Skip to content
etf.net

ETHE vs ETHW

Grayscale Ethereum Staking ETF

ETHECNYSE Arca

Bitwise Ethereum ETF

ETHWBNYSE Arca

Overlap

100%by weight

Expense ratio

ETHW −2.30pt a year

ETHE2.50%ETHW0.20%

Avg volume · 30D

ETHE 3.1×the volume

ETHE2.34METHW754K

ETHE vs ETHW Performance

Oct 31, 2025 – Oct 30, 2026

−43.1%ETHE−42.6%ETHW

Oct 31, 2025 to Oct 30, 2026. ETHE −43.1%. ETHW −42.6%. Use the arrow keys to read each point.−60%−30%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
ETHE 2.50%
ETHW 0.20%, better
Fund size
ETHE $1.54B
ETHW $244M
1Y total return
ETHE −43.1%
ETHW −42.6%, better
Holdings
ETHE 1
ETHW 1
Avg volume (30D)
ETHE 2.34M sh, better
ETHW 754K sh
NAV per share
ETHE $17.92
ETHW $16.66
52W range

ETF.net Grade

ETHE: Cost 4, Risk 38, Mission 100, Tradability 76, Holdings not scored, Durability 73. ETHW: Cost 70, Risk 38, Mission 100, Tradability 38, Holdings not scored, Durability 47.
Pillar letters and Scores for ETHE, ETHW, with each pillar’s weight
PillarETHEETHW
Cost30% weightF4A70Higher
Mission25% weightA100A100
Risk15% weightD38D38
Tradability15% weightA76HigherD38
Holdings10% weightNot scoredNot scored
Durability5% weightA73HigherC47

Rank among Spot Ether funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ETHE and ETHW are both graded against the same 11 Spot Ether funds, so their Grades compare head to head.

Spot Ether⁠

Category · 11 funds
See all 11 ›

ETHW ranks 4th and ETHE 10th of 11 funds in the Spot Ether Category.

  1. Rank 1AETHGrayscale Ethereum Mini Trust ETFScore 83
  2. Rank 2AMSSEMorgan Stanley Ethereum TrustScore 77
  3. Rank 3BETHVVanEck Ethereum ETFScore 67
  4. Rank 4BETHWBitwise Ethereum ETFScore 66
  5. Rank 5BEZETFranklin Ethereum ETFScore 63
  6. Rank 9CQETHInvesco Galaxy Ethereum ETFScore 54
  7. Rank 10CETHEGrayscale Ethereum Staking ETFScore 51
  8. Rank 11CETHBiShares Staked Ethereum Trust ETFScore 50

Our read on each fund

ETF.net Research

ETHECGrayscale Ethereum Staking ETF

ETHWBBitwise Ethereum ETF

In short

ETHE The original Grayscale ether vehicle, launched as a trust in 2017 and now an ETF that stakes its coins. It was the first US spot crypto fund to pass staking proceeds to holders. The trade-off: a 2.5% fee.

ETHW Spot ether with a conscience clause: Bitwise pledged 10% of the fund's profits to Ethereum's open-source developers. It holds ether directly, no derivatives, at a fee below the spot-ether norm.

Stated mandate

ETHE The fund seeks to track the value of Ether held by the Trust, while also reflecting staking rewards after expenses and other liabilities.

ETHW The Trust seeks exposure to the value of ether held by it, less operating expenses and liabilities. It holds ether directly, values its assets using an ether pricing benchmark, and does not use derivatives.

Why people hold it

  • ETHE Staking is written into the mandate: the fund tracks the value of the ether it holds and reflects staking rewards earned on it, after expenses.
  • It made the first staking-reward distribution by a US spot crypto ETP in January 2026, after Grayscale switched staking on for its ether funds in October 2025.investingnews.com
  • A multi-billion-dollar, actively traded fund with a lineage back to 2017, so shares are rarely hard to move.
  • ETHW Holds ether outright and values it off an ether pricing benchmark. No futures, no swaps, no leverage layered on top.
  • The 0.20% fee undercuts the 0.25% that is typical across spot-ether ETFs.
  • Bitwise committed to donating 10% of the fund's profits to Ethereum open-source developers and to publishing the trust's blockchain addresses.bitwiseinvestments.combusinesswire.com
  • Launched July 2024 in the first wave of US spot-ether ETFs, and it grades in the upper half of that peer group.bitwiseinvestments.com

Worth knowing

  • ETHE Cost is the headline trade-off: 2.5% a year, while Grayscale's own Ethereum Mini (ETH) offers staked ether exposure at 0.15%.grayscale.com
  • Staking adds moving parts: ether can sit locked during bonding and unstaking windows, may earn nothing in those gaps, and depends on validators and custodians.grayscale.com
  • Reward payouts are irregular by design. The fund earns rewards and distributes proceeds when it sells them, not on a fixed schedule.grayscale.com
  • ETHW Cheaper spot-ether options exist: Franklin's EZET at 0% and Grayscale's ETH at 0.15%.
  • Structured as a grantor trust, not a registered fund, so the usual fund-level protections do not apply.
  • Ether is a volatile asset, and this is a single-asset fund with no diversification and no income distributions.

