ETHD vs. UVXY

Last updated Aug 5, 2026

ETHD (ProShares UltraShort Ether ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). ETHD is actively managed, while UVXY is passively managed. Over the past year, ETHD returned 6.93% vs -70.28% for UVXY. Their 0.43 correlation means their historical movements had little consistent relationship. ETHD charges 1.01%/yr vs 0.95%/yr for UVXY.

Performance

ETHD vs. UVXY - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHD achieves a 28.16% return, which is significantly higher than UVXY's -35.49% return.

ETHD

• 1D: -0.69%
• 1M: -21.42%
• 6M: -13.33%
• YTD: 28.16%
• 1Y: 6.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.80%

UVXY

• 1D: 1.09%
• 1M: -6.53%
• 6M: -36.87%
• YTD: -35.49%
• 1Y: -70.28%
• 3Y*: -63.63%
• 5Y*: -67.81%
• 10Y*: -71.00%
• ALL TIME*: -80.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHD ProShares UltraShort Ether ETF	$15.91M	$15.40M	$23.23M
UVXY ProShares Ultra VIX Short-Term Futures ETF	$189.58M	$189.56M	$234.35M

ETHD vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	28.16%	-72.49%	-38.58%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-35.49%	-65.32%	-16.18%

Correlation

The correlation between ETHD and UVXY is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.43

Return for Risk

ETHD vs. UVXY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHD

ETHD Risk / Return Rank: 17
ETHD Sharpe Ratio Rank: 11
ETHD Sortino Ratio Rank: 26
ETHD Omega Ratio Rank: 25
ETHD Calmar Ratio Rank: 12
ETHD Martin Ratio Rank: 11

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHD vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	0.05	-0.82	+0.87
Sortino ratio: Return per unit of downside risk	1.04	-1.42	+2.46
Omega ratio: Gain probability vs. loss probability	1.13	0.84	+0.28
Calmar ratio: Return relative to maximum drawdown	0.13	-0.99	+1.11
Martin ratio: Return relative to average drawdown	0.19	-1.47	+1.66

ETHD vs. UVXY - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is 0.05, which is higher than the UVXY Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of ETHD and UVXY, 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. UVXY - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ETHD and UVXY.

Drawdown Indicators

	ETHD	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-100.00%	+4.41%
Max Drawdown (1Y) Largest decline over 1 year	-55.14%	-71.36%	+16.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-89.99%	-100.00%	+10.01%
Average Drawdown Average peak-to-trough decline	-67.60%	-98.76%	+31.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.65%	47.86%	-12.21%

Volatility

ETHD vs. UVXY - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 22.21% and 21.98%, 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.

Volatility by Period

	ETHD	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.21%	21.98%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	88.19%	65.18%	+23.01%
Volatility (1Y) Calculated over the trailing 1-year period	133.41%	86.32%	+47.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.15%	103.35%	+36.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.15%	112.07%	+28.08%

ETHD vs. UVXY - Expense Ratio Comparison

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

Dividends

ETHD vs. UVXY - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 8.92%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	8.92%	156.62%	19.15%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHD and UVXY in my portfolio?

ETHD and UVXY have a correlation of 0.45, 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 UVXY?

ETHD has higher volatility (22.21%) compared to UVXY (21.98%). In terms of maximum drawdown, ETHD dropped -95.59% vs UVXY's -100.00%.

Which ETF is better, ETHD or UVXY?

On 1-year performance, ETHD leads with 6.93% vs -70.28% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 21.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or UVXY?

Over the 1-year period, ETHD has performed better with a 6.93% return vs -70.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or UVXY?

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

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

ETHD has the higher dividend yield at 8.92%, compared with 0.00% for UVXY.

What is the main difference between ETHD and UVXY?

ETHD is categorized as Cryptocurrency, while UVXY is Volatility. Their fees differ too: 1.01% for ETHD and 0.95% for UVXY.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (0.05 vs -0.82), 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.