Cite This Comparison
"Bitmine vs Ethereum (BMNR vs ETH): Returns, Risk & Volatility (2026)." Gale Finance, January 10, 2026. https://www.gale.finance/compare/bmnr-vs-eth Free to use with attribution. Please link back to this page or gale.finance.
Analysis period: 2025-06-05 to 2026-01-10
Relative Performance of BMNR vs ETH (Normalized to 100)
Normalized to 100 at start date for comparison
Key Takeaways
- Total Return: BMNR delivered a +288.0% total return, while ETH returned +18.1% over the same period. BMNR outperformed on total returns.
- Risk-Adjusted Return (Sharpe Ratio): BMNR had a higher Sharpe (1.32 vs 0.23), indicating better risk-adjusted performance.
- Volatility (Annualized): BMNR was more volatile, with 927.3% annualized volatility, versus 74.9% for ETH.
- Maximum Drawdown: ETH's maximum drawdown was -42.7%, while BMNR experienced a deeper drawdown of -80.7%.
- Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), BMNR's VaR was -11.90% and its Expected Shortfall (CVaR) was -21.75%; ETH's were -5.85% and -8.76%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
- Skew & Kurtosis: Skew: BMNR 7.13 vs ETH 0.22. Excess kurtosis: BMNR 68.13 vs ETH 3.37. Negative skew leans downside; higher excess kurtosis means fatter tails.
- Tail Days & Extremes: 2σ tail days (down/up): BMNR 1/2, ETH 10/9. Worst day: BMNR -51.35% (2025-07-09) vs ETH -15.86% (2025-03-04). Best day: BMNR +207.30% (2025-06-30) vs ETH +19.38% (2025-05-09).
Bitmine vs Ethereum Correlation
Bitmine and Ethereum are strongly correlated over the past 6 months. With a correlation of 0.63, these assets tend to move together, limiting diversification benefits.
For portfolio construction, this strong correlation means holding both BMNR and ETH provides limited risk reduction — they're likely to decline together in downturns.
| Metric | Metric | Value |
|---|---|---|
| Current (30-day) | 0.82 | |
| Average (full period) | 0.63 | |
| Minimum | -0.08 | |
| Maximum | 0.88 |
Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement.
Investment Comparison
If you invested $10,000 in each asset on June 5, 2025:
Difference: $26,992.37 (BMNR ahead)
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Bitmine and Ethereum: Risk Analysis
Bitmine experienced its maximum drawdown of -80.7% from 2025-07-03 to 2025-11-21. It has not yet recovered to its previous peak.
Ethereum experienced its maximum drawdown of -42.7% from 2025-08-23 to 2025-11-22. It has not yet recovered to its previous peak.
Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.
Sharpe Ratio of BMNR and ETH
Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. BMNR had a higher Sharpe (1.32 vs 0.23), indicating better risk-adjusted performance.
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).
Sortino Ratio of BMNR and ETH
Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only penalizes negative volatility. BMNR had better downside-adjusted returns.
A higher Sortino is better. It's particularly useful for assets with asymmetric volatility (big gains, smaller losses). Downside volatility: BMNR 94.8% vs ETH 48.7%. 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).
Tail Risk & Distribution Shape: Bitmine vs. Ethereum
This section looks at the shape of daily returns, not just the average. We use daily log returns so multi-day moves add cleanly.
| Metric (1y) | BMNR | ETH |
|---|---|---|
| 5% VaR (daily log return) | -11.90% | -5.85% |
| 5% Expected Shortfall (CVaR) | -21.75% (worst 8 days) | -8.76% (worst 19 days) |
| Skew | 7.13 | 0.22 |
| Excess kurtosis | 68.13 | 3.37 |
| 2σ tail days (down / up) | 1 / 2 | 10 / 9 |
| Worst day | -51.35% (2025-07-09) | -15.86% (2025-03-04) |
| Best day | +207.30% (2025-06-30) | +19.38% (2025-05-09) |
Downside co-moves (2σ)
Computed on shared dates only (n=150). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.
Show downside tail dates
Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).
Days when both BMNR and ETH had a big down day (2σ)
None in this window.
Days when BMNR had a big down day
| Date (interval) | BMNR | ETH |
|---|---|---|
| 2025-07-09 | -40.16% | +5.99% |
Days when ETH had a big down day
| Date (interval) | BMNR | ETH |
|---|---|---|
| 2025-08-22 → 2025-08-25 | -7.27% | -9.27% |
| 2025-10-10 | -11.22% | -12.20% |
| 2025-11-04 | -7.93% | -8.44% |
Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.
Bitmine vs Ethereum Volatility (BMNR vs ETH)
Bitmine's annualized volatility of 927.3% means it typically moves ±58.41% on any given day.
Ethereum's annualized volatility of 74.9% means it typically moves ±3.92% on any given day.
BMNR's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while ETH's smoother profile may better suit long-term allocators seeking steadier growth.
For comparison, the S&P 500 typically has 15-18% annualized volatility, translating to roughly ±1% daily moves. Higher volatility means larger potential gains but also larger potential losses.
Bitmine vs Ethereum Performance Over Time
| Metric | BMNR | ETH |
|---|---|---|
| 30 Days | -25.6% | -7.2% |
| 90 Days | -42.7% | -19.7% |
| 180 Days | -26% | 4.7% |
| 1 Year | N/A | -5.7% |
Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.
Full Comparison of Bitmine vs. Ethereum (1-Year)
| Metric | BMNR | ETH |
|---|---|---|
| Total Return | +288.0% | +18.1% |
| Annualized Volatility | 927.3% | 74.9% |
| Sharpe Ratio | 1.32 | 0.23 |
| Sortino Ratio | 12.96 | 0.36 |
| Max Drawdown | -80.7% | -42.7% |
| Avg Correlation to S&P 500 | 0.43 | 0.59 |
| 5% VaR (daily log return) | -11.90% | -5.85% |
| 5% Expected Shortfall (CVaR) | -21.75% | -8.76% |
| Skew | 7.13 | 0.22 |
| Excess kurtosis | 68.13 | 3.37 |
| 2σ tail days (down / up) | 1 / 2 | 10 / 9 |
Bitmine vs Ethereum: Frequently Asked Questions
Which has higher volatility: BMNR or ETH?
BMNR showed higher volatility at 927.3% annualized, compared to 74.9% for ETH Over the past 6 months. Higher volatility means larger price swings in both directions.
Does BMNR provide diversification when held with ETH?
BMNR and ETH are strongly correlated over the past 6 months, with an average correlation of 0.63. This strong correlation limits diversification benefits.
How bad are the worst 5% days for BMNR vs ETH?
Over the past 6 months, BMNR's 5% VaR was -11.90% and its 5% Expected Shortfall was -21.75% (worst 8 days). ETH's were -5.85% and -8.76% (worst 19 days).
Do BMNR and ETH crash together on bad days?
On shared dates (n=150), when ETH has a 2σ down day, BMNR also does 0.0% (0/3 days). In the other direction, when BMNR has one, ETH also does 0.0% (0/1 days).
Which has better risk-adjusted returns: BMNR or ETH?
BMNR showed better risk-adjusted performance with a Sharpe ratio of 1.32 versus ETH's 0.23 Over the past 6 months.
Can BMNR and ETH be combined in a portfolio?
Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. BMNR's higher volatility (927.3%) means even small allocations can materially impact overall portfolio risk.