Full ETHE profile⁠

Full ETHW profile⁠

ETHE vs ETHW Holdings

How ETHE and ETHW differ

Overlap by weight

100%

Shared holdings make up 100% of ETHE and 100% of ETHW.

Level by level

  • Asset classAlternatives100%
  • Holdings1 in both100%

Sector

No Sector split for ETHE and ETHW.

Country, concentration and asset class

Country by domicile

No country split for ETHE and ETHW.

Concentration

Weight in the 10 largest Holdings

  • ETHE100.0%
  • ETHW100.0%

Securities held

  • ETHE1
  • ETHW1

Asset class

ETHE
Alternatives
ETHW
Alternatives

Holdings

  • Only in ETHE0
  • In both1
  • Only in ETHW0

Only in ETHE

0 securities, 0.0% of ETHE by weight

Only in ETHW

0 securities, 0.0% of ETHW by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ETHE and ETHW, widest gap first
HoldingMore in ETHEMore in ETHW
EthereumSame weight

All ETHE holdings⁠All 1 ETHW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ETHE vs ETHW Cost

Overpaying ETHE vs ETHW

$34,514

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ETHE 2.50%

    $38,669

  • ETHW 0.20%

    $4,155

$10,000
30 years

Cost over time

  • ETHE 2.50%
  • ETHW 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530ETHE $38,669ETHW $4,155

Year by year

YearETHEETHWOverpaying
10$4,142$365$3,777
20$14,580$1,421$13,159
30$38,669$4,155$34,514

Expense ratio

  • 2.50%ETHE
  • 0.20%ETHW, cheaper
  • Middle half of Spot Ether funds
  • Median 0.21%

ETHW 4th cheapest of 11 funds

ETHE 11th cheapest of 11 funds

ETHE vs ETHW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
ETHE No data
ETHW None
Last payment
ETHE $0.03
ETHW No data
Ex-dividend
ETHE Oct 5, 2026
ETHW No data
Paid on
ETHE Oct 6, 2026
ETHW No data
Frequency
ETHE Monthly
ETHW No data

Distribution history

Per share, 2026, same scale for both

ETHEMonthly · 10 paymentsAll ETHE payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 5, 2026 $0.08; Feb 3, 2026 $0.03; Mar 3, 2026 $0.02; Apr 7, 2026 $0.02; May 5, 2026 $0.02; Jun 3, 2026 $0.02; Jul 7, 2026 $0.02; Aug 4, 2026 $0.02; Sep 3, 2026 $0.03; Oct 5, 2026 $0.03. Use the arrow keys to read each point.$0$0.052026YTD
ETHWAll ETHW payments⁠

No distribution history available.

ETHE vs ETHW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ETHE 84.8%ETHW 75.5%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
ETHE 0.42ETHW 0.06since Aug 2024
Worst fallMax drawdown, 5 years
ETHE −89.8%ETHW −67.9%since Jul 2024
Market sensitivityBeta, 5 years
ETHE 3.38ETHW 2.55

ETHE and ETHW in the news

All news⁠

Popular comparisons

  • ETHECvsETHA

    Grayscale Ethereum Staking ETF · Grayscale Ethereum Mini Trust ETF

    Expense ratio
    2.50% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHWBvsETHA

    Bitwise Ethereum ETF · Grayscale Ethereum Mini Trust ETF

    Expense ratio
    0.20% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHECvsMSSEA

    Grayscale Ethereum Staking ETF · Morgan Stanley Ethereum Trust

    Expense ratio
    2.50% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHWBvsMSSEA

    Bitwise Ethereum ETF · Morgan Stanley Ethereum Trust

    Expense ratio
    0.20% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHECvsETHVB

    Grayscale Ethereum Staking ETF · VanEck Ethereum ETF

    Expense ratio
    2.50% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ETHWBvsETHVB

    Bitwise Ethereum ETF · VanEck Ethereum ETF

    Expense ratio
    0.20% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.