ETCO vs. ETHD
ETCO (Grayscale Ethereum Covered Call ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.95, they often move in opposite directions. ETCO charges 0.66%/yr vs 1.01%/yr for ETHD.
Performance
ETCO vs. ETHD - Performance Comparison
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Returns By Period
In the year-to-date period, ETCO achieves a -29.56% return, which is significantly lower than ETHD's 63.80% return.
ETCO
- 1D
- -4.36%
- 1M
- -14.31%
- YTD
- -29.56%
- 6M
- -27.75%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- 11.25%
- 1M
- 66.19%
- YTD
- 63.80%
- 6M
- 72.54%
- 1Y
- -42.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETCO vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -29.56% | -24.78% |
ETHD ProShares UltraShort Ether ETF | 63.80% | 35.97% |
Correlation
The correlation between ETCO and ETHD is -0.95, 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 Sep 5, 2025 | -0.95 |
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Return for Risk
ETCO vs. ETHD — Risk / Return Rank
ETCO
ETHD
ETCO vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ETCO | ETHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.11 | -0.35 | -0.76 |
Drawdowns
ETCO vs. ETHD - Drawdown Comparison
The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ETCO and ETHD.
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Drawdown Indicators
| ETCO | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.81% | -95.59% | +38.78% |
Max Drawdown (1Y)Largest decline over 1 year | — | -83.63% | — |
Current DrawdownCurrent decline from peak | -51.70% | -87.20% | +35.50% |
Average DrawdownAverage peak-to-trough decline | -34.33% | -66.01% | +31.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 66.00% | — |
Volatility
ETCO vs. ETHD - Volatility Comparison
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Volatility by Period
| ETCO | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.00% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 92.37% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.29% | 136.23% | -83.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.29% | 142.19% | -89.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.29% | 142.19% | -89.90% |
ETCO vs. ETHD - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is lower than ETHD's 1.01% expense ratio.
Dividends
ETCO vs. ETHD - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 120.50%, more than ETHD's 10.68% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 120.50% | 42.29% | 0.00% |
ETHD ProShares UltraShort Ether ETF | 10.68% | 156.62% | 19.15% |
Frequently Asked Questions
ETCO and ETHD have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 1.01% for ETHD.
ETCO has the higher dividend yield at 120.50%, compared with 10.68% for ETHD.
They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.66% for ETCO and 1.01% for ETHD.
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