ETHA vs ETHE: Which ETF Is Better in 2026?
A metric-by-metric comparison of iShares Ethereum Trust ETF (ETHA) and Grayscale Ethereum Staking ETF (ETHE) — both Crypto funds — using ETFValuer's daily-updated rankings.
Educational content — not financial advice. Data as of September 09, 2026. ~5 minute read.
The Verdict
ETHA and ETHE are close to the same fund wearing different labels. Both sit in the Crypto category and their daily returns move almost identically, so this is not really a question of which fund is better — it is a question of which one is cheaper to own and easier to trade in your account. Everything below is about finding the small, structural edges, because the investment exposure is a wash.
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — ETHA scores higher: 37.9 (Grade D) versus 21.3 for ETHE. That doesn't make ETHE a bad fund; it means ETHA currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Head-to-Head: Every Metric
| ETHA | ETHE | |
|---|---|---|
| Category | Crypto | Crypto |
| Expense ratio | 0.25% | 2.50% |
| Fund size (AUM) | $8.6B | $1.9B |
| Dividend yield | 0.00% | 1.11% |
| 1-year return | -42.76% | -43.18% |
| 3-year return | n/a | +94.45% |
| Volatility | 64.69% | 64.31% |
| Max drawdown | -67.91% | -68.17% |
| Sharpe ratio | -0.74 | -0.75 |
| ETFValuer score | 37.9 | 21.3 |
| Grade | D | F |
| Overall rank | #431 | #457 |
Bold marks the better value in each row. "Better" is directional only (e.g. lower cost, higher return) — it isn't a recommendation by itself. See the full methodology.
Cost
ETHA is the cheaper fund, charging 0.25% a year versus 2.50% for ETHE — a gap of 2.25 percentage points (about $225.00/year on a $10,000 position) that compounds meaningfully over a multi-decade holding period. Since these two deliver almost the same exposure, that fee gap is close to the entire difference between them — it comes straight out of your return with nothing offered in exchange. See the ETF Fee Calculator for the exact dollar impact at your investment size and horizon.
What ETHE's Fees Cost You
ETHE charges an expense ratio of 2.50% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
Performance & Risk
Because at least one of these funds is too young for a 3-year record, the comparison rests on the 1-year window: ETHA returned -42.76% against -43.18% for ETHE. ETHA has the better risk-adjusted figure over that window (Sharpe -0.74 vs -0.75). A single year says very little about how either fund behaves across a full market cycle, so weight this far less heavily than you would a long record.
A Note on Comparing These Two
ETHA has only 2.1 years of trading history, against a full three-year record for ETHE. That makes several figures below not directly comparable: the 3-year return is unavailable, and the maximum drawdown covers a shorter — and possibly calmer — stretch of market history. A shallow drawdown on a young fund means it has not yet been tested, not that it held up well.
How Closely Do They Track Each Other?
Over the last 2.1 years of daily returns (534 shared trading days), ETHA and ETHE show a near-perfect correlation of 1.000 — functionally interchangeable. At this level the two funds are, for practical purposes, the same investment. Owning both adds no diversification whatsoever — the decision should come down entirely to cost, spread and which one your broker handles better.
| Measure | Value | What it means |
|---|---|---|
| Daily return correlation | 1.000 | Near-perfect — functionally interchangeable |
| R-squared | 99.9% | 99.9% of ETHA's daily moves are explained by ETHE's |
| Tracking error (annualised) | 1.73% | Typical yearly spread between the two funds' returns |
| Annualised return over 2.1y | ETHA -15.00% · ETHE -16.35% | ETHA ahead by 1.34 points a year |
Correlation alone understates how far these can drift. Across every rolling 12-month window in the period, ETHA finished as much as +4.7 points ahead of ETHE at the best extreme and +0.3 points at the worst — a 4.4-point spread between the best and worst year of relative performance. Two funds can correlate tightly day to day and still deliver very different outcomes over any single year you happen to hold them.
Calculated from daily total returns over the trailing 3-year window, recomputed every day this site refreshes. Correlation of 1.00 means the two funds moved in lockstep; 0.00 means their daily moves were unrelated.
Which One Should You Pick?
Lean ETHA if…
- You want the lower running cost — 0.25% vs 2.50%, about $225 a year less on a $10,000 position
- You want the deeper, more liquid market ($9B in assets vs $2B)
Lean ETHE if…
- Current income matters to you — it yields 1.11% against 0.00%
Whichever you pick, holding both at full weight is usually the wrong answer — see the overlap and correlation sections above.
Frequently Asked Questions
Is ETHA or ETHE better?
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — ETHA scores higher: 37.9 (Grade D) versus 21.3 for ETHE. That doesn't make ETHE a bad fund; it means ETHA currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Which has the lower expense ratio, ETHA or ETHE?
ETHA currently has the lower expense ratio (0.25% vs. 2.50%).
Can I hold both ETHA and ETHE?
You can, but there's little point. ETHA and ETHE have a daily return correlation of 1.00 over the past 2.1 years, meaning they move almost in lockstep. Holding both roughly doubles a single bet rather than spreading it — pick whichever wins on cost and liquidity and put the money in one place.
Go deeper on either fund
Full daily-updated metrics, holdings context, and category peers.