ETHT vs. ETHE

Last updated Aug 2, 2026

ETHT (ProShares Ultra Ether ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds - ETHT tracks the Bloomberg Ethereum Index while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past year, ETHT returned -85.62% vs -47.48% for ETHE. Their 1.00 correlation means they have historically moved very closely together. ETHT charges 0.94%/yr vs 2.50%/yr for ETHE.

Performance

ETHT vs. ETHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) and Grayscale Ethereum Trust ETF (ETHE). 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 ETHE's -37.55% return.

ETHT

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

ETHE

• 1D: -3.03%
• 1M: 9.62%
• 6M: -30.54%
• YTD: -37.55%
• 1Y: -47.48%
• 3Y*: 13.40%
• 5Y*: -7.45%
• 10Y*: —
• ALL TIME*: 12.28%

*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)
ETHE Grayscale Ethereum Trust ETF	$26.76M	$27.48M	$34.61M
ETHT ProShares Ultra Ether ETF	$15.50M	$16.35M	$20.04M

ETHT vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-73.01%	-64.86%	-45.44%
ETHE Grayscale Ethereum Trust ETF	-37.55%	-13.03%	-20.47%

Correlation

The correlation between ETHT and ETHE is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	1.00

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

Return for Risk

ETHT vs. ETHE — 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

ETHE

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

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. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) and Grayscale Ethereum Trust ETF (ETHE). 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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.76	+0.10
Sortino ratio: Return per unit of downside risk	-1.20	-1.00	-0.20
Omega ratio: Gain probability vs. loss probability	0.87	0.89	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.75	-0.18
Martin ratio: Return relative to average drawdown	-1.21	-1.11	-0.10

ETHT vs. ETHE - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.65, which is comparable to the ETHE Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of ETHT and ETHE, 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. ETHE - Drawdown Comparison

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

Drawdown Indicators

	ETHT	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-96.26%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-94.27%	-68.17%	-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	-94.83%	-76.38%	-18.45%
Average Drawdown Average peak-to-trough decline	-69.06%	-72.31%	+3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.31%	45.64%	+26.67%

Volatility

ETHT vs. ETHE - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 25.98% compared to Grayscale Ethereum Trust ETF (ETHE) at 13.21%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.98%	13.21%	+12.77%
Volatility (6M) Calculated over the trailing 6-month period	92.64%	45.80%	+46.84%
Volatility (1Y) Calculated over the trailing 1-year period	134.08%	67.10%	+66.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.09%	81.09%	+60.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.09%	189.83%	-48.74%

ETHT vs. ETHE - Expense Ratio Comparison

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

Dividends

ETHT vs. ETHE - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 17.73%, more than ETHE's 1.45% yield.

Position	TTM	2025	2024
ETHE Grayscale Ethereum Trust ETF	1.45%	0.00%	0.00%
ETHT ProShares Ultra Ether ETF	17.73%	4.57%	0.02%

Frequently Asked Questions

Can I hold both ETHT and ETHE in my portfolio?

With a correlation of 1.00, ETHT and ETHE 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 ETHE?

ETHT has higher volatility (25.98%) compared to ETHE (13.21%). In terms of maximum drawdown, ETHT dropped -96.25% vs ETHE's -96.26%.

Which ETF is better, ETHT or ETHE?

On 1-year performance, ETHE leads with -47.48% vs -85.62% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, ETHE has been the lower-risk option at 13.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or ETHE?

Over the 1-year period, ETHE has performed better with a -47.48% 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 ETHE?

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

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

ETHT has the higher dividend yield at 17.73%, compared with 1.45% for ETHE.

What is the main difference between ETHT and ETHE?

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

Which has better risk-adjusted returns?

ETHT currently has the higher Sharpe Ratio (-0.65 vs -0.76), 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.