BTCU vs. ETHD

Last updated Jun 30, 2026

BTCU (Direxion Daily Bitcoin Bull 2X ETF) and ETHD (ProShares UltraShort Ether ETF) are both exchange-traded funds - BTCU is a Leveraged Cryptocurrency fund actively managed by Direxion, while ETHD is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. At a correlation of -0.87, they often move in opposite directions.

Performance

BTCU vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Bitcoin Bull 2X ETF (BTCU) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTCU

• 1D: 2.26%
• 1M: -34.52%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -6.34%
• 1M: 36.59%
• YTD: 81.43%
• 6M: 75.78%
• 1Y: -42.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCU vs. ETHD - Yearly Performance Comparison

	2026 (YTD)
BTCU Direxion Daily Bitcoin Bull 2X ETF	-37.06%
ETHD ProShares UltraShort Ether ETF	44.33%

Correlation

The correlation between BTCU 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.87

Return for Risk

BTCU vs. ETHD — Risk / Return Rank

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

BTCU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 7

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.

BTCU vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Bitcoin Bull 2X ETF (BTCU) 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.

	BTCU	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.31	—
Sortino ratio: Return per unit of downside risk	—	0.42	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	-0.52	—
Martin ratio: Return relative to average drawdown	—	-0.66	—

Drawdowns

BTCU vs. ETHD - Drawdown Comparison

The maximum BTCU drawdown since its inception was -39.60%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BTCU and ETHD.

Drawdown Indicators

	BTCU	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-39.60%	-95.59%	+55.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-82.01%	—
Current Drawdown Current decline from peak	-37.19%	-85.82%	+48.63%
Average Drawdown Average peak-to-trough decline	-26.22%	-66.55%	+40.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	64.12%	—

Volatility

Volatility by Period

	BTCU	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	40.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	92.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	89.92%	137.68%	-47.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.92%	142.23%	-52.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.92%	142.23%	-52.31%

Dividends

BTCU vs. ETHD - Dividend Comparison

BTCU's dividend yield for the trailing twelve months is around 0.28%, less than ETHD's 9.64% yield.

Position	TTM	2025	2024
BTCU Direxion Daily Bitcoin Bull 2X ETF	0.28%	0.00%	0.00%
ETHD ProShares UltraShort Ether ETF	9.64%	156.62%	19.15%

Frequently Asked Questions

Can I hold both BTCU and ETHD in my portfolio?

BTCU 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.

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

ETHD has the higher dividend yield at 9.64%, compared with 0.28% for BTCU.

What is the main difference between BTCU and ETHD?

BTCU is categorized as Leveraged Cryptocurrency, while ETHD is Cryptocurrency. They also come from different issuers: Direxion and ProShares.