ETHA vs. ETHD

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Ethereum Trust ETF (ETHA) and ProShares UltraShort Ether ETF (ETHD).

ETHA and ETHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHA is a passively managed fund by iShares that tracks the performance of the CME CF Ether-Dollar Reference Rate-New York Variant. It was launched on Jun 24, 2024. ETHD is an actively managed fund by ProShares. It was launched on Jun 7, 2024.

Performance

ETHA vs. ETHD - Performance Comparison

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

ETHA vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-27.95%	-11.31%	-3.62%
ETHD ProShares UltraShort Ether ETF	24.55%	-72.49%	-44.51%

Returns By Period

In the year-to-date period, ETHA achieves a -27.95% return, which is significantly lower than ETHD's 24.55% return.

ETHA

• 1D: 2.08%
• 1M: 5.14%
• YTD: -27.95%
• 6M: -50.73%
• 1Y: 11.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -3.95%
• 1M: -18.40%
• YTD: 24.55%
• 6M: 83.22%
• 1Y: -84.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHA vs. ETHD - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is lower than ETHD's 1.01% expense ratio.

ETHD

ProShares UltraShort Ether ETF

ETHA

iShares Ethereum Trust ETF

Return for Risk

ETHA vs. ETHD — Risk / Return Rank

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

ETHA

ETHA Risk / Return Rank: 19
ETHA Sharpe Ratio Rank: 15
ETHA Sortino Ratio Rank: 26
ETHA Omega Ratio Rank: 22
ETHA Calmar Ratio Rank: 17
ETHA Martin Ratio Rank: 16

ETHD

ETHD Risk / Return Rank: 3
ETHD Sharpe Ratio Rank: 3
ETHD Sortino Ratio Rank: 4
ETHD Omega Ratio Rank: 4
ETHD Calmar Ratio Rank: 1
ETHD Martin Ratio Rank: 4

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.

ETHA vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.

	ETHA	ETHD	Difference
Sharpe ratio Return per unit of total volatility	0.15	-0.56	+0.72
Sortino ratio Return per unit of downside risk	0.79	-0.61	+1.40
Omega ratio Gain probability vs. loss probability	1.09	0.93	+0.16
Calmar ratio Return relative to maximum drawdown	0.27	-0.90	+1.17
Martin ratio Return relative to average drawdown	0.55	-1.01	+1.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHA vs. ETHD - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is 0.15, which is higher than the ETHD Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ETHA and ETHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHA	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	-0.56	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.41	+0.07

Correlation

The correlation between ETHA and ETHD is -1.00. 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

ETHA vs. ETHD - Dividend Comparison

ETHA has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 85.90%.

	TTM	2025	2024
ETHA iShares Ethereum Trust ETF	0.00%	0.00%	0.00%
ETHD ProShares UltraShort Ether ETF	85.90%	156.62%	19.15%

Drawdowns

ETHA vs. ETHD - Drawdown Comparison

The maximum ETHA drawdown since its inception was -64.02%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ETHA and ETHD.

Drawdown Indicators

	ETHA	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-95.59%	+31.57%
Max Drawdown (1Y) Largest decline over 1 year	-61.66%	-95.50%	+33.84%
Current Drawdown Current decline from peak	-55.83%	-90.27%	+34.44%
Average Drawdown Average peak-to-trough decline	-30.46%	-63.63%	+33.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.61%	84.73%	-54.12%

Volatility

ETHA vs. ETHD - Volatility Comparison

The current volatility for iShares Ethereum Trust ETF (ETHA) is 19.12%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.47%. This indicates that ETHA 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

	ETHA	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.12%	40.47%	-21.35%
Volatility (6M) Calculated over the trailing 6-month period	53.75%	106.90%	-53.15%
Volatility (1Y) Calculated over the trailing 1-year period	76.10%	150.88%	-74.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.03%	146.74%	-71.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.03%	146.74%	-71.71%