ETHA vs. QLD

Last updated Jun 13, 2026

ETHA (iShares Ethereum Trust ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past year, ETHA returned -34.33% vs 73.89% for QLD. A 0.54 correlation means they provide meaningful diversification when combined. ETHA charges 0.25%/yr vs 0.95%/yr for QLD.

Performance

ETHA vs. QLD - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHA achieves a -43.96% return, which is significantly lower than QLD's 32.65% return.

ETHA

• 1D: -1.02%
• 1M: -27.59%
• YTD: -43.96%
• 6M: -45.98%
• 1Y: -34.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLD

• 1D: 1.30%
• 1M: -0.55%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

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

ETHA vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-43.96%	-11.31%	-4.89%
QLD ProShares Ultra QQQ	32.65%	30.36%	7.76%

Correlation

The correlation between ETHA and QLD is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.54

The correlation between ETHA and QLD has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

ETHA vs. QLD — Risk / Return Rank

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

ETHA

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

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) and ProShares Ultra QQQ (QLD). 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	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	2.04	-2.59
Sortino ratio: Return per unit of downside risk	-0.51	2.48	-2.99
Omega ratio: Gain probability vs. loss probability	0.94	1.33	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.57	2.78	-3.35
Martin ratio: Return relative to average drawdown	-0.98	9.46	-10.44

ETHA vs. QLD - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.56, which is lower than the QLD Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ETHA and QLD, 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. QLD - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.56%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for ETHA and QLD.

Drawdown Indicators

	ETHA	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-67.56%	-83.13%	+15.57%
Max Drawdown (1Y) Largest decline over 1 year	-67.56%	-25.13%	-42.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-65.65%	-7.11%	-58.54%
Average Drawdown Average peak-to-trough decline	-33.25%	-18.16%	-15.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.22%	7.36%	+31.86%

Volatility

ETHA vs. QLD - Volatility Comparison

iShares Ethereum Trust ETF (ETHA) has a higher volatility of 17.30% compared to ProShares Ultra QQQ (QLD) at 15.14%. This indicates that ETHA's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHA	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.30%	15.14%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	46.58%	27.51%	+19.07%
Volatility (1Y) Calculated over the trailing 1-year period	69.29%	34.29%	+35.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.65%	45.07%	+27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.65%	44.73%	+27.92%

ETHA vs. QLD - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

ETHA vs. QLD - Dividend Comparison

ETHA has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHA iShares Ethereum Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both ETHA and QLD in my portfolio?

ETHA and QLD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHA or QLD?

ETHA has higher volatility (17.30%) compared to QLD (15.14%). In terms of maximum drawdown, ETHA dropped -67.56% vs QLD's -83.13%.

Which ETF is better, ETHA or QLD?

On 1-year performance, QLD leads with 73.89% vs -34.33% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, QLD has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or QLD?

Over the 1-year period, QLD has performed better with a 73.89% return vs -34.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or QLD?

ETHA is cheaper with a 0.25% expense ratio, compared with 0.95% for QLD.

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

QLD has the higher dividend yield at 0.13%, compared with 0.00% for ETHA.

What is the main difference between ETHA and QLD?

ETHA is categorized as Cryptocurrency, while QLD is Leveraged Equities. ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for ETHA and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs -0.56), 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.