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Ethereum Classic (ETC)

Ethereum Classic's return path without cash flows, plus the drawdowns behind the headline numbers and context against Bitcoin.

Last updated:

Gale Finance Team
Written by Gale Finance Team
Sid Kalla
Reviewed by Sid Kalla CFA Charterholder
Quick Answer

What is Ethereum Classic's risk, return, and volatility like?

Ethereum Classic returned -52.8% over the 1Y window. On the Since inception lens, Sharpe ratio is -0.13, annualized volatility is 78.8%, and max drawdown is -79.6%.

Total Return
1Y -52.8%
Since inception -58.2%
Sharpe Ratio
1Y -0.68
Since inception -0.13
Annualized Volatility
1Y 75.3%
Since inception 78.8%
Max Drawdown
1Y -68.1%
Since inception -79.6%

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Price history

Ethereum Classic price since inception

Track Ethereum Classic's standalone price path with macro and asset-specific events enabled by default.

Ethereum Classic price since inception

ETC
8 events in this period
Show events
Latest close $9.41 Data through 2026-05-11
Since inception low $7.87 Window low
Since inception high $38.52 Window high

Key takeaways

  • Total Return: ETC returned -52.8% over the 1Y window and -58.2% over the Since inception window ; annualized return over Since inception was -30.8%.
  • Risk-adjusted return: Sharpe was -0.13 and Sortino was -0.19 over Since inception. Sharpe counts total volatility; Sortino focuses on downside volatility.
  • Volatility & drawdown: Annualized volatility was 75.3% over 1Y and 78.8% over Since inception ; max drawdown was -68.1% over 1Y and -79.6% over Since inception .
  • Tail risk (Expected Shortfall): Over Since inception, daily VaR (5%) was -6.1% and Expected Shortfall was -9.3%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
  • Skew & kurtosis: Over Since inception, skew was 0.04 and excess kurtosis was 4.98. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
  • Risk ratios: Sortino Ratio: -0.19 , Calmar Ratio: -0.39 , Sterling Ratio: -0.82 , Treynor Ratio: -0.09 , Ulcer Index: 50.41% .

Ethereum Classic Drawdown

ETC 1Y Max Drawdown
↓ -68.1%
2025-07-20 to 2026-04-01
ETC Since inception Max Drawdown
↓ -79.6%
2024-12-06 to 2026-04-01

Max drawdown shows the deepest peak-to-trough decline Ethereum Classic suffered in each research window. 1Y: -68.1%; Since inception: -79.6%.

Ethereum Classic is currently -75.6% below its prior peak, with the high-water mark at $38.52. Since inception low is $7.87.

ETC underwater plot (Since inception). Zero means at a prior peak; dips show how far below peak the close was on each day. Deepest trough: -79.6% on Apr 1, 2026.
-79.6% 2023-12-28 2026-05-11 0% -80%

Since inception drawdown episodes

#1
-79.6% Dec 6, 2024 to Apr 1, 2026
Not yet recovered 521 total days
#2
-54.6% Mar 8, 2024 to Sep 6, 2024
Recovered Dec 6, 2024 273 total days
#3
-22.7% Jan 11, 2024 to Jan 22, 2024
Recovered Feb 28, 2024 48 total days

Ethereum Classic Volatility

ETC 1Y Volatility
75.3%
Annualized daily closes
ETC Since inception Volatility
78.8%
Annualized daily closes

Volatility Ethereum Classic'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: 75.3%; Since inception: 78.8%.

Benchmark context

Where ETC fits relative to other lenses

Benchmark links are secondary on this page. Use them when you want to place the asset against a specific market, factor, or historical counterpart.

Default benchmark

Bitcoin

BTC

Cross-asset crypto benchmark

1Y return
↓ -21.6%
ETC minus BTC
↓ -30.8%
Correlation
0.75
1Y
ETC vs BTC average correlation
Tightly linked
0.75
SPY

S&P 500

Corr 0.36

Broad equity benchmark

1Y return +27.9%
ETC minus SPY -80.3%
ETH

Ethereum

Corr 0.83

Cross-asset crypto benchmark

1Y return -8.3%
ETC minus ETH -44.0%
QQQ

Nasdaq 100

Corr 0.36

Growth and tech benchmark

1Y return +41.0%
ETC minus QQQ -93.3%

Risk-adjusted ratios

These ratios compare return against different definitions of risk: total volatility, downside volatility, drawdowns, benchmark beta, and time spent underwater.

Ethereum Classic Sharpe Ratio

ETC 1Y Sharpe ratio
↓ -0.68
Recent window
ETC Since inception Sharpe ratio
↓ -0.13
Deeper research window

ETC Sharpe Ratio (Since inception)

Return per total volatility

The dot sits at (Ethereum Classic'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.

Higher is better
Excess return Annualized volatility 0 100% vol 78.8% · excess -10.2%
excess annualized return / total volatility
Formula Sharpe=E[R]−RfσR\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio Ethereum Classic'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: -0.68; Since inception: -0.13.

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).

Ethereum Classic Sortino Ratio

ETC 1Y Sortino ratio
↓ -0.97
Recent window
ETC Since inception Sortino ratio
↓ -0.19
Deeper research window

ETC Sortino Ratio (Since inception)

Return per downside volatility

Ethereum Classic'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.

Higher is better
Frequency (days) Daily return (%) target -26.1% +25.5% 148 0
excess annualized return / downside volatility
Formula Sortino=E[R]−Rfσdown\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio Ethereum Classic'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: -0.97; Since inception: -0.19.

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).

