BTF vs. ETHD
BTF (Valkyrie Bitcoin and Ether Strategy ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTF returned -36.03% vs -49.20% for ETHD. At a correlation of -0.97, they often move in opposite directions. BTF charges 1.24%/yr vs 1.01%/yr for ETHD.
Performance
BTF vs. ETHD - Performance Comparison
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Returns By Period
In the year-to-date period, BTF achieves a -37.72% return, which is significantly lower than ETHD's 75.32% return.
BTF
- 1D
- -3.72%
- 1M
- -18.83%
- YTD
- -37.72%
- 6M
- -37.84%
- 1Y
- -36.03%
- 3Y*
- 5.96%
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- 8.45%
- 1M
- 38.06%
- YTD
- 75.32%
- 6M
- 75.17%
- 1Y
- -49.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTF vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTF Valkyrie Bitcoin and Ether Strategy ETF | -37.72% | -12.44% | 3.64% |
ETHD ProShares UltraShort Ether ETF | 75.32% | -72.49% | -38.58% |
Correlation
The correlation between BTF and ETHD is -0.98, 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 | -0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024 | -0.97 |
The correlation between BTF and ETHD has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
BTF vs. ETHD — Risk / Return Rank
BTF
ETHD
BTF vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.
| BTF | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.03 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.60 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.01 | -0.77 | -0.24 |
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Drawdowns
BTF vs. ETHD - Drawdown Comparison
The maximum BTF drawdown since its inception was -77.50%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BTF and ETHD.
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Drawdown Indicators
| BTF | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.50% | -95.59% | +18.09% |
Max Drawdown (1Y)Largest decline over 1 year | -60.85% | -82.01% | +21.16% |
Max Drawdown (3Y)Largest decline over 3 years | -60.85% | — | — |
Current DrawdownCurrent decline from peak | -59.27% | -86.30% | +27.03% |
Average DrawdownAverage peak-to-trough decline | -39.85% | -66.40% | +26.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.81% | 66.92% | -31.11% |
Volatility
BTF vs. ETHD - Volatility Comparison
The current volatility for Valkyrie Bitcoin and Ether Strategy ETF (BTF) is 15.71%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.39%. This indicates that BTF 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
| BTF | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.71% | 39.39% | -23.68% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 93.71% | -53.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.04% | 137.55% | -82.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.48% | 142.54% | -84.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.48% | 142.54% | -84.06% |
BTF vs. ETHD - Expense Ratio Comparison
BTF has a 1.24% expense ratio, which is higher than ETHD's 1.01% expense ratio.
Dividends
BTF vs. ETHD - Dividend Comparison
BTF's dividend yield for the trailing twelve months is around 233.68%, more than ETHD's 9.98% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BTF Valkyrie Bitcoin and Ether Strategy ETF | 233.68% | 146.05% | 52.96% | 15.98% |
ETHD ProShares UltraShort Ether ETF | 9.98% | 156.62% | 19.15% | 0.00% |
Frequently Asked Questions
BTF and ETHD have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHD has higher volatility (39.39%) compared to BTF (15.71%). In terms of maximum drawdown, BTF dropped -77.50% vs ETHD's -95.59%.
On 1-year performance, BTF leads with -36.03% vs -49.20% for ETHD. On fees, ETHD is cheaper at 1.01% per year. On volatility, BTF has been the lower-risk option at 15.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTF has performed better with a -36.03% return vs -49.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHD is cheaper with a 1.01% expense ratio, compared with 1.24% for BTF.
BTF has the higher dividend yield at 233.68%, compared with 9.98% for ETHD.
They also come from different issuers: Valkyrie and ProShares. Their fees differ too: 1.24% for BTF and 1.01% for ETHD.
ETHD currently has the higher Sharpe Ratio (-0.36 vs -0.66), 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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