ETHD vs. ETCO

Last updated Jun 5, 2026

ETHD (ProShares UltraShort Ether ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.95, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.66%/yr for ETCO.

Performance

ETHD vs. ETCO - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHD achieves a 68.24% return, which is significantly higher than ETCO's -34.48% return.

ETHD

• 1D: 2.71%
• 1M: 73.12%
• YTD: 68.24%
• 6M: 77.63%
• 1Y: -40.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
ETHD ProShares UltraShort Ether ETF	68.24%	35.97%
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-24.78%

Correlation

The correlation between ETHD and ETCO is -0.95, 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 (All Time) Calculated using the full available price history since Sep 5, 2025	-0.95

Return for Risk

ETHD vs. ETCO — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

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. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) and Grayscale Ethereum Covered Call ETF (ETCO). 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.

	ETHD	ETCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	—	—
Sortino ratio: Return per unit of downside risk	0.43	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	-0.49	—	—
Martin ratio: Return relative to average drawdown	-0.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETHD	ETCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-1.17	+0.83

Drawdowns

ETHD vs. ETCO - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than ETCO's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for ETHD and ETCO.

Drawdown Indicators

	ETHD	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-56.81%	-38.78%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	—	—
Current Drawdown Current decline from peak	-86.85%	-55.08%	-31.77%
Average Drawdown Average peak-to-trough decline	-66.06%	-34.54%	-31.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.08%	—	—

Volatility

Volatility by Period

	ETHD	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	90.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	136.04%	52.38%	+83.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.06%	52.38%	+89.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.06%	52.38%	+89.68%

ETHD vs. ETCO - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than ETCO's 0.66% expense ratio.

Dividends

ETHD vs. ETCO - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.40%, less than ETCO's 129.56% yield.

Position	TTM	2025	2024
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%	0.00%
ETHD ProShares UltraShort Ether ETF	10.40%	156.62%	19.15%

Frequently Asked Questions

Can I hold both ETHD and ETCO in my portfolio?

ETHD and ETCO have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETHD or ETCO?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETHD or ETCO?

ETCO is cheaper with a 0.66% expense ratio, compared with 1.01% for ETHD.

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

ETCO has the higher dividend yield at 129.56%, compared with 10.40% for ETHD.

What is the main difference between ETHD and ETCO?

They also come from different issuers: ProShares and Grayscale. Their fees differ too: 1.01% for ETHD and 0.66% for ETCO.