Ethereum Classic Calmar Ratio

ETC 1Y Calmar ratio
↓ -0.78
Recent window
ETC Since inception Calmar ratio
↓ -0.39
Deeper research window

ETC Calmar Ratio (Since inception)

CAGR per worst drawdown

Ethereum Classic'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.

Higher is better
0% ETC Since inception -30.8% -79.6%
CAGR / max drawdown
Formula Calmar=CAGR∣MaxDD∣\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio Ethereum Classic'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: -0.78; Since inception: -0.39.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Ethereum Classic Sterling Ratio

ETC 1Y Sterling ratio
↓ -1.20
Recent window
ETC Since inception Sterling ratio
↓ -0.82
Deeper research window

ETC Sterling Ratio (Since inception)

Return per average drawdown

The underwater curve shows Ethereum Classic'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.

Higher is better
0% -21% -42% -63% -84% 10% drawdown threshold
excess CAGR / average deep drawdown
Formula Sterling=CAGR−RfD‾>10%\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio Ethereum Classic'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: -1.20; Since inception: -0.82.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Ethereum Classic Ulcer Index

ETC 1Y Ulcer Index
43.56
Recent window
ETC Since inception Ulcer Index
50.41
Deeper research window

ETC Ulcer Index (Since inception)

Drawdown pain

The underwater curve shows how deep and how long Ethereum Classic's drawdowns were. Ulcer is the root-mean-square of that curve — both depth and persistence count, so lower is better.

Lower is better
0% -21% -42% -63% -84%
root-mean-square drawdown
Formula UI=E[Dt2]\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index Ethereum Classic's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 43.56; Since inception: 50.41.

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Ethereum Classic Treynor Ratio

ETC 1Y Treynor
↓ -0.39
Beta 1.30 vs BTC
ETC Since inception Treynor
↓ -0.09
Beta 1.14 vs BTC

ETC Treynor Ratio (Since inception)

Excess return per beta vs BTC

The line's slope is Ethereum Classic's beta to BTC — 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.

Higher is better
Asset return Market return 0 0 β 1.14
excess return / market beta
Formula Treynor=E[R]−Rfβ\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market beta versus BTC. 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.

Ethereum Classic 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 Ethereum Classic'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.

ETC daily return distribution (Since inception)

ETC daily return distribution (Since inception)

Log-return histogram with Value-at-Risk and Expected Shortfall markers at the 5% left tail.

Days
ETC Since inception VaR 5% ES 5% -32.0% 0% +32.0% Daily log return
worst-5% daily return and the average loss inside it
Formula VaR5%=Q0.05(R),ES5%=E[R∣R≤VaR5%]\displaystyle \mathrm{VaR}_{5\%} = Q_{0.05}(R),\quad \mathrm{ES}_{5\%} = \mathbb{E}[R \mid R \le \mathrm{VaR}_{5\%}]
Metric 1YSince inception
VaR (5%) -5.3% Historical daily threshold -6.1% Historical daily threshold
Expected shortfall (5%) -8.5% Beyond the VaR threshold -9.3% Beyond the VaR threshold
Skew -0.28 0.04
Excess kurtosis 8.46 4.98

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
-52.8%
-58.2%
Annualized return
-52.8%
-30.8%
Volatility
75.3% Annualized daily closes
78.8% Annualized daily closes
Sharpe ratio
-0.68
-0.13
Sortino ratio
-0.97
-0.19
Calmar ratio
-0.78
-0.39
Sterling ratio
-1.20
-0.82
Ulcer Index
43.56
50.41
Max drawdown
-68.1% 2025-07-20 to 2026-04-01
-79.6% 2024-12-06 to 2026-04-01
VaR (5%)
-5.3% Historical daily threshold
-6.1% Historical daily threshold
Expected shortfall (5%)
-8.5% Beyond the VaR threshold
-9.3% Beyond the VaR threshold
Skew
-0.28
0.04
Excess kurtosis
8.46
4.98

What viewers usually ask next

What is Ethereum Classic's Since inception CAGR?

Ethereum Classic's since inception cagr is -30.8% on Gale using the since-inception window.

What is Ethereum Classic's 1-year volatility?

Annualized volatility is 75.3% over the past year.

What is Ethereum Classic's since-inception Sharpe ratio?

Ethereum Classic's Sharpe ratio is -0.13 using the since-inception window.

What is Ethereum Classic's since-inception Sortino ratio?

Ethereum Classic's Sortino ratio is -0.19 using the since-inception window.

What is Ethereum Classic's since-inception Calmar ratio?

Ethereum Classic's Calmar ratio is -0.39 using the since-inception window.

What is Ethereum Classic's since-inception Sterling ratio?

Ethereum Classic's Sterling ratio is -0.82 using the since-inception window.

What is Ethereum Classic's since-inception Ulcer Index?

Ethereum Classic's Ulcer Index is 50.41 using the since-inception window. Lower is better because it means shallower and less persistent drawdowns.

What is Ethereum Classic's since-inception max drawdown?

Max drawdown is -79.6% over the since-inception window from 2024-12-06 to 2026-04-01.

What is Ethereum Classic's since-inception daily Value at Risk?

Using historical daily returns, Gale estimates a 5% Value at Risk of -6.10% over the since-inception window.

What is Ethereum Classic's since-inception Expected Shortfall?

Expected Shortfall is -9.28% over the since-inception window, which captures the average outcome inside the worst 5% of daily returns.

Is Ethereum Classic still below its all-time high?

Current drawdown is -75.6% versus the all-time high of $38.52 reached on 2024-12-06.

Which benchmark should viewers open first for Ethereum Classic?

Bitcoin is the default benchmark lens on Gale because it gives the cleanest context for Ethereum Classic's recent behavior.