ETHE vs. ETHT

Last updated Jun 26, 2026

ETHE (Grayscale Ethereum Trust ETF) and ETHT (ProShares Ultra Ether ETF) are both Cryptocurrency funds - ETHE tracks the CoinDesk Ether Price Index while ETHT tracks the Bloomberg Ethereum Index (200%). Both are passively managed. Over the past year, ETHE returned -36.88% vs -79.77% for ETHT. With a 1.00 correlation, they move nearly in lockstep. ETHE charges 2.50%/yr vs 0.94%/yr for ETHT.

Performance

ETHE vs. ETHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and ProShares Ultra Ether ETF (ETHT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -47.83% return, which is significantly higher than ETHT's -80.45% return.

ETHE

• 1D: -1.56%
• 1M: -24.88%
• YTD: -47.83%
• 6M: -47.20%
• 1Y: -36.88%
• 3Y*: 11.14%
• 5Y*: -6.89%
• 10Y*: —

ETHT

• 1D: -3.68%
• 1M: -47.02%
• YTD: -80.45%
• 6M: -80.04%
• 1Y: -79.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. ETHT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHE Grayscale Ethereum Trust ETF	-47.83%	-13.03%	-20.47%
ETHT ProShares Ultra Ether ETF	-80.45%	-64.86%	-45.44%

Correlation

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

Return for Risk

ETHE vs. ETHT — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 6
ETHE Omega Ratio Rank: 6
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 4

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.

ETHE vs. ETHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and ProShares Ultra Ether ETF (ETHT). 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.

	ETHE	ETHT	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.58	+0.04
Sortino ratio: Return per unit of downside risk	-0.47	-0.67	+0.20
Omega ratio: Gain probability vs. loss probability	0.95	0.93	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.54	-0.85	+0.30
Martin ratio: Return relative to average drawdown	-0.90	-1.20	+0.31

ETHE vs. ETHT - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.54, which is comparable to the ETHT Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of ETHE and ETHT, 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

ETHE vs. ETHT - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum ETHT drawdown of -96.25%. Use the drawdown chart below to compare losses from any high point for ETHE and ETHT.

Drawdown Indicators

	ETHE	ETHT	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-96.25%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-94.27%	+26.10%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-80.27%	-96.25%	+15.98%
Average Drawdown Average peak-to-trough decline	-72.24%	-67.80%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.10%	66.20%	-25.10%

Volatility

ETHE vs. ETHT - Volatility Comparison

The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 19.69%, while ProShares Ultra Ether ETF (ETHT) has a volatility of 40.10%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than ETHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	ETHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.69%	40.10%	-20.41%
Volatility (6M) Calculated over the trailing 6-month period	46.40%	94.05%	-47.65%
Volatility (1Y) Calculated over the trailing 1-year period	68.82%	137.59%	-68.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.22%	143.08%	-60.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.10%	143.08%	+48.02%

ETHE vs. ETHT - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than ETHT's 0.94% expense ratio.

Dividends

ETHE vs. ETHT - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.56%, less than ETHT's 24.30% yield.

Position	TTM	2025	2024
ETHE Grayscale Ethereum Trust ETF	1.56%	0.00%	0.00%
ETHT ProShares Ultra Ether ETF	24.30%	4.57%	0.02%

Frequently Asked Questions

Can I hold both ETHE and ETHT in my portfolio?

With a correlation of 1.00, ETHE and ETHT 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, ETHE or ETHT?

ETHT has higher volatility (40.10%) compared to ETHE (19.69%). In terms of maximum drawdown, ETHE dropped -96.26% vs ETHT's -96.25%.

Which ETF is better, ETHE or ETHT?

On 1-year performance, ETHE leads with -36.88% vs -79.77% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, ETHE has been the lower-risk option at 19.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or ETHT?

Over the 1-year period, ETHE has performed better with a -36.88% return vs -79.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or ETHT?

ETHT is cheaper with a 0.94% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or ETHT?

ETHT has the higher dividend yield at 24.30%, compared with 1.56% for ETHE.

What is the main difference between ETHE and ETHT?

ETHE tracks CoinDesk Ether Price Index, while ETHT tracks Bloomberg Ethereum Index (200%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for ETHE and 0.94% for ETHT.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.54 vs -0.58), 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.