over the trailing 1-year period	65.49%	73.41%	-7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.88%	83.48%	-11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.20%	83.48%	-11.28%