ETHT vs. ETHU

Last updated Jun 23, 2026

ETHT (ProShares Ultra Ether ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. ETHT is passively managed, while ETHU is actively managed. Over the past year, ETHT returned -74.56% vs -73.31% for ETHU. With a 1.00 correlation, they move nearly in lockstep. ETHT charges 0.94%/yr vs 2.67%/yr for ETHU.

Performance

ETHT vs. ETHU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) and Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ETHT having a -75.59% return and ETHU slightly higher at -74.44%.

ETHT

• 1D: 3.16%
• 1M: -33.42%
• YTD: -75.59%
• 6M: -75.81%
• 1Y: -74.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHU

• 1D: 3.04%
• 1M: -32.84%
• YTD: -74.44%
• 6M: -74.65%
• 1Y: -73.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHT vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-75.59%	-64.86%	-45.44%
ETHU Volatility Shares 2x Ether ETF	-74.44%	-64.38%	-49.00%

Correlation

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

Return for Risk

ETHT vs. ETHU — 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

ETHU

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

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. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.53	-0.01
Sortino ratio: Return per unit of downside risk	-0.43	-0.37	-0.07
Omega ratio: Gain probability vs. loss probability	0.95	0.96	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.78	-0.01
Martin ratio: Return relative to average drawdown	-1.14	-1.12	-0.02

ETHT vs. ETHU - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is comparable to the ETHU Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of ETHT and ETHU, 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. ETHU - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, roughly equal to the maximum ETHU drawdown of -96.27%. Use the drawdown chart below to compare losses from any high point for ETHT and ETHU.

Drawdown Indicators

	ETHT	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-96.27%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-93.66%	-0.26%
Current Drawdown Current decline from peak	-95.32%	-95.57%	+0.25%
Average Drawdown Average peak-to-trough decline	-67.63%	-69.88%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.41%	65.25%	+0.16%

Volatility

ETHT vs. ETHU - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) and Volatility Shares 2x Ether ETF (ETHU) have volatilities of 39.52% and 39.34%, 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.

Volatility by Period

	ETHT	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.52%	39.34%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	94.60%	95.40%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	137.92%	138.95%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.23%	143.32%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.23%	143.32%	-0.09%

ETHT vs. ETHU - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

ETHT vs. ETHU - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 19.46%, more than ETHU's 5.74% yield.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	19.46%	4.57%	0.02%
ETHU Volatility Shares 2x Ether ETF	5.74%	2.31%	0.41%

Frequently Asked Questions

Can I hold both ETHT and ETHU in my portfolio?

With a correlation of 1.00, ETHT and ETHU 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 ETHU?

ETHT has higher volatility (39.52%) compared to ETHU (39.34%). In terms of maximum drawdown, ETHT dropped -96.02% vs ETHU's -96.27%.

Which ETF is better, ETHT or ETHU?

On 1-year performance, ETHU leads with -73.31% vs -74.56% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, ETHU has been the lower-risk option at 39.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or ETHU?

Over the 1-year period, ETHU has performed better with a -73.31% return vs -74.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or ETHU?

ETHT is cheaper with a 0.94% expense ratio, compared with 2.67% for ETHU.

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

ETHT has the higher dividend yield at 19.46%, compared with 5.74% for ETHU.

What is the main difference between ETHT and ETHU?

ETHT is categorized as Cryptocurrency, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.94% for ETHT and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.53 vs -0.54), 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.