Cite This Comparison
"Bitmine Immersion Technologies vs Ethereum (BMNR vs ETH): Returns, Risk & Volatility (2025)." Gale Finance, December 31, 2025. https://www.gale.finance/compare/bmnr-vs-eth-2025 Free to use with attribution. Please link back to this page or gale.finance.
Analysis period: 2025-01-01 to 2025-12-31
Relative Performance of BMNR vs ETH (Normalized to 100)
Normalized to 100 at start date for comparison
Key Takeaways
- Total Return: BMNR delivered a +250.4% total return, while ETH returned +13.8% over the same period. BMNR outperformed on total returns.
- Risk-Adjusted Return (Sharpe Ratio): BMNR had a higher Sharpe (1.33 vs 0.61), indicating better risk-adjusted performance.
- Volatility (Annualized): BMNR was more volatile, with 946.2% annualized volatility, versus 68.6% for ETH.
- Maximum Drawdown: ETH's maximum drawdown was -42.7%, while BMNR experienced a deeper drawdown of -80.7%.
Bitmine Immersion Technologies vs Ethereum Correlation
Bitmine Immersion Technologies and Ethereum were weakly correlated in 2025. With a correlation of 0.09, these assets showed meaningful independence, offering diversification benefits when held together.
For portfolio construction, this weak correlation suggests that combining BMNR and ETH could reduce overall portfolio variance. However, correlations can increase during market stress.
| Metric | Metric | Value |
|---|---|---|
| Current (30-day) | 0.13 | |
| Average (full period) | 0.09 | |
| Minimum | -0.21 | |
| Maximum | 0.32 |
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 January 1, 2025:
Difference: $23,664.006 (BMNR ahead)
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Bitmine Immersion Technologies and Ethereum: Risk Analysis
Bitmine Immersion Technologies 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 (1.33 vs 0.61), 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 96.2% vs ETH 42.8%. 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).
Full Comparison of Bitmine Immersion Technologies vs. Ethereum (2025)
| Metric | BMNR | ETH |
|---|---|---|
| Total Return | +250.4% | +13.8% |
| Annualized Volatility | 946.2% | 68.6% |
| Sharpe Ratio | 1.33 | 0.61 |
| Sortino Ratio | 13.07 | 0.97 |
| Max Drawdown | -80.7% | -42.7% |
| Avg Correlation to S&P 500 | N/A | N/A |
Bitmine Immersion Technologies vs Ethereum: Frequently Asked Questions
Which had higher volatility: BMNR or ETH?
BMNR showed higher volatility at 946.2% annualized, compared to 68.6% for ETH During 2025. Higher volatility meant larger price swings in both directions.
Did BMNR provide diversification when held with ETH?
BMNR and ETH were weakly correlated in 2025, with an average correlation of 0.09. This weak correlation suggested meaningful diversification benefits when held together.
Which had better risk-adjusted returns: BMNR or ETH?
BMNR showed better risk-adjusted performance with a Sharpe ratio of 1.33 versus ETH's 0.61 During 2025.
Could BMNR and ETH have been combined in a portfolio?
Yes, though allocation sizing mattered. Their weak correlation could have meaningfully reduced overall portfolio variance. BMNR's higher volatility (946.2%) meant even small allocations can materially impact overall portfolio risk.