ETH vs. ETHD

Last updated Jun 24, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETH returned -27.60% vs -49.20% for ETHD. At a correlation of -1.00, they often move in opposite directions. ETH charges 0.15%/yr vs 1.01%/yr for ETHD.

Performance

ETH vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -43.73% return, which is significantly lower than ETHD's 75.32% return.

ETH

• 1D: -4.13%
• 1M: -19.44%
• YTD: -43.73%
• 6M: -43.65%
• 1Y: -27.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 8.45%
• 1M: 38.06%
• YTD: 75.32%
• 6M: 75.17%
• 1Y: -49.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETH vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-43.73%	-10.89%	-4.58%
ETHD ProShares UltraShort Ether ETF	75.32%	-72.49%	-43.10%

Correlation

The correlation between ETH and ETHD is -1.00, 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	-1.00
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-1.00

The correlation between ETH and ETHD has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

ETH vs. ETHD — Risk / Return Rank

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

ETH

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

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 10
ETHD Calmar Ratio Rank: 4
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.

ETH vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETH	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	-0.36	-0.04
Sortino ratio: Return per unit of downside risk	-0.18	0.29	-0.47
Omega ratio: Gain probability vs. loss probability	0.98	1.03	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.41	-0.60	+0.19
Martin ratio: Return relative to average drawdown	-0.69	-0.77	+0.08

ETH vs. ETHD - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.40, which is comparable to the ETHD Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of ETH 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.

Drawdowns

ETH vs. ETHD - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.19%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ETH and ETHD.

Drawdown Indicators

	ETH	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-67.19%	-95.59%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	-67.19%	-82.01%	+14.82%
Current Drawdown Current decline from peak	-65.34%	-86.30%	+20.96%
Average Drawdown Average peak-to-trough decline	-33.50%	-66.40%	+32.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.15%	66.92%	-26.77%

Volatility

ETH vs. ETHD - Volatility Comparison

The current volatility for Grayscale Ethereum Staking Mini ETF (ETH) is 19.75%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.39%. This indicates that ETH 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

	ETH	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.75%	39.39%	-19.64%
Volatility (6M) Calculated over the trailing 6-month period	46.93%	93.71%	-46.78%
Volatility (1Y) Calculated over the trailing 1-year period	69.05%	137.55%	-68.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.37%	142.54%	-70.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.37%	142.54%	-70.17%

ETH vs. ETHD - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

ETH vs. ETHD - Dividend Comparison

ETH has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 9.98%.

Position	TTM	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	0.00%	0.00%	0.00%
ETHD ProShares UltraShort Ether ETF	9.98%	156.62%	19.15%

Frequently Asked Questions

Can I hold both ETH and ETHD in my portfolio?

ETH and ETHD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETH or ETHD?

ETHD has higher volatility (39.39%) compared to ETH (19.75%). In terms of maximum drawdown, ETH dropped -67.19% vs ETHD's -95.59%.

Which ETF is better, ETH or ETHD?

On 1-year performance, ETH leads with -27.60% vs -49.20% for ETHD. On fees, ETH is cheaper at 0.15% per year. On volatility, ETH has been the lower-risk option at 19.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or ETHD?

Over the 1-year period, ETH has performed better with a -27.60% return vs -49.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or ETHD?

ETH is cheaper with a 0.15% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 9.98%, compared with 0.00% for ETH.

What is the main difference between ETH and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.15% for ETH and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.36 vs -0.40), 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.