What is ETH/BTC Ratio's risk, return, and volatility like?
ETH/BTC Ratio returned -4.5% over the 1Y window. On the Since inception lens, Sharpe ratio is 0.00, annualized volatility is 39.4%, and max drawdown is -51.6%.
Cite This Comparison
"ETH/BTC Ratio (ETHBTC): Returns, Risk & Drawdowns." Gale Finance, December 26, 2025. https://www.gale.finance/assets/eth-btc-ratio/ Free to use with attribution. Please link back to this page or gale.finance.
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Price history
ETH/BTC Ratio price since inception
Track ETH/BTC Ratio's standalone price path with macro and asset-specific events enabled by default.
ETH/BTC Ratio price since inception
Key takeaways
- Total Return: ETHBTC returned -4.5% over the 1Y window and -4.5% over the Since inception window ; annualized return over Since inception was -4.5%.
- Risk-adjusted return: Sharpe was 0.00 and Sortino was 0.01 over Since inception. Sharpe counts total volatility; Sortino focuses on downside volatility.
- Volatility & drawdown: Annualized volatility was 39.4% over 1Y and 39.4% over Since inception ; max drawdown was -51.6% over 1Y and -51.6% over Since inception .
- Tail risk (Expected Shortfall): Over Since inception, daily VaR (5%) was -3.6% and Expected Shortfall was -4.9%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
- Skew & kurtosis: Over Since inception, skew was 0.79 and excess kurtosis was 3.23. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
- Risk ratios: Sortino Ratio: 0.01 , Calmar Ratio: -0.09 , Sterling Ratio: -0.23 , Treynor Ratio: 0.24 , Ulcer Index: 27.41% .
ETH/BTC Ratio Drawdown
Max drawdown shows the deepest peak-to-trough decline ETH/BTC Ratio suffered in each research window. 1Y: -51.6%; Since inception: -51.6%.
ETH/BTC Ratio is currently -20.3% below its prior peak, with the high-water mark at $0.04. Since inception low is $0.02.
Since inception drawdown episodes
ETH/BTC Ratio Volatility
Volatility ETH/BTC Ratio's annualized volatility shows how widely daily closes moved over 1Y and Since inception. Higher values mean a noisier path, not automatically a better or worse investment. 1Y: 39.4%; Since inception: 39.4%.
Benchmark context
Where ETHBTC fits relative to other lenses
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Risk-adjusted ratios
These ratios compare return against different definitions of risk: total volatility, downside volatility, drawdowns, benchmark beta, and time spent underwater.
ETH/BTC Ratio Sharpe Ratio
ETHBTC Sharpe Ratio (Since inception)
Return per total volatilityThe dot sits at (ETH/BTC Ratio's annualized volatility, its excess annualized return). The slope from the origin to the dot is the Sharpe ratio — steeper means the asset converted risk into return more efficiently.
Sharpe ratio ETH/BTC Ratio's Sharpe ratio measures excess return per unit of total volatility. Higher readings mean the asset converted risk into return more efficiently over the same window. 1Y: 0.00; Since inception: 0.00.
A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).
ETH/BTC Ratio Sortino Ratio
ETHBTC Sortino Ratio (Since inception)
Return per downside volatilityETH/BTC Ratio's daily-return distribution over the long window. Days left of the target line are the only ones Sortino penalizes in the denominator — so a distribution with a fat left tail produces a smaller Sortino even at the same mean return.
Sortino ratio ETH/BTC Ratio's Sortino ratio isolates downside volatility instead of all volatility. It is the cleaner lens when you care more about bad downside moves than upside noise. 1Y: 0.01; Since inception: 0.01.
A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).
ETH/BTC Ratio Calmar Ratio
ETHBTC Calmar Ratio (Since inception)
CAGR per worst drawdownETH/BTC Ratio's CAGR bar sits above zero, the max drawdown bar sits below. Calmar is the ratio of those two magnitudes — a shallow drawdown bar with a tall CAGR bar produces a strong Calmar.
Calmar ratio ETH/BTC Ratio's Calmar ratio measures return per unit of max drawdown. It is useful when the path of losses matters as much as the final return. 1Y: -0.09; Since inception: -0.09.
Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.
ETH/BTC Ratio Sterling Ratio
ETHBTC Sterling Ratio (Since inception)
Return per average drawdownThe underwater curve shows ETH/BTC Ratio's drawdowns over the long window. Sterling averages every event deeper than the 10% threshold instead of taking only the worst one — so an asset with many mid-size drawdowns scores worse here than on Calmar.
Sterling ratio ETH/BTC Ratio's Sterling ratio compares return against deep drawdown pressure. It gives a harsher read on assets that compound well but suffer ugly declines along the way. 1Y: -0.23; Since inception: -0.23.
Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.
ETH/BTC Ratio Ulcer Index
ETHBTC Ulcer Index (Since inception)
Drawdown painThe underwater curve shows how deep and how long ETH/BTC Ratio's drawdowns were. Ulcer is the root-mean-square of that curve — both depth and persistence count, so lower is better.
