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 -43.60% vs -2.19% for ETHD. Their -0.83 correlation means they have often moved in opposite directions in the past. 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 -27.11% return, which is significantly lower than ETHD's 29.04% return.
BTC
- 1D
- 1.51%
- 1M
- 3.86%
- 6M
- -18.15%
- YTD
- -27.11%
- 1Y
- -43.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -2.17%
ETHD
- 1D
- -0.16%
- 1M
- -20.88%
- 6M
- -10.74%
- YTD
- 29.04%
- 1Y
- -2.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -50.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.45M | $40.65M | $54.59M | |
| $15.77M | $15.57M | $23.32M |
BTC vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -27.11% | -7.50% | 41.93% |
ETHD ProShares UltraShort Ether ETF | 29.04% | -72.49% | -49.29% |
Correlation
The correlation between BTC and ETHD is -0.91, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024 | -0.83 |
The correlation between BTC and ETHD has been stable across timeframes, ranging from -0.91 to -0.83 - 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.
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 ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.11 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.04 | -0.78 |
| Martin ratioReturn relative to average drawdown | -1.26 | -0.06 | -1.19 |
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Drawdowns
BTC vs. ETHD - Drawdown Comparison
The maximum BTC drawdown since its inception was -53.30%, 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 | -53.30% | -95.59% | +42.29% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -55.14% | +1.84% |
Current DrawdownCurrent decline from peak | -49.20% | -89.92% | +40.72% |
Average DrawdownAverage peak-to-trough decline | -19.45% | -67.56% | +48.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.74% | 36.45% | -1.71% |
Volatility
BTC vs. ETHD - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 8.87%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 24.69%. 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 | 8.87% | 24.69% | -15.82% |
Volatility (6M)Calculated over the trailing 6-month period | 33.76% | 91.33% | -57.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 133.67% | -89.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.49% | 140.28% | -92.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.49% | 140.28% | -92.79% |
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 8.86%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% | 0.00% |
ETHD ProShares UltraShort Ether ETF | 8.86% | 156.62% | 19.15% |
Frequently Asked Questions
BTC and ETHD have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHD has higher volatility (24.69%) compared to BTC (8.87%). In terms of maximum drawdown, BTC dropped -53.30% vs ETHD's -95.59%.
On 1-year performance, ETHD leads with -2.19% vs -43.60% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 8.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHD has performed better with a -2.19% return vs -43.60%. 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 8.86%, 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 (-0.02 vs -0.99), 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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