ETHE vs. SETH
Compare and contrast key facts about Grayscale Ethereum Trust ETF (ETHE) and ProShares Short Ether Strategy ETF (SETH).
ETHE and SETH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017. SETH is a passively managed fund by ProShares that tracks the performance of the Bloomberg Galaxy Ethereum (--100%). It was launched on Nov 1, 2023. Both ETHE and SETH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ETHE vs. SETH - Performance Comparison
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ETHE vs. SETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -28.06% | -13.03% | 44.14% | 38.86% |
SETH ProShares Short Ether Strategy ETF | 20.65% | -29.41% | -49.59% | -22.80% |
Returns By Period
In the year-to-date period, ETHE achieves a -28.06% return, which is significantly lower than SETH's 20.65% return.
ETHE
- 1D
- 2.11%
- 1M
- 5.07%
- YTD
- -28.06%
- 6M
- -50.86%
- 1Y
- 10.20%
- 3Y*
- 26.95%
- 5Y*
- -1.42%
- 10Y*
- —
SETH
- 1D
- -2.21%
- 1M
- -7.87%
- YTD
- 20.65%
- 6M
- 57.31%
- 1Y
- -45.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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ETHE vs. SETH - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than SETH's 0.95% expense ratio.
Return for Risk
ETHE vs. SETH — Risk / Return Rank
ETHE
SETH
ETHE vs. SETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | SETH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.14 | -0.60 | +0.74 |
Sortino ratioReturn per unit of downside risk | 0.76 | -0.56 | +1.32 |
Omega ratioGain probability vs. loss probability | 1.09 | 0.93 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.64 | +0.88 |
Martin ratioReturn relative to average drawdown | 0.49 | -0.81 | +1.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | SETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | -0.60 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.52 | +0.60 |
Correlation
The correlation between ETHE and SETH is -0.97. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ETHE vs. SETH - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 0.74%, less than SETH's 11.38% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | 0.74% | 0.00% | 0.00% | 0.00% |
SETH ProShares Short Ether Strategy ETF | 11.38% | 7.01% | 3.44% | 0.38% |
Drawdowns
ETHE vs. SETH - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than SETH's maximum drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for ETHE and SETH.
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Drawdown Indicators
| ETHE | SETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -80.74% | -15.52% |
Max Drawdown (1Y)Largest decline over 1 year | -61.89% | -75.02% | +13.13% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | — | — |
Current DrawdownCurrent decline from peak | -72.79% | -66.86% | -5.93% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -53.84% | -18.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.81% | 59.01% | -28.20% |
Volatility
ETHE vs. SETH - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) and ProShares Short Ether Strategy ETF (SETH) have volatilities of 19.07% and 19.86%, 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.
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Volatility by Period
| ETHE | SETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 19.86% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 53.57% | 53.29% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.68% | 76.09% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 85.12% | 71.15% | +13.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 194.12% | 71.15% | +122.97% |