ETHD vs. HECO

Last updated Jun 4, 2026

ETHD (ProShares UltraShort Ether ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, ETHD returned -42.18% vs 136.32% for HECO. At a correlation of -0.63, they often move in opposite directions. ETHD charges 1.01%/yr vs 0.90%/yr for HECO.

Performance

ETHD vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHD achieves a 63.80% return, which is significantly lower than HECO's 71.77% return.

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-67.05%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	26.23%	27.37%

Correlation

The correlation between ETHD and HECO is -0.61, 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	-0.61
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	-0.63

The correlation between ETHD and HECO has been stable across timeframes, ranging from -0.63 to -0.61 - a consistent structural relationship.

Return for Risk

ETHD vs. HECO — 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: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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	HECO	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	3.68	-3.99
Sortino ratio: Return per unit of downside risk	0.40	4.07	-3.66
Omega ratio: Gain probability vs. loss probability	1.05	1.51	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.51	6.52	-7.03
Martin ratio: Return relative to average drawdown	-0.64	18.71	-19.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHD vs. HECO - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.31, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of ETHD and HECO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHD	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	3.68	-3.99
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	1.80	-2.15

Drawdowns

ETHD vs. HECO - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for ETHD and HECO.

Drawdown Indicators

	ETHD	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-44.59%	-51.00%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	-21.03%	-62.60%
Current Drawdown Current decline from peak	-87.20%	-1.18%	-86.02%
Average Drawdown Average peak-to-trough decline	-66.01%	-11.81%	-54.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.00%	7.31%	+58.69%

Volatility

ETHD vs. HECO - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 19.00% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.30%. This indicates that ETHD's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHD	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	10.30%	+8.70%
Volatility (6M) Calculated over the trailing 6-month period	92.37%	29.36%	+63.01%
Volatility (1Y) Calculated over the trailing 1-year period	136.23%	37.32%	+98.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.19%	44.93%	+97.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.19%	44.93%	+97.26%

ETHD vs. HECO - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

ETHD vs. HECO - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.68%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both ETHD and HECO in my portfolio?

ETHD and HECO have a correlation of -0.61, 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 HECO?

ETHD has higher volatility (19.00%) compared to HECO (10.30%). In terms of maximum drawdown, ETHD dropped -95.59% vs HECO's -44.59%.

Which ETF is better, ETHD or HECO?

On 1-year performance, HECO leads with 136.32% vs -42.18% for ETHD. On fees, HECO is cheaper at 0.90% per year. On volatility, HECO has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or HECO?

Over the 1-year period, HECO has performed better with a 136.32% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 10.68%, compared with 0.00% for HECO.

What is the main difference between ETHD and HECO?

ETHD is categorized as Cryptocurrency, while HECO is Blockchain. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.01% for ETHD and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs -0.31), 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.