Crypto-focused exchange-traded funds continue to lead the list of the worst-performing ETFs in 2026, with Ethereum funds clustering near the bottom. The Grayscale Sui Staking ETF (GSUI) is the hardest hit, down 48.5% year to date, followed by the Grayscale Avalanche Staking ETF (GAVA), which has fallen 45.3%. Nearly every spot Ethereum ETF on the market has declined by roughly 41%, reflecting ether's brutal year—worse than Bitcoin's 28% drop.
The Crypto ETF Slump Deepens
The worst-performing fund remains GSUI, which tracks Sui, a smart contract platform built on a different architecture than Ethereum or Solana. It topped the decliners list in April and has continued to slide. GAVA, which holds AVAX, is close behind at down 45.3%. Other non-Ethereum crypto funds also rank among the worst, including the Canary Litecoin ETF (LTCC), off 42.5%, and the Volatility Shares XRP ETF (XRPI), down 42.3%.
Ethereum Funds Cluster at the Bottom
A notable development is the tight clustering of Ethereum funds. The Grayscale Ethereum Staking ETF (ETHE) is down 41.5%, while the 21Shares Ethereum ETF (TETH) is off 40.9%. In between are the iShares Ethereum Trust ETF (ETHA), Fidelity Ethereum Fund (FETH), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), Franklin Ethereum ETF (EZET), and Invesco Galaxy Ethereum ETF (QETH)—all within a percentage point of each other. Because they track the same asset, they have fallen in unison.
Two Ethereum option-income funds fared even worse. The Amplify Ethereum Max Income Covered Call ETF (EHY) is down 45.7%, and the Amplify Ethereum 3% Monthly Option Income ETF (ETTY) has dropped 43.8%. These funds cap upside by writing call options but absorb nearly the full downside when the underlying asset keeps falling, illustrating the risk of such strategies.
A Shift from Earlier in the Year
In April, a handful of non-crypto names, including software and cannabis funds and some high-yield option-income equity products, also appeared among the worst performers. Since then, crypto ETFs have overtaken them at the very bottom. Every fund mentioned is non-leveraged and non-inverse. The list underscores how the crypto downturn has persisted, even as other sectors like semiconductors and AI-related plays have rebounded.