On Sep 22, 2026, ETFIQ measured 39 spot crypto ETFs against the coins they hold, and 30 of them finished within a point of that coin's return. Across the full set the typical gap was 0.70%, a number that folds together the fund's fee, its custody arrangement, the mechanics of creating and redeeming shares, and whatever else separated the price of the shares from the price of the coin on the two dates checked. It is the one number here that no sponsor prints on its own website.
Nine coins are covered across 48 funds in total, and Bitcoin and Ether carry most of that count, with 13 and 11 funds respectively. Bitcoin funds cluster tightly: the median difference is +0.3%, all 12 of the measurable funds land within a point of the coin's −23.6% median return, and data from Morgan Stanley Bitcoin Trust (+0.8%) down to Invesco Galaxy Bitcoin ETF (+0.1%) sit close together. Ether funds show more spread, with a median difference of +0.9% and 8 of 10 within a point; 21Shares Ethereum Staking ETF and iShares Staked Ethereum Trust ETF post the widest positive gaps in that group, at +1.4% and +1.1%.
XRP is the clearest case of a coin's own move being fixed while the cost of holding it varies. All six XRP funds share the same coin return, +41.8%, yet only one of the six landed within a point of it. TOXR, XRPC and XRPZ each show +2.4%, GXRP shows +2.1%, Bitwise's XRP shows +2.3%, and REX-Osprey XRP ETF, tracking the same coin down −44.9% over its own window, differs by only +0.6%. Solana funds split as well: Invesco Galaxy Solana ETF differs by +2.3% against a coin return of +70.3%, while Morgan Stanley Solana Trust differs by −0.7% against +60.7%, two different windows on the same coin. Polkadot's single fund, 21shares Polkadot Staking ETF, is the widest gap on the whole list, at −3.4%, the only fund of the nine not within a point of its coin.
Two trusts are flagged as quoted too thinly to compare, each closing unchanged on more than one trading day in twenty; their differences describe the days somebody happened to trade rather than the fund's actual behavior, and they are shown with that caveat rather than placed among the rest.
Separately, 34 fund-windows could not have their gap stated by subtraction at all, because once returns compound over long enough periods the arithmetic difference stops meaning anything. The example on this desk is $ETHE since January 2020: the fund returned +627.8% while Ether returned +1,854.4%, a subtraction that produces −1,227 points and describes nothing real. For these, the site instead publishes the compounded gap, the difference between the two growth factors, which for that window is −62.8%.
Readers can check any individual ticker on the live desk to see its current fund return, coin return, and difference updated to the latest close.