Ulcer Index ETH/BTC Ratio's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 27.41; Since inception: 27.41.
Ulcer Index is computed from each asset's drawdown series over the full lookback window.
ETH/BTC Ratio Treynor Ratio
ETHBTC Treynor Ratio (Since inception)
Excess return per beta vs SPYThe line's slope is ETH/BTC Ratio's beta to SPY — steeper means more market-sensitive. Treynor divides excess return by that slope, so an asset can look efficient with a shallow beta and a small return, or inefficient with a steep beta and a big return.
Treynor ratio measures excess return per unit of market beta versus SPY. A high Treynor means the asset compensated its market exposure well over this window. A low or negative Treynor means the asset's market risk wasn't rewarded.
Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.
ETH/BTC Ratio Tail Risk
Tail-risk stats use daily return distributions rather than simple end-point returns. They show how ugly the left tail has been, how severe the worst 5% of days were, and whether returns were skewed toward outsized upside or downside shocks.
The histogram shows the shape of ETH/BTC Ratio's daily log returns over the Since inception window. Bars left of the 5% VaR marker are the worst 5% of days; the ES marker is the average loss inside that tail. Skew and excess kurtosis describe whether the distribution is symmetric around zero and whether extreme days are more common than a Normal distribution predicts.
ETHBTC daily return distribution (Since inception)
ETHBTC daily return distribution (Since inception)Log-return histogram with Value-at-Risk and Expected Shortfall markers at the 5% left tail.
| Metric | 1Y | Since inception |
|---|---|---|
| VaR (5%) | -3.6% Historical daily threshold | -3.6% Historical daily threshold |
| Expected shortfall (5%) | -4.9% Beyond the VaR threshold | -4.9% Beyond the VaR threshold |
| Skew | 0.79 | 0.79 |
| Excess kurtosis | 3.23 | 3.23 |
Less negative daily VaR and Expected Shortfall values mean the left tail was less violent. Skew and excess kurtosis help distinguish between steady compounding and a path dominated by occasional extreme moves.
Full stats table
Every window-consistent research metric
Each column keeps the same horizon across returns, ratios, drawdowns, and tail-risk metrics.
| Metric | 1Y Recent window | Since inception Deeper research window |
|---|---|---|
| Total return | -4.5% | -4.5% |
| Annualized return | -4.5% | -4.5% |
| Volatility | 39.4% Annualized daily closes | 39.4% Annualized daily closes |
| Sharpe ratio | 0.00 | 0.00 |
| Sortino ratio | 0.01 | 0.01 |
| Calmar ratio | -0.09 | -0.09 |
| Sterling ratio | -0.23 | -0.23 |
| Ulcer Index | 27.41 | 27.41 |
| Max drawdown | -51.6% 2025-01-05 to 2025-04-22 | -51.6% 2025-01-05 to 2025-04-22 |
| VaR (5%) | -3.6% Historical daily threshold | -3.6% Historical daily threshold |
| Expected shortfall (5%) | -4.9% Beyond the VaR threshold | -4.9% Beyond the VaR threshold |
| Skew | 0.79 | 0.79 |
| Excess kurtosis | 3.23 | 3.23 |
What viewers usually ask next
What is ETH/BTC Ratio's Since inception CAGR?
ETH/BTC Ratio's since inception cagr is -4.5% on Gale using the since-inception window.
What is ETH/BTC Ratio's 1-year volatility?
Annualized volatility is 39.4% over the past year.
What is ETH/BTC Ratio's since-inception Sharpe ratio?
ETH/BTC Ratio's Sharpe ratio is 0.00 using the since-inception window.
What is ETH/BTC Ratio's since-inception Sortino ratio?
ETH/BTC Ratio's Sortino ratio is 0.01 using the since-inception window.
What is ETH/BTC Ratio's since-inception Calmar ratio?
ETH/BTC Ratio's Calmar ratio is -0.09 using the since-inception window.
What is ETH/BTC Ratio's since-inception Sterling ratio?
ETH/BTC Ratio's Sterling ratio is -0.23 using the since-inception window.
What is ETH/BTC Ratio's since-inception Ulcer Index?
ETH/BTC Ratio's Ulcer Index is 27.41 using the since-inception window. Lower is better because it means shallower and less persistent drawdowns.
What is ETH/BTC Ratio's since-inception max drawdown?
Max drawdown is -51.6% over the since-inception window from 2025-01-05 to 2025-04-22.
What is ETH/BTC Ratio's since-inception daily Value at Risk?
Using historical daily returns, Gale estimates a 5% Value at Risk of -3.56% over the since-inception window.
What is ETH/BTC Ratio's since-inception Expected Shortfall?
Expected Shortfall is -4.88% over the since-inception window, which captures the average outcome inside the worst 5% of daily returns.
Is ETH/BTC Ratio still below its all-time high?
Current drawdown is -20.3% versus the all-time high of $0.04 reached on 2025-08-25.
Which benchmark should viewers open first for ETH/BTC Ratio?
S&P 500 is the default benchmark lens on Gale because it gives the cleanest context for ETH/BTC Ratio's recent behavior.