XRPI vs. ETH

Last updated Jul 17, 2026

XRPI (Volatility Shares XRP ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, XRPI returned -68.65% vs -44.04% for ETH. Their correlation of 0.85 suggests significant overlap in exposure. XRPI charges 0.94%/yr vs 0.15%/yr for ETH.

Performance

XRPI vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) and Grayscale Ethereum Staking Mini ETF (ETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRPI achieves a -42.21% return, which is significantly lower than ETH's -36.39% return.

XRPI

• 1D: -1.23%
• 1M: -10.50%
• 6M: -48.62%
• YTD: -42.21%
• 1Y: -68.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -2.57%
• 1M: 4.63%
• 6M: -42.53%
• YTD: -36.39%
• 1Y: -44.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRPI vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-42.21%	-32.74%
ETH Grayscale Ethereum Staking Mini ETF	-36.39%	18.55%

Correlation

The correlation between XRPI and ETH is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.85

The correlation between XRPI and ETH has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

XRPI vs. ETH — Risk / Return Rank

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

XRPI

XRPI Risk / Return Rank: 2
XRPI Sharpe Ratio Rank: 2
XRPI Sortino Ratio Rank: 1
XRPI Omega Ratio Rank: 1
XRPI Calmar Ratio Rank: 1
XRPI Martin Ratio Rank: 2

ETH

ETH Risk / Return Rank: 4
ETH Sharpe Ratio Rank: 4
ETH Sortino Ratio Rank: 4
ETH Omega Ratio Rank: 5
ETH Calmar Ratio Rank: 4
ETH Martin Ratio Rank: 4

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.

XRPI vs. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) and Grayscale Ethereum Staking Mini ETF (ETH). 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.

	XRPI	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.65	-0.28
Sortino ratio: Return per unit of downside risk	-1.76	-0.74	-1.02
Omega ratio: Gain probability vs. loss probability	0.81	0.92	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.65	-0.27
Martin ratio: Return relative to average drawdown	-1.31	-1.02	-0.30

XRPI vs. ETH - Sharpe Ratio Comparison

The current XRPI Sharpe Ratio is -0.94, which is lower than the ETH Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of XRPI and ETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XRPI vs. ETH - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than ETH's maximum drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for XRPI and ETH.

Drawdown Indicators

	XRPI	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-67.52%	-7.08%
Max Drawdown (1Y) Largest decline over 1 year	-74.60%	-67.52%	-7.08%
Current Drawdown Current decline from peak	-73.03%	-60.82%	-12.21%
Average Drawdown Average peak-to-trough decline	-42.96%	-34.48%	-8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.23%	43.28%	+8.95%

Volatility

XRPI vs. ETH - Volatility Comparison

The current volatility for Volatility Shares XRP ETF (XRPI) is 13.64%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 14.56%. This indicates that XRPI experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRPI	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	14.56%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	50.32%	47.35%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	73.82%	68.43%	+5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.36%	71.80%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.36%	71.80%	+2.56%

XRPI vs. ETH - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

XRPI vs. ETH - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.09%, while ETH has not paid dividends to shareholders.

Position	TTM	2025
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%
XRPI Volatility Shares XRP ETF	4.09%	1.54%

Frequently Asked Questions

Can I hold both XRPI and ETH in my portfolio?

XRPI and ETH have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRPI or ETH?

ETH has higher volatility (14.56%) compared to XRPI (13.64%). In terms of maximum drawdown, XRPI dropped -74.60% vs ETH's -67.52%.

Which ETF is better, XRPI or ETH?

On 1-year performance, ETH leads with -44.04% vs -68.65% for XRPI. On fees, ETH is cheaper at 0.15% per year. On volatility, XRPI has been the lower-risk option at 13.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRPI or ETH?

Over the 1-year period, ETH has performed better with a -44.04% return vs -68.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRPI or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.94% for XRPI.

Which ETF pays a higher dividend yield, XRPI or ETH?

XRPI has the higher dividend yield at 4.09%, compared with 0.00% for ETH.

What is the main difference between XRPI and ETH?

They also come from different issuers: Volatility Shares and Grayscale. Their fees differ too: 0.94% for XRPI and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.65 vs -0.94), 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.