Cite This Comparison
"Ethereum vs iShares Ethereum Trust ETF (ETH vs ETHA): Returns, Risk & Volatility (2025)." Gale Finance, December 31, 2025. https://www.gale.finance/compare/eth-vs-etha-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 ETH vs ETHA (Normalized to 100)
Normalized to 100 at start date for comparison
Key Takeaways
- Total Return: ETH delivered a -13.9% total return, while ETHA returned -17.9% over the same period. ETH outperformed on total returns.
- Risk-Adjusted Return (Sharpe Ratio): ETH had a higher Sharpe (0.12 vs 0.05), indicating better risk-adjusted performance.
- Volatility (Annualized): ETH was more volatile, with 75.5% annualized volatility, versus 75.3% for ETHA.
- Maximum Drawdown: ETH's maximum drawdown was -60.1%, while ETHA experienced a deeper drawdown of -60.4%.
Ethereum vs iShares Ethereum Trust ETF Correlation
Ethereum and iShares Ethereum Trust ETF were weakly correlated in 2025. With a correlation of 0.16, these assets showed meaningful independence, offering diversification benefits when held together.
For portfolio construction, this weak correlation suggests that combining ETH and ETHA could reduce overall portfolio variance. However, correlations can increase during market stress.
| Metric | Metric | Value |
|---|---|---|
| Current (30-day) | 0.08 | |
| Average (full period) | 0.16 | |
| Minimum | -0.36 | |
| Maximum | 0.49 |
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: $406.401 (ETH ahead)
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Ethereum and iShares Ethereum Trust ETF: Risk Analysis
Ethereum experienced its maximum drawdown of -60.1% from 2025-01-07 to 2025-04-09. It has not yet recovered to its previous peak.
iShares Ethereum Trust ETF experienced its maximum drawdown of -60.4% from 2025-01-06 to 2025-04-08. 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 ETH and ETHA
Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. ETH had a higher Sharpe (0.12 vs 0.05), 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 ETH and ETHA
Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only penalizes negative volatility. ETH 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: ETH 49.3% vs ETHA 46.6%. 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 Ethereum vs. iShares Ethereum Trust ETF (2025)
| Metric | ETH | ETHA |
|---|---|---|
| Total Return | -13.9% | -17.9% |
| Annualized Volatility | 75.5% | 75.3% |
| Sharpe Ratio | 0.12 | 0.05 |
| Sortino Ratio | 0.18 | 0.09 |
| Max Drawdown | -60.1% | -60.4% |
| Avg Correlation to S&P 500 | N/A | N/A |
Ethereum vs iShares Ethereum Trust ETF: Frequently Asked Questions
Which had higher volatility: ETH or ETHA?
ETH showed higher volatility at 75.5% annualized, compared to 75.3% for ETHA During 2025. Higher volatility meant larger price swings in both directions.
Did ETH provide diversification when held with ETHA?
ETH and ETHA were weakly correlated in 2025, with an average correlation of 0.16. This weak correlation suggested meaningful diversification benefits when held together.
Which had better risk-adjusted returns: ETH or ETHA?
ETH showed better risk-adjusted performance with a Sharpe ratio of 0.12 versus ETHA's 0.05 During 2025.
Could ETH and ETHA have been combined in a portfolio?
Yes, though allocation sizing mattered. Their weak correlation could have meaningfully reduced overall portfolio variance. ETH's higher volatility (75.5%) meant even small allocations can materially impact overall portfolio risk.