ETHU vs. ETHA
ETHU (Volatility Shares 2x Ether ETF) and ETHA (iShares Ethereum Trust ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant. ETHU is actively managed, while ETHA is passively managed. Over the past year, ETHU returned -78.84% vs -36.20% for ETHA. With a 1.00 correlation, they move nearly in lockstep. ETHU charges 2.67%/yr vs 0.25%/yr for ETHA.
Performance
ETHU vs. ETHA - Performance Comparison
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Returns By Period
In the year-to-date period, ETHU achieves a -79.57% return, which is significantly lower than ETHA's -47.66% return.
ETHU
- 1D
- -3.56%
- 1M
- -46.59%
- YTD
- -79.57%
- 6M
- -79.19%
- 1Y
- -78.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHA
- 1D
- -1.51%
- 1M
- -24.84%
- YTD
- -47.66%
- 6M
- -47.05%
- 1Y
- -36.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHU vs. ETHA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -79.57% | -64.38% | -36.51% |
ETHA iShares Ethereum Trust ETF | -47.66% | -11.31% | -4.89% |
Correlation
The correlation between ETHU 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 23, 2024 | 1.00 |
The correlation between ETHU and ETHA has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
ETHU vs. ETHA — Risk / Return Rank
ETHU
ETHA
ETHU vs. ETHA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.
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.
| ETHU | ETHA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.95 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.53 | -0.31 |
| Martin ratioReturn relative to average drawdown | -1.19 | -0.89 | -0.31 |
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Drawdowns
ETHU vs. ETHA - Drawdown Comparison
The maximum ETHU drawdown since its inception was -96.46%, which is greater than ETHA's maximum drawdown of -67.91%. Use the drawdown chart below to compare losses from any high point for ETHU and ETHA.
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Drawdown Indicators
| ETHU | ETHA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -67.91% | -28.55% |
Max Drawdown (1Y)Largest decline over 1 year | -93.99% | -67.91% | -26.08% |
Current DrawdownCurrent decline from peak | -96.46% | -67.91% | -28.55% |
Average DrawdownAverage peak-to-trough decline | -70.04% | -33.78% | -36.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 66.04% | 40.85% | +25.19% |
Volatility
ETHU vs. ETHA - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 39.99% compared to iShares Ethereum Trust ETF (ETHA) at 20.03%. This indicates that ETHU'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.
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Volatility by Period
| ETHU | ETHA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 39.99% | 20.03% | +19.96% |
Volatility (6M)Calculated over the trailing 6-month period | 94.89% | 46.67% | +48.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.64% | 69.18% | +69.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 143.18% | 72.59% | +70.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 143.18% | 72.59% | +70.59% |
ETHU vs. ETHA - Expense Ratio Comparison
ETHU has a 2.67% expense ratio, which is higher than ETHA's 0.25% expense ratio.
Dividends
ETHU vs. ETHA - Dividend Comparison
ETHU's dividend yield for the trailing twelve months is around 7.17%, while ETHA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | 0.00% | 0.00% | 0.00% |
ETHU Volatility Shares 2x Ether ETF | 7.17% | 2.31% | 0.41% |
Frequently Asked Questions
With a correlation of 1.00, ETHU 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.
ETHU has higher volatility (39.99%) compared to ETHA (20.03%). In terms of maximum drawdown, ETHU dropped -96.46% vs ETHA's -67.91%.
On 1-year performance, ETHA leads with -36.20% vs -78.84% for ETHU. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 20.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHA has performed better with a -36.20% return vs -78.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 2.67% for ETHU.
ETHU has the higher dividend yield at 7.17%, compared with 0.00% for ETHA.
ETHU is categorized as Leveraged Cryptocurrency, while ETHA is Cryptocurrency. They also come from different issuers: Volatility Shares and iShares. Their fees differ too: 2.67% for ETHU and 0.25% for ETHA.
ETHA currently has the higher Sharpe Ratio (-0.52 vs -0.57), 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.
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