ETHA vs. SETH
ETHA (iShares Ethereum Trust ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. Over the past year, ETHA returned -31.79% vs -1.33% for SETH. At a correlation of -1.00, they often move in opposite directions. ETHA charges 0.25%/yr vs 0.95%/yr for SETH.
Performance
ETHA vs. SETH - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -39.46% return, which is significantly lower than SETH's 40.93% return.
ETHA
- 1D
- -5.56%
- 1M
- -23.58%
- YTD
- -39.46%
- 6M
- -42.75%
- 1Y
- -31.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SETH
- 1D
- 5.62%
- 1M
- 29.74%
- YTD
- 40.93%
- 6M
- 46.51%
- 1Y
- -1.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHA vs. SETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -39.46% | -11.31% | -3.62% |
SETH ProShares Short Ether Strategy ETF | 40.93% | -29.41% | -13.35% |
Correlation
The correlation between ETHA and SETH 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 24, 2024 | -1.00 |
The correlation between ETHA and SETH has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
ETHA vs. SETH — Risk / Return Rank
ETHA
SETH
ETHA vs. SETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | SETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.05 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.02 | -0.48 |
| Martin ratioReturn relative to average drawdown | -0.84 | -0.04 | -0.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHA | SETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.47 | -0.02 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | -0.45 | +0.03 |
Drawdowns
ETHA vs. SETH - Drawdown Comparison
The maximum ETHA drawdown since its inception was -64.02%, smaller than the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for ETHA and SETH.
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Drawdown Indicators
| ETHA | SETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.02% | -80.74% | +16.72% |
Max Drawdown (1Y)Largest decline over 1 year | -62.89% | -56.01% | -6.88% |
Current DrawdownCurrent decline from peak | -62.89% | -61.29% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -32.65% | -54.79% | +22.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.73% | 35.77% | +1.96% |
Volatility
ETHA vs. SETH - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) and ProShares Short Ether Strategy ETF (SETH) have volatilities of 10.15% and 9.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHA | SETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 9.81% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 46.25% | 46.07% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.61% | 68.54% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.53% | 69.53% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.53% | 69.53% | +3.00% |
ETHA vs. SETH - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than SETH's 0.95% expense ratio.
Dividends
ETHA vs. SETH - Dividend Comparison
ETHA has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 10.91%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% |
SETH ProShares Short Ether Strategy ETF | 10.91% | 7.01% | 3.44% | 0.38% |
Frequently Asked Questions
ETHA and SETH 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.
ETHA has higher volatility (10.15%) compared to SETH (9.81%). In terms of maximum drawdown, ETHA dropped -64.02% vs SETH's -80.74%.
On 1-year performance, SETH leads with -1.33% vs -31.79% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, SETH has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SETH has performed better with a -1.33% return vs -31.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 0.95% for SETH.
SETH has the higher dividend yield at 10.91%, compared with 0.00% for ETHA.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.25% for ETHA and 0.95% for SETH.
SETH currently has the higher Sharpe Ratio (-0.02 vs -0.47), 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.
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