ETHT vs. CEPI

Last updated Aug 2, 2026

ETHT (ProShares Ultra Ether ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index, while CEPI is a Derivative Income fund actively managed by REX. ETHT is passively managed, while CEPI is actively managed. Over the past year, ETHT returned -85.62% vs 20.69% for CEPI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. ETHT charges 0.94%/yr vs 0.85%/yr for CEPI.

Performance

ETHT vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHT achieves a -73.01% return, which is significantly lower than CEPI's 15.15% return.

ETHT

• 1D: -6.05%
• 1M: 16.78%
• 6M: -64.86%
• YTD: -73.01%
• 1Y: -85.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.84%

CEPI

• 1D: -1.27%
• 1M: -1.15%
• 6M: 12.02%
• YTD: 15.15%
• 1Y: 20.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.85%

*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)
CEPI REX Crypto Equity Premium Income ETF	$1.21M	$1.33M	$1.59M
ETHT ProShares Ultra Ether ETF	$15.50M	$16.35M	$20.04M

ETHT vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-73.01%	-64.86%	-19.79%
CEPI REX Crypto Equity Premium Income ETF	15.15%	10.75%	-7.02%

Correlation

The correlation between ETHT and CEPI is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.66

The correlation between ETHT and CEPI has been stable across timeframes, ranging from 0.66 to 0.66 - a consistent structural relationship.

Return for Risk

ETHT vs. CEPI — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 3
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 3
ETHT Omega Ratio Rank: 3
ETHT Calmar Ratio Rank: 1
ETHT Martin Ratio Rank: 3

CEPI

CEPI Risk / Return Rank: 24
CEPI Sharpe Ratio Rank: 24
CEPI Sortino Ratio Rank: 25
CEPI Omega Ratio Rank: 25
CEPI Calmar Ratio Rank: 24
CEPI Martin Ratio Rank: 23

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.

ETHT vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	ETHT	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	0.54	-1.19
Sortino ratio: Return per unit of downside risk	-1.20	0.93	-2.13
Omega ratio: Gain probability vs. loss probability	0.87	1.12	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.93	0.71	-1.64
Martin ratio: Return relative to average drawdown	-1.21	1.66	-2.86

ETHT vs. CEPI - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.65, which is lower than the CEPI Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of ETHT and CEPI, 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

ETHT vs. CEPI - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.25%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for ETHT and CEPI.

Drawdown Indicators

	ETHT	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-29.48%	-66.77%
Max Drawdown (1Y) Largest decline over 1 year	-94.27%	-22.47%	-71.80%
Current Drawdown Current decline from peak	-94.83%	-7.59%	-87.24%
Average Drawdown Average peak-to-trough decline	-69.06%	-8.24%	-60.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.31%	9.65%	+62.66%

Volatility

ETHT vs. CEPI - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 25.98% compared to REX Crypto Equity Premium Income ETF (CEPI) at 11.58%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.98%	11.58%	+14.40%
Volatility (6M) Calculated over the trailing 6-month period	92.64%	23.76%	+68.88%
Volatility (1Y) Calculated over the trailing 1-year period	134.08%	29.53%	+104.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.09%	31.91%	+109.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.09%	31.91%	+109.18%

ETHT vs. CEPI - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

ETHT vs. CEPI - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 17.73%, less than CEPI's 45.59% yield.

Position	TTM	2025	2024
CEPI REX Crypto Equity Premium Income ETF	45.59%	50.78%	0.00%
ETHT ProShares Ultra Ether ETF	17.73%	4.57%	0.02%

Frequently Asked Questions

Can I hold both ETHT and CEPI in my portfolio?

ETHT and CEPI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or CEPI?

ETHT has higher volatility (25.98%) compared to CEPI (11.58%). In terms of maximum drawdown, ETHT dropped -96.25% vs CEPI's -29.48%.

Which ETF is better, ETHT or CEPI?

On 1-year performance, CEPI leads with 20.69% vs -85.62% for ETHT. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or CEPI?

Over the 1-year period, CEPI has performed better with a 20.69% return vs -85.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.94% for ETHT.

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

CEPI has the higher dividend yield at 45.59%, compared with 17.73% for ETHT.

What is the main difference between ETHT and CEPI?

ETHT is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: ProShares and REX. Their fees differ too: 0.94% for ETHT and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.54 vs -0.65), 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.