The landscape of the best-performing exchange-traded funds (ETFs) in 2026 has undergone significant changes since the spring, with energy ETFs initially leading the pack. However, the current top performers are dominated by semiconductor ETFs and other artificial intelligence (AI)-related plays, as investors have rotated heavily into anything tied to the AI buildout.
This shift is reflected in the worst-performing ETFs, which paint a starkly different picture. Despite the changes in the top performers, the worst-performing funds remain largely unchanged since April, with crypto ETFs still dominating the decliners.
The Grayscale Sui Staking ETF (GSUI) takes the top spot among the worst performers, with a year-to-date decline of 48.5%. This fund tracks Sui, a smart contract platform built with a different architecture than Ethereum or Solana. Notably, GSUI was also the hardest-hit fund back in April, and it has continued to slide since then.
Another Grayscale single-token staking fund, the Grayscale Avalanche Staking ETF (GAVA), which holds AVAX, is close behind with a year-to-date decline of 45.3%. This fund’s performance underscores the ongoing struggles of the crypto market.
However, the bigger story in the worst-performing ETFs is the cluster of Ethereum funds. Nearly every spot Ethereum fund on the market has landed within about a percentage point of the others, all bunched around a 41% decline. This includes the Grayscale Ethereum Staking ETF (ETHE), which is down 41.5%, and the 21Shares Ethereum ETF (TETH), which has declined by 40.9%. Other Ethereum funds, such as the iShares Ethereum Trust ETF (ETHA), the Fidelity Ethereum Fund (FETH), the VanEck Ethereum ETF (ETHV), the Bitwise Ethereum ETF (ETHW), the Franklin Ethereum ETF (EZET), and the Invesco Galaxy Ethereum ETF (QETH), have also fallen within a hair of one another.
The underperformance of these Ethereum funds is particularly striking, especially when compared to Bitcoin, which has declined by 28%. The most revealing names in the group are the two Ethereum option-income funds, which have actually done worse than the plain spot products. The Amplify Ethereum Max Income Covered Call ETF (EHY) is down 45.7%, and the Amplify Ethereum 3% Monthly Option Income ETF (ETTY) is down 43.8%. This underperformance illustrates the risks associated with these ETFs, as they cap their upside by writing calls and then absorb close to the full downside when the underlying keeps dropping.
A few non-Ethereum names fill out the rest of the bottom of the worst-performing ETFs. The Canary Litecoin ETF (LTCC) is down 42.5%, and the XRP ETF (XRPI) from Volatility Shares is down 42.3%. What stands out this time is what isn’t here – in April, a handful of non-crypto names cracked the bottom ranks, including software and cannabis funds and a couple of high-yield option-income equity products. However, crypto has since overtaken them at the very bottom.
It’s worth noting that every fund mentioned above is non-leveraged and non-inverse. For a full list of the worst performers, check out the table below.
| YTD Return (NAV) | Fund Name |
|---|---|
| -48.5% | Grayscale Sui Staking ETF |
| -45.7% | Amplify Ethereum Max Income Covered Call ETF |
| -45.3% | Grayscale Avalanche Staking ETF |
| -45.3% | Amplify Ethereum 3% Monthly Option Income ETF |
| -42.5% | Canary Litecoin ETF |
| -42.3% | REX-Osprey XRP ETF |
| -41.5% | Grayscale Ethereum Staking ETF |
| -41.5% | Grayscale Ethereum Staking Mini ETF |
| -41.3% | Bitwise XRP ETF |
| -41.3% | Grayscale XRP Trust ETF |
| -41.1% | Amplify XRP 3% Monthly Option Income ETF |
Overall, the worst-performing ETFs of 2026 so far paint a grim picture for investors, with crypto ETFs still dominating the decliners. As the market continues to evolve, it’s essential to stay informed and adapt to changing trends.
