ETHW vs SPY
Bitwise Ethereum ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ETHW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | - | 0.09% | |
| AUM | $207M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | -38.59% | +13.79% | |
| 1Y Return | -50.58% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 74.0% | 15.3% | |
| Max Drawdown | -67.9% | -56.5% | |
| Fund Family | Bitwise | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jul 22, 2024 | Jan 22, 1993 |
ETHW vs SPY Performance
Bitwise Ethereum ETF (ETHW) is a ETF from Bitwise and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ETHW returned -50.58% while SPY returned +23.66%. Year to date, ETHW is down 38.59% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
ETHW has been the more volatile fund, with annualized monthly volatility of 74.0% 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 -67.9% for ETHW 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 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Frequently Asked Questions
Which performed better, ETHW or SPY?
Over the past year ETHW returned -50.58% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), ETHW annualized -25.26% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, ETHW or SPY?
ETHW has been the more volatile fund at 74.0% annualized versus 15.3% for SPY. Worst drawdown: ETHW -67.9% vs SPY -56.5%.
Should I hold both ETHW and SPY?
ETHW and SPY have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, ETHW or SPY?
ETHW yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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