ETCG vs. ETHD

Last updated Jun 5, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. ETCG is passively managed, while ETHD is actively managed. Over the past year, ETCG returned -53.60% vs -40.70% for ETHD. At a correlation of -0.70, they often move in opposite directions. ETCG charges 2.50%/yr vs 1.01%/yr for ETHD.

Performance

ETCG vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETCG achieves a -37.40% return, which is significantly lower than ETHD's 68.24% return.

ETCG

• 1D: -3.10%
• 1M: -11.55%
• YTD: -37.40%
• 6M: -45.61%
• 1Y: -53.60%
• 3Y*: -8.79%
• 5Y*: -36.21%
• 10Y*: —

ETHD

• 1D: 2.71%
• 1M: 73.12%
• YTD: 68.24%
• 6M: 77.63%
• 1Y: -40.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCG vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETCG Grayscale Ethereum Classic Trust (ETC)	-37.40%	-39.78%	-15.73%
ETHD ProShares UltraShort Ether ETF	68.24%	-72.49%	-42.57%

Correlation

The correlation between ETCG and ETHD is -0.70, 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	-0.70
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.70

The correlation between ETCG and ETHD has been stable across timeframes, ranging from -0.70 to -0.70 - a consistent structural relationship.

Return for Risk

ETCG vs. ETHD — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 2
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

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.

ETCG vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.

	ETCG	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.30	-0.57
Sortino ratio: Return per unit of downside risk	-1.43	0.43	-1.86
Omega ratio: Gain probability vs. loss probability	0.85	1.05	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.49	-0.31
Martin ratio: Return relative to average drawdown	-1.23	-0.62	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETCG vs. ETHD - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.87, which is lower than the ETHD Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of ETCG and ETHD, 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

	ETCG	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.30	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	-0.34	+0.16

Drawdowns

ETCG vs. ETHD - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ETCG and ETHD.

Drawdown Indicators

	ETCG	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-95.59%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-67.13%	-83.63%	+16.50%
Max Drawdown (3Y) Largest decline over 3 years	-78.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.47%	-86.85%	-8.62%
Average Drawdown Average peak-to-trough decline	-82.67%	-66.06%	-16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.62%	66.08%	-22.46%

Volatility

ETCG vs. ETHD - Volatility Comparison

The current volatility for Grayscale Ethereum Classic Trust (ETC) (ETCG) is 11.24%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 18.57%. This indicates that ETCG 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.

Volatility by Period

	ETCG	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	18.57%	-7.33%
Volatility (6M) Calculated over the trailing 6-month period	36.67%	90.60%	-53.93%
Volatility (1Y) Calculated over the trailing 1-year period	62.10%	136.04%	-73.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.02%	142.06%	-48.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.30%	142.06%	-26.76%

ETCG vs. ETHD - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than ETHD's 1.01% expense ratio.

Dividends

ETCG vs. ETHD - Dividend Comparison

ETCG has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 10.40%.

Position	TTM	2025	2024
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%	0.00%	0.00%
ETHD ProShares UltraShort Ether ETF	10.40%	156.62%	19.15%

Frequently Asked Questions

Can I hold both ETCG and ETHD in my portfolio?

ETCG and ETHD have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or ETHD?

ETHD has higher volatility (18.57%) compared to ETCG (11.24%). In terms of maximum drawdown, ETCG dropped -96.59% vs ETHD's -95.59%.

Which ETF is better, ETCG or ETHD?

On 1-year performance, ETHD leads with -40.70% vs -53.60% for ETCG. On fees, ETHD is cheaper at 1.01% per year. On volatility, ETCG has been the lower-risk option at 11.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETCG or ETHD?

Over the 1-year period, ETHD has performed better with a -40.70% return vs -53.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or ETHD?

ETHD is cheaper with a 1.01% expense ratio, compared with 2.50% for ETCG.

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

ETHD has the higher dividend yield at 10.40%, compared with 0.00% for ETCG.

What is the main difference between ETCG and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETCG and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.30 vs -0.87), 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.