ETHT vs. ETHA

Last updated Jun 3, 2026

ETHT (ProShares Ultra Ether ETF) and ETHA (iShares Ethereum Trust ETF) are both Cryptocurrency funds - ETHT tracks the Bloomberg Ethereum Index (200%) while ETHA tracks the CME CF Ether-Dollar Reference Rate-New York Variant. Both are passively managed. Over the past year, ETHT returned -71.34% vs -25.03% for ETHA. With a 1.00 correlation, they move nearly in lockstep. ETHT charges 0.94%/yr vs 0.25%/yr for ETHA.

Performance

ETHT vs. ETHA - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHT achieves a -68.86% return, which is significantly lower than ETHA's -35.89% return.

ETHT

• 1D: -9.33%
• 1M: -33.54%
• YTD: -68.86%
• 6M: -70.32%
• 1Y: -71.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHA

• 1D: -4.83%
• 1M: -17.45%
• YTD: -35.89%
• 6M: -36.12%
• 1Y: -25.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHT vs. ETHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-68.86%	-64.86%	-29.68%
ETHA iShares Ethereum Trust ETF	-35.89%	-11.31%	-3.62%

Correlation

The correlation between ETHT and ETHA 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 Jul 24, 2024	1.00

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

Return for Risk

ETHT vs. ETHA — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

ETHA

ETHA Risk / Return Rank: 6
ETHA Sharpe Ratio Rank: 5
ETHA Sortino Ratio Rank: 6
ETHA Omega Ratio Rank: 7
ETHA Calmar Ratio Rank: 5
ETHA Martin Ratio Rank: 5

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.

ETHT vs. ETHA - Risk-Adjusted Trends Comparison

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

	ETHT	ETHA	Difference
Sharpe ratio Return per unit of total volatility	-0.53	-0.37	-0.16
Sortino ratio Return per unit of downside risk	-0.34	-0.12	-0.22
Omega ratio Gain probability vs. loss probability	0.96	0.99	-0.02
Calmar ratio Return relative to maximum drawdown	-0.80	-0.43	-0.37
Martin ratio Return relative to average drawdown	-1.16	-0.70	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHT vs. ETHA - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.53, which is lower than the ETHA Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of ETHT and ETHA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHT	ETHA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	-0.37	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	-0.38	-0.14

Drawdowns

ETHT vs. ETHA - Drawdown Comparison

The maximum ETHT drawdown since its inception was -93.62%, which is greater than ETHA's maximum drawdown of -64.02%. Use the drawdown chart below to compare losses from any high point for ETHT and ETHA.

Drawdown Indicators

	ETHT	ETHA	Difference
Max Drawdown Largest peak-to-trough decline	-93.62%	-64.02%	-29.60%
Max Drawdown (1Y) Largest decline over 1 year	-90.87%	-61.66%	-29.21%
Current Drawdown Current decline from peak	-93.62%	-60.70%	-32.92%
Average Drawdown Average peak-to-trough decline	-64.76%	-32.58%	-32.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.21%	37.52%	+24.69%

Volatility

ETHT vs. ETHA - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 19.06% compared to iShares Ethereum Trust ETF (ETHA) at 9.52%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than ETHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	ETHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.06%	9.52%	+9.54%
Volatility (6M) Calculated over the trailing 6-month period	94.21%	46.94%	+47.27%
Volatility (1Y) Calculated over the trailing 1-year period	136.15%	68.40%	+67.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.82%	72.49%	+70.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.82%	72.49%	+70.33%

ETHT vs. ETHA - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than ETHA's 0.25% expense ratio.

Dividends

ETHT vs. ETHA - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 15.25%, while ETHA has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHA iShares Ethereum Trust ETF	0.00%	0.00%	0.00%
ETHT ProShares Ultra Ether ETF	15.25%	4.57%	0.02%

Frequently Asked Questions

Can I hold both ETHT and ETHA in my portfolio?

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

ETHT has higher volatility (19.06%) compared to ETHA (9.52%). In terms of maximum drawdown, ETHT dropped -93.62% vs ETHA's -64.02%.

Which ETF is better, ETHT or ETHA?

On 1-year performance, ETHA leads with -25.03% vs -71.34% for ETHT. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 9.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or ETHA?

Over the 1-year period, ETHA has performed better with a -25.03% return vs -71.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or ETHA?

ETHA is cheaper with a 0.25% expense ratio, compared with 0.94% for ETHT.

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

ETHT has the higher dividend yield at 15.25%, compared with 0.00% for ETHA.

What is the main difference between ETHT and ETHA?

ETHT tracks Bloomberg Ethereum Index (200%), while ETHA tracks CME CF Ether-Dollar Reference Rate-New York Variant. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.94% for ETHT and 0.25% for ETHA.

Which has better risk-adjusted returns?

ETHA currently has the higher Sharpe Ratio (-0.37 vs -0.53), 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.