BTC vs. ETHD

Last updated Jun 25, 2026

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 -43.50% vs -37.69% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC achieves a -31.66% return, which is significantly lower than ETHD's 92.11% return.

BTC

• 1D: -3.96%
• 1M: -21.06%
• YTD: -31.66%
• 6M: -31.44%
• 1Y: -43.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 9.58%
• 1M: 51.29%
• YTD: 92.11%
• 6M: 87.75%
• 1Y: -37.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTC vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-31.66%	-7.50%	41.93%
ETHD ProShares UltraShort Ether ETF	92.11%	-72.49%	-49.29%

Correlation

The correlation between BTC and ETHD is -0.89, 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	-0.89
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	-0.82

The correlation between BTC and ETHD has been stable across timeframes, ranging from -0.89 to -0.82 - a consistent structural relationship.

Return for Risk

BTC vs. ETHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC Martin Ratio Rank: 2

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTC	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-0.28	-0.71
Sortino ratio: Return per unit of downside risk	-1.44	0.49	-1.94
Omega ratio: Gain probability vs. loss probability	0.84	1.06	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.46	-0.37
Martin ratio: Return relative to average drawdown	-1.42	-0.59	-0.83

BTC vs. ETHD - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.98, which is lower than the ETHD Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of BTC and ETHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTC vs. ETHD - Drawdown Comparison

The maximum BTC drawdown since its inception was -52.37%, 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.

Drawdown Indicators

	BTC	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-52.37%	-95.59%	+43.22%
Max Drawdown (1Y) Largest decline over 1 year	-52.37%	-82.01%	+29.64%
Current Drawdown Current decline from peak	-52.37%	-84.99%	+32.62%
Average Drawdown Average peak-to-trough decline	-17.73%	-66.44%	+48.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.70%	63.98%	-33.28%

Volatility

BTC vs. ETHD - Volatility Comparison

The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 13.21%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.71%. 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.

Volatility by Period

	BTC	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.21%	39.71%	-26.50%
Volatility (6M) Calculated over the trailing 6-month period	34.53%	92.53%	-58.00%
Volatility (1Y) Calculated over the trailing 1-year period	44.39%	137.63%	-93.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.29%	142.55%	-94.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.29%	142.55%	-94.26%

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 9.11%.

Position	TTM	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%	0.00%
ETHD ProShares UltraShort Ether ETF	9.11%	156.62%	19.15%

Frequently Asked Questions

Can I hold both BTC and ETHD in my portfolio?

BTC and ETHD have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTC or ETHD?

ETHD has higher volatility (39.71%) compared to BTC (13.21%). In terms of maximum drawdown, BTC dropped -52.37% vs ETHD's -95.59%.

Which ETF is better, BTC or ETHD?

On 1-year performance, ETHD leads with -37.69% vs -43.50% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 13.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTC or ETHD?

Over the 1-year period, ETHD has performed better with a -37.69% return vs -43.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or ETHD?

BTC is cheaper with a 0.15% expense ratio, compared with 1.01% for ETHD.

Which ETF pays a higher dividend yield, BTC or ETHD?

ETHD has the higher dividend yield at 9.11%, compared with 0.00% for BTC.

What is the main difference between BTC and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.15% for BTC and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.28 vs -0.98), 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.