ETHD vs. SETH

Last updated Jun 24, 2026

ETHD (ProShares UltraShort Ether ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds from ProShares. ETHD is actively managed, while SETH is passively managed. Over the past year, ETHD returned -49.20% vs -6.86% for SETH. With a 1.00 correlation, they move nearly in lockstep. ETHD charges 1.01%/yr vs 0.95%/yr for SETH.

Performance

ETHD vs. SETH - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHD achieves a 75.32% return, which is significantly higher than SETH's 48.48% return.

ETHD

• 1D: 8.45%
• 1M: 38.06%
• YTD: 75.32%
• 6M: 75.17%
• 1Y: -49.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: 4.24%
• 1M: 19.90%
• YTD: 48.48%
• 6M: 48.59%
• 1Y: -6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	75.32%	-72.49%	-38.58%
SETH ProShares Short Ether Strategy ETF	48.48%	-29.41%	-6.86%

Correlation

The correlation between ETHD and SETH is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	1.00

The correlation between ETHD and SETH has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETHD vs. SETH — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 10
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

SETH

SETH Risk / Return Rank: 9
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 8
SETH Martin Ratio Rank: 8

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. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

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	SETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	-0.10	-0.26
Sortino ratio: Return per unit of downside risk	0.29	0.34	-0.06
Omega ratio: Gain probability vs. loss probability	1.03	1.04	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.60	-0.13	-0.47
Martin ratio: Return relative to average drawdown	-0.77	-0.21	-0.56

ETHD vs. SETH - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.36, which is lower than the SETH Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of ETHD and SETH, 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. SETH - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than SETH's maximum drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for ETHD and SETH.

Drawdown Indicators

	ETHD	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-80.74%	-14.85%
Max Drawdown (1Y) Largest decline over 1 year	-82.01%	-54.14%	-27.87%
Current Drawdown Current decline from peak	-86.30%	-59.21%	-27.09%
Average Drawdown Average peak-to-trough decline	-66.40%	-54.80%	-11.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.92%	35.80%	+31.12%

Volatility

ETHD vs. SETH - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 39.39% compared to ProShares Short Ether Strategy ETF (SETH) at 19.43%. This indicates that ETHD's price experiences larger fluctuations and is considered to be riskier than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHD	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.39%	19.43%	+19.96%
Volatility (6M) Calculated over the trailing 6-month period	93.71%	46.71%	+47.00%
Volatility (1Y) Calculated over the trailing 1-year period	137.55%	69.21%	+68.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.54%	69.66%	+72.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.54%	69.66%	+72.88%

ETHD vs. SETH - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than SETH's 0.95% expense ratio.

Dividends

ETHD vs. SETH - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 9.98%, less than SETH's 10.36% yield.

Position	TTM	2025	2024	2023
ETHD ProShares UltraShort Ether ETF	9.98%	156.62%	19.15%	0.00%
SETH ProShares Short Ether Strategy ETF	10.36%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both ETHD and SETH in my portfolio?

With a correlation of 1.00, ETHD and SETH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETHD or SETH?

ETHD has higher volatility (39.39%) compared to SETH (19.43%). In terms of maximum drawdown, ETHD dropped -95.59% vs SETH's -80.74%.

Which ETF is better, ETHD or SETH?

On 1-year performance, SETH leads with -6.86% vs -49.20% for ETHD. On fees, SETH is cheaper at 0.95% per year. On volatility, SETH has been the lower-risk option at 19.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or SETH?

Over the 1-year period, SETH has performed better with a -6.86% return vs -49.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or SETH?

SETH is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

SETH has the higher dividend yield at 10.36%, compared with 9.98% for ETHD.

What is the main difference between ETHD and SETH?

Their fees differ too: 1.01% for ETHD and 0.95% for SETH.

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (-0.10 vs -0.36), 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.