CoreWeave vs Eaton Corporation (CRWV vs ETN) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: CRWV or ETN?

Over the past year, CRWV looks like the better investment: it had higher total return (CRWV +182.7% vs ETN +48.3%) and a higher Sharpe ratio (CRWV 1.47 vs ETN 1.34). On risk, ETN was less volatile (ETN 29.9% vs CRWV 107.7%), ETN had a smaller max drawdown (ETN -19.1% vs CRWV -64.8%), and ETN had less severe losses on the worst 5% of days (Expected Shortfall of ETN -4.41% vs CRWV -13.45%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: CRWV or ETN?

Over the past year, CRWV outperformed ETN. CRWV returned +182.7% compared with ETN’s +48.3%. CRWV had the better risk-adjusted return, with a Sharpe ratio of 1.47 versus ETN’s 1.34. ETN was less volatile than CRWV, and ETN had a smaller max drawdown than CRWV.

Total Return

CRWV +182.7%

ETN +48.3%

Sharpe Ratio

CRWV 1.47

ETN 1.34

Annualized Volatility

CRWV 107.7%

ETN 29.9%

Max Drawdown

CRWV -64.8%

ETN -19.1%

Metric winners: Total Return: CRWV; Sharpe Ratio: CRWV; Annualized Volatility: ETN (less volatile); Max Drawdown: ETN (smaller drawdown).

CRWV Total Return

↑ +182.7%

ETN Total Return

↑ +48.3%

Relative Performance of CRWV vs ETN (Normalized to 100)

CRWV ETN

Normalized to 100 at start date for comparison

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Key Takeaways

Total Return: CRWV delivered a +182.7% total return, while ETN returned +48.3% over the same period. CRWV outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): CRWV had a higher Sharpe (1.47 vs 1.34), indicating better risk-adjusted performance.
Volatility (Annualized): CRWV was more volatile, with 107.7% annualized volatility, versus 29.9% for ETN.
Maximum Drawdown: ETN's maximum drawdown was -19.1%, while CRWV experienced a deeper drawdown of -64.8%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), CRWV's VaR was -8.82% and its Expected Shortfall (CVaR) was -13.45%; ETN's were -2.88% and -4.41%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: CRWV 0.15 vs ETN -0.40. Excess kurtosis: CRWV 1.51 vs ETN 1.59. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): CRWV 5/9, ETN 8/7. Worst day: CRWV -20.83% (2025-08-13) vs ETN -7.36% (2025-08-05). Best day: CRWV +25.19% (2025-06-03) vs ETN +5.40% (2026-02-06).
Risk ratios: Sortino - CRWV: 2.42 vs. ETN: 1.97 , Calmar - CRWV: 2.85 vs. ETN: 2.54 , Sterling - CRWV: 5.58 vs. ETN: 2.75 , Treynor - CRWV: 0.49 vs. ETN: 0.29 , Ulcer Index - CRWV: 41.72% vs. ETN: 8.53%

Investment Comparison

If you invested $10,000 in each asset on April 25, 2025:

CRWV $28,266.73 +182.7%

ETN $14,832.28 +48.3%

Difference: $13,434.45 (CRWV ahead)

CoreWeave vs Eaton Corporation Performance Over Time

Metric	CRWV	ETN
30 Days	41.4%	13.5%
90 Days	26.3%	28.2%
180 Days	-11.4%	13.1%
1 Year	182.7%	48.3%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

CoreWeave vs Eaton Corporation Correlation

Average Correlation

moderately correlated

0.35

Current (30-day) 0.43

30-day rolling range -0.25 to +0.66

CoreWeave and Eaton Corporation are moderately correlated over the past year. With a correlation of 0.35, these assets show moderate co-movement, offering some diversification when held together.

For portfolio construction, this moderate correlation offers some diversification benefit, though the assets still tend to move together during major market moves.

Metric	Value
Current (30-day)	0.43
Average (full period)	0.35
Minimum (30-day rolling)	-0.25
Maximum (30-day rolling)	0.66

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

CRWV

-64.8%

ETN

-19.1%

CoreWeave experienced its maximum drawdown of -64.8% from 2025-06-20 to 2025-12-17. It has not yet recovered to its previous peak.

Eaton Corporation experienced its maximum drawdown of -19.1% from 2025-07-28 to 2025-12-17. It took 56 days to recover.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

CoreWeave vs Eaton Corporation Volatility (CRWV vs ETN)

CRWV Volatility

107.7%

±6.78% 1-day vol

ETN Volatility

29.9%

±1.89% 1-day vol

1-day volatility (1σ)

CRWV

±6.78%

ETN

±1.89%

CoreWeave's 107.7% annualized volatility translates to about ±6.78% one-standard-deviation daily volatility.

Eaton Corporation's 29.9% annualized volatility translates to about ±1.89% one-standard-deviation daily volatility.

