ETHT vs. ETHW

Last updated Jun 23, 2026

ETHT (ProShares Ultra Ether ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. ETHT is passively managed, while ETHW is actively managed. Over the past year, ETHT returned -74.56% vs -28.45% for ETHW. With a 1.00 correlation, they move nearly in lockstep. ETHT charges 0.94%/yr vs 0.20%/yr for ETHW.

Performance

ETHT vs. ETHW - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHT achieves a -75.59% return, which is significantly lower than ETHW's -41.70% return.

ETHT

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

ETHW

• 1D: 1.56%
• 1M: -15.99%
• YTD: -41.70%
• 6M: -41.81%
• 1Y: -28.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHT vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-75.59%	-64.86%	-31.53%
ETHW Bitwise Ethereum ETF	-41.70%	-11.26%	-4.77%

Correlation

The correlation between ETHT and ETHW 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 23, 2024	1.00

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

Return for Risk

ETHT vs. ETHW — 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

ETHW

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

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. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.41	-0.13
Sortino ratio: Return per unit of downside risk	-0.43	-0.21	-0.23
Omega ratio: Gain probability vs. loss probability	0.95	0.98	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.42	-0.37
Martin ratio: Return relative to average drawdown	-1.14	-0.71	-0.43

ETHT vs. ETHW - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is lower than the ETHW Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of ETHT and ETHW, 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. ETHW - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, which is greater than ETHW's maximum drawdown of -67.57%. Use the drawdown chart below to compare losses from any high point for ETHT and ETHW.

Drawdown Indicators

	ETHT	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-67.57%	-28.45%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-67.57%	-26.35%
Current Drawdown Current decline from peak	-95.32%	-64.25%	-31.07%
Average Drawdown Average peak-to-trough decline	-67.63%	-33.57%	-34.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.41%	40.20%	+25.21%

Volatility

ETHT vs. ETHW - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 39.52% compared to Bitwise Ethereum ETF (ETHW) at 19.79%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.52%	19.79%	+19.73%
Volatility (6M) Calculated over the trailing 6-month period	94.60%	46.90%	+47.70%
Volatility (1Y) Calculated over the trailing 1-year period	137.92%	69.08%	+68.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.23%	72.29%	+70.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.23%	72.29%	+70.94%

ETHT vs. ETHW - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

ETHT vs. ETHW - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 19.46%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	19.46%	4.57%	0.02%
ETHW Bitwise Ethereum ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and ETHW in my portfolio?

With a correlation of 1.00, ETHT and ETHW 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 ETHW?

ETHT has higher volatility (39.52%) compared to ETHW (19.79%). In terms of maximum drawdown, ETHT dropped -96.02% vs ETHW's -67.57%.

Which ETF is better, ETHT or ETHW?

On 1-year performance, ETHW leads with -28.45% vs -74.56% for ETHT. On fees, ETHW is cheaper at 0.20% per year. On volatility, ETHW has been the lower-risk option at 19.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or ETHW?

Over the 1-year period, ETHW has performed better with a -28.45% 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 ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.94% for ETHT.

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

ETHT has the higher dividend yield at 19.46%, compared with 0.00% for ETHW.

What is the main difference between ETHT and ETHW?

They also come from different issuers: ProShares and Bitwise. Their fees differ too: 0.94% for ETHT and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.41 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.