Grayscale Ethereum Trust (ETH) (ETHE) Performance
ETHE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −20.1% since Dec 31, 2025
- 1 year
- −38.6% total return
- 5 years
- −10.2% a year
- Since first price
- +17.5% a year since 2019
ETHE trailing returns vs SPY, QQQ, AGG
| Period | ETHE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −10.8% | −10.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +27.4% | +26.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.9% | +2.1% | +7.8% | +8.4% | −1.5% |
| YTD | −20.1% | −21.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −38.6% | −39.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +76.2%+20.8%/yr | +73.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −41.6%−10.2%/yr | −42.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 14, 2019 | +228.4%+17.5%/yr | +223.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ETHE vs SPY
From Jun 14, 2019: ETHE grew to $32,844, SPY to $29,313.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ETHE returns by calendar year
4 of 6 full years positive. Best 2020 (+441.7%), worst 2022 (−85.3%). 2026 is year to date.
ETHE annual returns table
| Year | ETHE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −20.1% | −54.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −13.0% | −60.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +62.0% | −41.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +308.4% | −32.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −85.3% | −86.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +108.8% | −58.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +441.7% | −84.0% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ETHE largest drawdowns
Now 66.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 21, 2019 | −96.3% | Sep 30, 2019 | not yet | 3 months | 7.3 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ETHE risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +30.2% | −3.0% | +8.7% |
| Volatility (annualized) | 84.2% | 93.1% | 112.5% |
| Sharpe ratio | 0.63 | 0.35 | 0.55 |
| Sortino ratio | 1.31 | 0.63 | 1.07 |
| Best month | +70.8% | +78.0% | +119.4% |
| Worst month | −33.2% | −43.9% | −63.8% |
| Best 12 months | +122.5% | +319.5% | +584.1% |
| Worst 12 months | −50.7% | −85.3% | −85.3% |
| Positive months | 42% | 48% | 49% |
| Beta vs S&P 500 | 3.01 | 3.37 | — |
| Correlation with S&P 500 | 0.44 | 0.57 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ETHE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 77 | −85.3% | +42.2% | +584.1% | 58% |
| 3-year (a year) | 53 | −19.1% | +16.5% | +79.2% | 72% |
| 5-year (a year) | 29 | −12.4% | +15.1% | +61.6% | 76% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
ETHE performance overview
Grayscale Ethereum Trust (ETH) (ETHE) returned −38.6% over the past year and −10.2% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +17.5% a year, turning $10,000 into about $32,844. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −96.3%, from Jun 21, 2019 to Sep 30, 2019; the fund has not yet regained that high. ETHE finished 4 of its 6 full calendar years with a gain; the best year was 2020 (+441.7%) and the worst 2022 (−85.3%). Volatility has been 112.5% a year.
Related: ETHE chart, ETHE dividends. See the ETHE overview for the latest quote and fund facts.
ETHE performance FAQ
What is the ETHE return over the past year?
ETHE returned −38.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 39.6%.
What is the average annual return of ETHE?
ETHE has returned −10.2% a year over 5 years, +17.5% a year since June 14, 2019 (total return, distributions reinvested).
How much would $10,000 invested in ETHE be worth?
$10,000 invested in ETHE at its first recorded close on June 14, 2019 would be worth about $32,844 on October 23, 2026 with distributions reinvested.
What was the worst year for ETHE?
The worst calendar year was 2022, with a total return of −85.3%. The best was 2020 at +441.7%.
What is the biggest drawdown of ETHE?
The largest peak-to-trough decline was −96.3% between June 21, 2019 and September 30, 2019. It has not yet recovered to that high; it is 66.0% below its peak.
How volatile is ETHE?
Over the past 3 years ETHE had an annualized volatility of 84.2% and a Sharpe ratio of 0.63 (excess return over 1–3 month T-bills per unit of risk).