CRWV had the wider volatility profile over this window. That means its day-to-day return distribution was broader; ETN was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of CRWV and ETN

Sharpe Ratio: CRWV vs. ETN

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. CRWV had a higher Sharpe (1.47 vs 1.34), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of CRWV and ETN

Sortino Ratio: CRWV vs. ETN

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). CRWV had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: CRWV 65.2% vs ETN 20.4%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of CRWV and ETN

Calmar Ratio: CRWV vs. ETN

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. CRWV posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of CRWV and ETN

Sterling Ratio: CRWV vs. ETN

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). CRWV posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of CRWV and ETN

Treynor Ratio: CRWV vs. ETN

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. CRWV posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of CRWV and ETN

Ulcer Index: CRWV vs. ETN

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. ETN had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): CoreWeave vs. Eaton Corporation

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: CRWV vs. ETN (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	CRWV	ETN
5% VaR (daily log return)	-8.82%	-2.88%
5% Expected Shortfall (CVaR)	-13.45% (worst 13 days)	-4.41% (worst 13 days)
Skew	0.15	-0.40
Excess kurtosis	1.51	1.59
2σ tail days (down / up)	5 / 9	8 / 7
Worst day	-20.83% (2025-08-13)	-7.36% (2025-08-05)
Best day	+25.19% (2025-06-03)	+5.40% (2026-02-06)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=249). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: CRWV vs. ETN (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both CRWV and ETN crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both CRWV and ETN had a big down day (2σ)

None in this window.

Days when CRWV had a big down day

Date (interval)	CRWV	ETN
2025-06-05	-17.20%	-0.18%
2025-08-13	-20.83%	-1.60%
2025-08-14	-15.50%	-0.67%
2025-11-11	-16.31%	-3.07%
2026-02-27	-18.51%	+0.36%

Days when ETN had a big down day

Date (interval)	CRWV	ETN
2025-08-05	+5.50%	-7.36%
2025-11-13	-8.30%	-4.15%
2025-11-20	-7.62%	-5.05%
2025-12-12	-10.06%	-5.25%
2025-12-17	-7.12%	-4.28%
2026-03-03	-5.47%	-5.79%
2026-03-26	-8.14%	-4.77%
2026-03-27 → 2026-03-30	-7.57%	-3.87%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of CoreWeave vs. Eaton Corporation (1-Year)

Metric	CRWV	ETN
Total Return	+182.7%	+48.3%
Annualized Volatility	107.7%	29.9%
Sharpe Ratio	1.47	1.34
Sortino Ratio	2.42	1.97
Calmar Ratio	2.85	2.54
Sterling Ratio	5.58	2.75
Treynor Ratio	0.49	0.29
Ulcer Index	41.72%	8.53%
Max Drawdown	-64.8%	-19.1%
Avg Correlation to S&P 500	0.35	0.60
5% VaR (daily log return)	-8.82%	-2.88%
5% Expected Shortfall (CVaR)	-13.45%	-4.41%
Skew	0.15	-0.40
Excess kurtosis	1.51	1.59
2σ tail days (down / up)	5 / 9	8 / 7

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-25 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): CRWV: 252 days/year; ETN: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

CRWV: 4.17% over 2025-04-25 → 2026-04-23.

ETN: 4.17% over 2025-04-25 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

CRWV: ≈ -58.0%/yr

ETN: ≈ -4.5%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

CoreWeave vs Eaton Corporation: Frequently Asked Questions

Which has higher volatility: CRWV or ETN?

CRWV showed higher volatility at 107.7% annualized, compared to 29.9% for ETN Over the past year. Higher volatility means larger price swings in both directions.

Does CRWV provide diversification when held with ETN?

CRWV and ETN are moderately correlated over the past year, with an average correlation of 0.35. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for CRWV vs ETN?

Over the past year, CRWV's 5% VaR was -8.82% and its 5% Expected Shortfall was -13.45% (worst 13 days). ETN's were -2.88% and -4.41% (worst 13 days).

Do CRWV and ETN crash together on bad days?

On shared dates (n=249), when ETN has a 2σ down day, CRWV also does 0.0% (0/8 days). In the other direction, when CRWV has one, ETN also does 0.0% (0/5 days).

Which has better risk-adjusted returns: CRWV or ETN?

CRWV showed better risk-adjusted performance with a Sharpe ratio of 1.47 versus ETN's 1.34 Over the past year.

Can CRWV and ETN be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. CRWV's higher volatility (107.7%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: CRWV or ETN?

Share This Comparison of CRWV vs ETN

Relative Performance of CRWV vs ETN (Normalized to 100)

Trade CRWV or ETN

Key Takeaways

Investment Comparison

CoreWeave vs Eaton Corporation Performance Over Time

CoreWeave vs Eaton Corporation Correlation

Drawdown

CoreWeave vs Eaton Corporation Volatility (CRWV vs ETN)

Risk-adjusted ratios

Sharpe Ratio of CRWV and ETN

Sharpe Ratio: CRWV vs. ETN

Sortino Ratio of CRWV and ETN

Sortino Ratio: CRWV vs. ETN

Calmar Ratio of CRWV and ETN

Calmar Ratio: CRWV vs. ETN

Sterling Ratio of CRWV and ETN

Sterling Ratio: CRWV vs. ETN

Treynor Ratio of CRWV and ETN

Treynor Ratio: CRWV vs. ETN

Ulcer Index of CRWV and ETN

Ulcer Index: CRWV vs. ETN

Tail Risk & Distribution Shape (1-Year): CoreWeave vs. Eaton Corporation

Tail Risk & Distribution Shape: CRWV vs. ETN (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: CRWV vs. ETN (2σ)

Days when both CRWV and ETN had a big down day (2σ)

Days when CRWV had a big down day

Days when ETN had a big down day

Full Comparison of CoreWeave vs. Eaton Corporation (1-Year)

Inputs & conventions

Formulas

CoreWeave vs Eaton Corporation: Frequently Asked Questions

Which has higher volatility: CRWV or ETN?

Does CRWV provide diversification when held with ETN?

How bad are the worst 5% days for CRWV vs ETN?

Do CRWV and ETN crash together on bad days?

Which has better risk-adjusted returns: CRWV or ETN?

Can CRWV and ETN be combined in a portfolio?