Ethereum vs S&P 500: 5-Year Scorecard
2021 - 2025
Cite This Scorecard
"Ethereum vs S&P 500: 5-Year Performance Scorecard (2021-2025)." Gale Finance, December 31, 2025. https://www.gale.finance/scorecard/5y/eth-vs-spy Free to use with attribution. Please link back to this page or gale.finance.
The Verdict
Year-by-Year Performance
Over 5 years, ETH won 3 individual years while SPY won 2.
| Year | Ethereum | S&P 500 | Winner |
|---|---|---|---|
| 2021 | +404.2% | +30.5% | ETH |
| 2022 | -68.3% | -18.6% | SPY |
| 2023 | +91.0% | +26.7% | ETH |
| 2024 | +47.4% | +25.6% | ETH |
| 2025 | -10.9% | +18.0% | SPY |
| Total Wins | 3 wins | 2 wins | ETH |
Cumulative Performance
This chart shows how $100 invested at the start of 2021 would have grown over time.
Price Comparison
Normalized to 100 at start date for comparison
Risk-Adjusted Metrics
How did each asset perform relative to the risk taken? Higher Sharpe, Sortino, and Calmar ratios indicate better risk-adjusted returns.
| Metric | ETH | SPY |
|---|---|---|
| Total Return | +307.0% | +98.1% |
| CAGR | +32.4% | +14.7% |
| Volatility (Ann.) | +78.8% | +17.1% |
| Sharpe Ratio | 0.70 | 0.64 |
| Sortino Ratio | 1.00 | 0.88 |
| Calmar Ratio | 0.41 | 0.60 |
| Max Drawdown | -79.4% | -24.5% |
Sharpe and Sortino ratios calculated using 4.23% average risk-free rate for the period.
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Best and Worst Years
ETH Best Year
ETH Worst Year
SPY Best Year
SPY Worst Year
Maximum Drawdown
Maximum drawdown measures the largest peak-to-trough decline. Lower (less negative) is better.
Correlation Analysis
The 5-year average correlation between Ethereum and S&P 500 was 0.22. This low correlation suggests diversification benefits when holding both assets.
Ethereum vs. S&P 500 Yearly Average Correlation (5-year)
Frequently Asked Questions
Which performed better over 5 years: Ethereum or S&P 500?
Ethereum returned +307.0% compared to S&P 500's +98.1% from 2021 to 2025. Ethereum delivered the higher total return. Ethereum won 3 out of 5 individual years.
What would $10,000 invested in Ethereum be worth today?
$10,000 invested in Ethereum at the start of 2021 would be worth $40,695.17 by the end of 2025. The same amount in S&P 500 would be worth $19,813.02.
Which asset had better risk-adjusted returns?
Ethereum had the higher Sharpe ratio (0.70 vs 0.64), indicating better risk-adjusted performance than S&P 500.
Methodology
- Price data sourced from CoinGecko (ETH) and Tiingo (SPY)
- Volatility calculated as annualized standard deviation of daily returns
- Sharpe and Sortino ratios use the average 3-month Treasury rate as the risk-free rate
- Calmar ratio = CAGR / Maximum Drawdown
- Year-by-year returns calculated from first to last trading day of each calendar year
Disclaimer: This scorecard is for informational and educational purposes only and does not constitute investment, financial, legal, or tax advice. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Data sourced from third parties may contain errors or be delayed. Always conduct your own research and consult a qualified financial advisor before making investment decisions.