BTC vs. ETHD
BTC (Grayscale Bitcoin Mini Trust ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTC returned -39.58% vs -40.70% for ETHD. At a correlation of -0.82, they often move in opposite directions. BTC charges 0.15%/yr vs 1.01%/yr for ETHD.
Performance
BTC vs. ETHD - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -27.45% return, which is significantly lower than ETHD's 68.24% return.
BTC
- 1D
- -2.80%
- 1M
- -22.20%
- YTD
- -27.45%
- 6M
- -31.41%
- 1Y
- -39.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- 2.71%
- 1M
- 73.12%
- YTD
- 68.24%
- 6M
- 77.63%
- 1Y
- -40.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -27.45% | -7.50% | 44.64% |
ETHD ProShares UltraShort Ether ETF | 68.24% | -72.49% | -49.56% |
Correlation
The correlation between BTC and ETHD is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | -0.82 |
The correlation between BTC and ETHD has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.
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Return for Risk
BTC vs. ETHD — Risk / Return Rank
BTC
ETHD
BTC vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) and ProShares UltraShort Ether ETF (ETHD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BTC | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.05 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.49 | -0.32 |
| Martin ratioReturn relative to average drawdown | -1.39 | -0.62 | -0.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTC | ETHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.91 | -0.30 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | -0.34 | +0.31 |
Drawdowns
BTC vs. ETHD - Drawdown Comparison
The maximum BTC drawdown since its inception was -49.43%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BTC and ETHD.
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Drawdown Indicators
| BTC | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.43% | -95.59% | +46.16% |
Max Drawdown (1Y)Largest decline over 1 year | -49.43% | -83.63% | +34.20% |
Current DrawdownCurrent decline from peak | -49.43% | -86.85% | +37.42% |
Average DrawdownAverage peak-to-trough decline | -16.68% | -66.06% | +49.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.55% | 66.08% | -37.53% |
Volatility
BTC vs. ETHD - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 9.06%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 18.57%. This indicates that BTC experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTC | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.06% | 18.57% | -9.51% |
Volatility (6M)Calculated over the trailing 6-month period | 33.91% | 90.60% | -56.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.72% | 136.04% | -92.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.29% | 142.06% | -93.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.29% | 142.06% | -93.77% |
BTC vs. ETHD - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than ETHD's 1.01% expense ratio.
Dividends
BTC vs. ETHD - Dividend Comparison
BTC has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 10.40%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% | 0.00% |
ETHD ProShares UltraShort Ether ETF | 10.40% | 156.62% | 19.15% |
Frequently Asked Questions
BTC and ETHD have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHD has higher volatility (18.57%) compared to BTC (9.06%). In terms of maximum drawdown, BTC dropped -49.43% vs ETHD's -95.59%.
On 1-year performance, BTC leads with -39.58% vs -40.70% for ETHD. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTC has performed better with a -39.58% return vs -40.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 1.01% for ETHD.
ETHD has the higher dividend yield at 10.40%, compared with 0.00% for BTC.
They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.15% for BTC and 1.01% for ETHD.
ETHD currently has the higher Sharpe Ratio (-0.30 vs -0.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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