ETHA vs. ETHU

Last updated Jun 23, 2026

ETHA (iShares Ethereum Trust ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. ETHA is passively managed, while ETHU is actively managed. Over the past year, ETHA returned -28.52% vs -73.31% for ETHU. With a 1.00 correlation, they move nearly in lockstep. ETHA charges 0.25%/yr vs 2.67%/yr for ETHU.

Performance

ETHA vs. ETHU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) and Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHA achieves a -41.77% return, which is significantly higher than ETHU's -74.44% return.

ETHA

• 1D: 1.40%
• 1M: -16.12%
• YTD: -41.77%
• 6M: -41.90%
• 1Y: -28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHU

• 1D: 3.04%
• 1M: -32.84%
• YTD: -74.44%
• 6M: -74.65%
• 1Y: -73.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHA vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-41.77%	-11.31%	-4.89%
ETHU Volatility Shares 2x Ether ETF	-74.44%	-64.38%	-36.51%

Correlation

The correlation between ETHA and ETHU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 ETHA and ETHU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETHA vs. ETHU — Risk / Return Rank

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

ETHA

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 5
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 3

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. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) and Volatility Shares 2x Ether ETF (ETHU). 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.

	ETHA	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.53	+0.12
Sortino ratio: Return per unit of downside risk	-0.20	-0.37	+0.16
Omega ratio: Gain probability vs. loss probability	0.98	0.96	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.78	+0.36
Martin ratio: Return relative to average drawdown	-0.71	-1.12	+0.41

ETHA vs. ETHU - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.41, which is comparable to the ETHU Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of ETHA and ETHU, 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

ETHA vs. ETHU - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.56%, smaller than the maximum ETHU drawdown of -96.27%. Use the drawdown chart below to compare losses from any high point for ETHA and ETHU.

Drawdown Indicators

	ETHA	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-67.56%	-96.27%	+28.71%
Max Drawdown (1Y) Largest decline over 1 year	-67.56%	-93.66%	+26.10%
Current Drawdown Current decline from peak	-64.31%	-95.57%	+31.26%
Average Drawdown Average peak-to-trough decline	-33.57%	-69.88%	+36.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.19%	65.25%	-25.06%

Volatility

ETHA vs. ETHU - Volatility Comparison

The current volatility for iShares Ethereum Trust ETF (ETHA) is 19.68%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 39.34%. This indicates that ETHA experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHA	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.68%	39.34%	-19.66%
Volatility (6M) Calculated over the trailing 6-month period	46.99%	95.40%	-48.41%
Volatility (1Y) Calculated over the trailing 1-year period	69.34%	138.95%	-69.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.67%	143.32%	-70.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.67%	143.32%	-70.65%

ETHA vs. ETHU - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

ETHA vs. ETHU - Dividend Comparison

ETHA has not paid dividends to shareholders, while ETHU's dividend yield for the trailing twelve months is around 5.74%.

Position	TTM	2025	2024
ETHA iShares Ethereum Trust ETF	0.00%	0.00%	0.00%
ETHU Volatility Shares 2x Ether ETF	5.74%	2.31%	0.41%

Frequently Asked Questions

Can I hold both ETHA and ETHU in my portfolio?

With a correlation of 1.00, ETHA and ETHU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETHA or ETHU?

ETHU has higher volatility (39.34%) compared to ETHA (19.68%). In terms of maximum drawdown, ETHA dropped -67.56% vs ETHU's -96.27%.

Which ETF is better, ETHA or ETHU?

On 1-year performance, ETHA leads with -28.52% vs -73.31% for ETHU. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 19.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or ETHU?

Over the 1-year period, ETHA has performed better with a -28.52% return vs -73.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or ETHU?

ETHA is cheaper with a 0.25% expense ratio, compared with 2.67% for ETHU.

Which ETF pays a higher dividend yield, ETHA or ETHU?

ETHU has the higher dividend yield at 5.74%, compared with 0.00% for ETHA.

What is the main difference between ETHA and ETHU?

ETHA is categorized as Cryptocurrency, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: iShares and Volatility Shares. Their fees differ too: 0.25% for ETHA and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHA currently has the higher Sharpe Ratio (-0.41 vs -0.53), 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.