ETCO vs. SETH

Last updated Apr 2, 2026

Compare and contrast key facts about Grayscale Ethereum Covered Call ETF (ETCO) and ProShares Short Ether Strategy ETF (SETH).

ETCO and SETH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETCO is an actively managed fund by Grayscale. It was launched on Sep 3, 2025. SETH is a passively managed fund by ProShares that tracks the performance of the Bloomberg Galaxy Ethereum (--100%). It was launched on Nov 1, 2023.

Performance

ETCO vs. SETH - Performance Comparison

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

ETCO vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-25.50%	-24.78%
SETH ProShares Short Ether Strategy ETF	20.65%	26.68%

Returns By Period

In the year-to-date period, ETCO achieves a -25.50% return, which is significantly lower than SETH's 20.65% return.

ETCO

• 1D: 0.47%
• 1M: 4.37%
• YTD: -25.50%
• 6M: -42.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: -2.21%
• 1M: -7.87%
• YTD: 20.65%
• 6M: 57.31%
• 1Y: -45.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETCO vs. SETH - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than SETH's 0.95% expense ratio.

SETH

ProShares Short Ether Strategy ETF

ETCO

Grayscale Ethereum Covered Call ETF

Return for Risk

ETCO 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: 4
SETH Sharpe Ratio Rank: 3
SETH Sortino Ratio Rank: 4
SETH Omega Ratio Rank: 4
SETH Calmar Ratio Rank: 2
SETH 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.

ETCO vs. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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

	ETCO	SETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.12	-0.52	-0.60

Correlation

The correlation between ETCO and SETH is -0.95. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ETCO vs. SETH - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 93.40%, more than SETH's 11.38% yield.

	TTM	2025	2024	2023
ETCO Grayscale Ethereum Covered Call ETF	93.40%	42.29%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	11.38%	7.01%	3.44%	0.38%

Drawdowns

ETCO vs. SETH - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for ETCO and SETH.

Drawdown Indicators

	ETCO	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-80.74%	+23.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-75.02%	—
Current Drawdown Current decline from peak	-48.91%	-66.86%	+17.95%
Average Drawdown Average peak-to-trough decline	-31.07%	-53.84%	+22.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	59.01%	—

Volatility

Volatility by Period

	ETCO	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	53.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	56.99%	76.09%	-19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.99%	71.15%	-14.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.99%	71.15%	-14.16%