ETHD vs. CEPI

Last updated Jul 15, 2026

ETHD (ProShares UltraShort Ether ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, ETHD returned -31.87% vs 19.22% for CEPI. At a correlation of -0.66, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.85%/yr for CEPI.

Performance

ETHD vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHD achieves a 30.78% return, which is significantly higher than CEPI's 17.61% return.

ETHD

• 1D: -11.58%
• 1M: -27.75%
• 6M: 54.72%
• YTD: 30.78%
• 1Y: -31.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEPI

• 1D: 0.94%
• 1M: -3.25%
• 6M: 11.94%
• YTD: 17.61%
• 1Y: 19.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	30.78%	-72.49%	6.63%
CEPI REX Crypto Equity Premium Income ETF	17.61%	10.75%	-7.02%

Correlation

The correlation between ETHD and CEPI is -0.64, 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	-0.64
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.66

The correlation between ETHD and CEPI has been stable across timeframes, ranging from -0.66 to -0.64 - a consistent structural relationship.

Return for Risk

ETHD vs. CEPI — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 9
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 14
ETHD Omega Ratio Rank: 14
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

CEPI

CEPI Risk / Return Rank: 23
CEPI Sharpe Ratio Rank: 24
CEPI Sortino Ratio Rank: 23
CEPI Omega Ratio Rank: 24
CEPI Calmar Ratio Rank: 23
CEPI Martin Ratio Rank: 21

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.

ETHD vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	ETHD	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	0.69	-0.93
Sortino ratio: Return per unit of downside risk	0.58	1.09	-0.51
Omega ratio: Gain probability vs. loss probability	1.07	1.14	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.46	0.86	-1.32
Martin ratio: Return relative to average drawdown	-0.70	2.02	-2.72

ETHD vs. CEPI - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.23, which is lower than the CEPI Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of ETHD and CEPI, 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

ETHD vs. CEPI - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for ETHD and CEPI.

Drawdown Indicators

	ETHD	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-29.48%	-66.11%
Max Drawdown (1Y) Largest decline over 1 year	-69.78%	-22.47%	-47.31%
Current Drawdown Current decline from peak	-89.78%	-5.62%	-84.16%
Average Drawdown Average peak-to-trough decline	-66.95%	-8.28%	-58.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.44%	9.52%	+36.92%

Volatility

ETHD vs. CEPI - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 35.25% compared to REX Crypto Equity Premium Income ETF (CEPI) at 7.48%. This indicates that ETHD's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHD	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.25%	7.48%	+27.77%
Volatility (6M) Calculated over the trailing 6-month period	94.44%	22.09%	+72.35%
Volatility (1Y) Calculated over the trailing 1-year period	136.21%	27.91%	+108.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.68%	31.47%	+110.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.68%	31.47%	+110.21%

ETHD vs. CEPI - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

ETHD vs. CEPI - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 5.69%, less than CEPI's 45.69% yield.

Position	TTM	2025	2024
CEPI REX Crypto Equity Premium Income ETF	45.69%	50.78%	0.00%
ETHD ProShares UltraShort Ether ETF	5.69%	156.62%	19.15%

Frequently Asked Questions

Can I hold both ETHD and CEPI in my portfolio?

ETHD and CEPI have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or CEPI?

ETHD has higher volatility (35.25%) compared to CEPI (7.48%). In terms of maximum drawdown, ETHD dropped -95.59% vs CEPI's -29.48%.

Which ETF is better, ETHD or CEPI?

On 1-year performance, CEPI leads with 19.22% vs -31.87% for ETHD. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or CEPI?

Over the 1-year period, CEPI has performed better with a 19.22% return vs -31.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.01% for ETHD.

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

CEPI has the higher dividend yield at 45.69%, compared with 5.69% for ETHD.

What is the main difference between ETHD and CEPI?

They also come from different issuers: ProShares and REX. Their fees differ too: 1.01% for ETHD and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.69 vs -0.23), 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.