ETHE vs SPY
Grayscale Ethereum Staking ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ETHE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.50% | 0.09% | |
| AUM | $1.5B | $789.1B | |
| Dividend Yield | 1.50% | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | -40.48% | +13.75% | |
| 1Y Return | -56.73% | +22.91% | |
| 3Y Return (annualized) | +14.77% | +21.67% | |
| 5Y Return (annualized) | -10.36% | +13.32% | |
| Volatility (annualized) | 112.7% | 15.3% | |
| Max Drawdown | -96.3% | -56.5% | |
| Fund Family | Grayscale | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 14, 2017 | Jan 22, 1993 |
ETHE vs SPY Performance
Grayscale Ethereum Staking ETF (ETHE) is a ETF from Grayscale and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ETHE returned -56.73% while SPY returned +22.91%. Year to date, ETHE is down 40.48% versus a gain of 13.75% for SPY.
Over three years, ETHE compounded at +14.77% per year against +21.67% for SPY; over five years the annualized figures are -10.36% and +13.32% respectively. Across the full 7-year window we track, SPY has the edge at +8.85% annualized vs -8.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETHE has been the more volatile fund, with annualized monthly volatility of 112.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -96.3% for ETHE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ETHE charges 2.50% per year while SPY charges 0.09%. On a $10,000 position that is $250 vs $9 annually, a gap of $241 per year that compounds over a long holding period. On income, ETHE currently yields 1.50% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, ETHE or SPY?
ETHE has an expense ratio of 2.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $241 per year of difference.
Which performed better, ETHE or SPY?
Over the past year ETHE returned -56.73% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), ETHE annualized -8.91% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, ETHE or SPY?
ETHE has been the more volatile fund at 112.7% annualized versus 15.3% for SPY. Worst drawdown: ETHE -96.3% vs SPY -56.5%.
Should I hold both ETHE and SPY?
ETHE and SPY have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, ETHE or SPY?
ETHE yields 1.50% while SPY yields 1.01%, so ETHE currently pays the higher dividend yield.
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