EETH vs. SPY

Last updated Jun 3, 2026

EETH (ProShares Ether Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EETH is a Cryptocurrency fund actively managed by ProShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. EETH is actively managed, while SPY is passively managed. Over the past year, EETH returned -28.52% vs 27.98% for SPY. At a 0.42 correlation, their price movements are largely independent. EETH charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

EETH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ether Strategy ETF (EETH) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EETH achieves a -36.80% return, which is significantly lower than SPY's 10.91% return.

EETH

• 1D: -4.54%
• 1M: -17.53%
• YTD: -36.80%
• 6M: -37.26%
• 1Y: -28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

EETH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EETH ProShares Ether Strategy ETF	-36.80%	-17.19%	33.29%	35.44%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	11.68%

Correlation

The correlation between EETH and SPY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.42

EETH vs. SPY - Sectors Allocation Comparison

Sectors	EETH	SPY
Financial Services	16.4%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

EETH vs. SPY — Risk / Return Rank

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

EETH

EETH Risk / Return Rank: 5
EETH Sharpe Ratio Rank: 5
EETH Sortino Ratio Rank: 6
EETH Omega Ratio Rank: 6
EETH Calmar Ratio Rank: 4
EETH Martin Ratio Rank: 5

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

EETH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ether Strategy ETF (EETH) and State Street SPDR S&P 500 ETF (SPY). 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.

	EETH	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.42	2.38	-2.80
Sortino ratio Return per unit of downside risk	-0.22	3.24	-3.45
Omega ratio Gain probability vs. loss probability	0.98	1.43	-0.46
Calmar ratio Return relative to maximum drawdown	-0.47	3.16	-3.64
Martin ratio Return relative to average drawdown	-0.77	14.72	-15.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EETH vs. SPY - Sharpe Ratio Comparison

The current EETH Sharpe Ratio is -0.42, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EETH and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EETH	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	2.38	-2.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.59	-0.62

Drawdowns

EETH vs. SPY - Drawdown Comparison

The maximum EETH drawdown since its inception was -66.86%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EETH and SPY.

Drawdown Indicators

	EETH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-55.19%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	-62.71%	-8.88%	-53.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-62.06%	-0.70%	-61.36%
Average Drawdown Average peak-to-trough decline	-29.40%	-9.05%	-20.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.55%	1.91%	+36.64%

Volatility

EETH vs. SPY - Volatility Comparison

ProShares Ether Strategy ETF (EETH) has a higher volatility of 9.31% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that EETH's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EETH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	2.84%	+6.47%
Volatility (6M) Calculated over the trailing 6-month period	46.84%	8.90%	+37.94%
Volatility (1Y) Calculated over the trailing 1-year period	68.60%	11.83%	+56.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.89%	17.05%	+51.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.89%	17.94%	+50.95%

EETH vs. SPY - Expense Ratio Comparison

EETH has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EETH vs. SPY - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 84.06%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EETH ProShares Ether Strategy ETF	84.06%	56.98%	10.82%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EETH and SPY in my portfolio?

EETH and SPY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EETH or SPY?

EETH has higher volatility (9.31%) compared to SPY (2.84%). In terms of maximum drawdown, EETH dropped -66.86% vs SPY's -55.19%.

Which ETF is better, EETH or SPY?

On 1-year performance, SPY leads with 27.98% vs -28.52% for EETH. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EETH or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs -28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EETH or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for EETH.

Which ETF pays a higher dividend yield, EETH or SPY?

EETH has the higher dividend yield at 84.06%, compared with 0.98% for SPY.

What is the main difference between EETH and SPY?

EETH is categorized as Cryptocurrency, while SPY is S&P 500. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for EETH and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.42), 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.