ETHE’s worst drop since 2019 was 96%
Grayscale Ethereum Trust ETF (ETHE) fell 96% from Jun 2019 to Sep 2019. It has not closed above that Jun 2019 peak since, 7.3 years later. Over the same years the S&P 500 fell as much as 34%.
That drop ranks 3rd deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2019 to now
How ETHE held up in each crash
| Crash | Years | ETHE | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | −71.3% | −33.7% |
| 2022 rate shock | 2022 | −86.0% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was ETHE’s maximum drawdown?
ETHE’s deepest fall since 2019 was 96.3%, from its high on June 21, 2019 to its low on September 30, 2019. The figure uses daily prices with dividends reinvested.
How long did ETHE take to recover?
It has not recovered yet. As of October 13, 2026 it sits 64.4% below that Jun 2019 high.
Was ETHE riskier than the S&P 500?
Over the same years, ETHE’s worst drop was 96.3% against 33.7% for the S&P 500 (SPY), and its worst 12 months were −86.7% against −19.7%.
Compare with
Daily adjusted closes from Yahoo Finance, June 17, 2019 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.