BWOW vs. SETH

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - BWOW tracks the DOGE/USD Exchange Rate - Benchmark Price Return while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. At a correlation of -0.79, they often move in opposite directions. BWOW charges 0.34%/yr vs 0.95%/yr for SETH.

Performance

BWOW vs. SETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and ProShares Short Ether Strategy ETF (SETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWOW achieves a -21.75% return, which is significantly lower than SETH's 40.93% return.

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: 5.62%
• 1M: 29.74%
• YTD: 40.93%
• 6M: 46.51%
• 1Y: -1.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
SETH ProShares Short Ether Strategy ETF	40.93%	-1.38%

Correlation

The correlation between BWOW and SETH is -0.79, 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 Nov 28, 2025	-0.79

Return for Risk

BWOW vs. SETH — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 10
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 12
SETH Omega Ratio Rank: 12
SETH Calmar Ratio Rank: 9
SETH Martin Ratio Rank: 9

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.

BWOW vs. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and ProShares Short Ether Strategy ETF (SETH). 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.

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

Sharpe Ratios by Period

	BWOW	SETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	-0.45	-0.43

Drawdowns

BWOW vs. SETH - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for BWOW and SETH.

Drawdown Indicators

	BWOW	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-80.74%	+37.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.01%	—
Current Drawdown Current decline from peak	-41.02%	-61.29%	+20.27%
Average Drawdown Average peak-to-trough decline	-28.82%	-54.79%	+25.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.77%	—

Volatility

Volatility by Period

	BWOW	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	68.54%	+5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	69.53%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	69.53%	+4.78%

BWOW vs. SETH - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than SETH's 0.95% expense ratio.

Dividends

BWOW vs. SETH - Dividend Comparison

BWOW has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 10.91%.

Position	TTM	2025	2024	2023
BWOW Bitwise Dogecoin ETF	0.00%	0.00%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	10.91%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both BWOW and SETH in my portfolio?

BWOW and SETH have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or SETH?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or SETH?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.95% for SETH.

Which ETF pays a higher dividend yield, BWOW or SETH?

SETH has the higher dividend yield at 10.91%, compared with 0.00% for BWOW.

What is the main difference between BWOW and SETH?

BWOW tracks DOGE/USD Exchange Rate - Benchmark Price Return, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.34% for BWOW and 0.95% for SETH.