ETHU vs. ETHA

Last updated Jul 16, 2026

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 -79.08% vs -37.01% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) 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, ETHU achieves a -69.22% return, which is significantly lower than ETHA's -35.27% return.

ETHU

• 1D: 5.02%
• 1M: 8.52%
• 6M: -75.99%
• YTD: -69.22%
• 1Y: -79.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHA

• 1D: 2.40%
• 1M: 5.52%
• 6M: -43.26%
• YTD: -35.27%
• 1Y: -37.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHU vs. ETHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-69.22%	-64.38%	-36.51%
ETHA iShares Ethereum Trust ETF	-35.27%	-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.

Return for Risk

ETHU vs. ETHA — Risk / Return Rank

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

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: 4

ETHA

ETHA Risk / Return Rank: 5
ETHA Sharpe Ratio Rank: 5
ETHA Sortino Ratio Rank: 5
ETHA Omega Ratio Rank: 6
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.

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 ratio: Return per unit of total volatility	-0.58	-0.54	-0.04
Sortino ratio: Return per unit of downside risk	-0.63	-0.47	-0.16
Omega ratio: Gain probability vs. loss probability	0.93	0.95	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.55	-0.30
Martin ratio: Return relative to average drawdown	-1.14	-0.85	-0.29

ETHU vs. ETHA - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.58, which is comparable to the ETHA Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of ETHU 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.

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.

Drawdown Indicators

	ETHU	ETHA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-94.67%	-60.32%	-34.35%
Average Drawdown Average peak-to-trough decline	-70.66%	-34.58%	-36.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.30%	43.38%	+25.92%

Volatility

ETHU vs. ETHA - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 33.08% compared to iShares Ethereum Trust ETF (ETHA) at 16.95%. 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.

Volatility by Period

	ETHU	ETHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.08%	16.95%	+16.13%
Volatility (6M) Calculated over the trailing 6-month period	96.77%	47.69%	+49.08%
Volatility (1Y) Calculated over the trailing 1-year period	137.59%	68.68%	+68.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.35%	72.15%	+70.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.35%	72.15%	+70.20%

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 4.59%, 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	4.59%	2.31%	0.41%

Frequently Asked Questions

Can I hold both ETHU and ETHA in my portfolio?

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.

Which is riskier, ETHU or ETHA?

ETHU has higher volatility (33.08%) compared to ETHA (16.95%). In terms of maximum drawdown, ETHU dropped -96.46% vs ETHA's -67.91%.

Which ETF is better, ETHU or ETHA?

On 1-year performance, ETHA leads with -37.01% vs -79.08% for ETHU. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 16.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or ETHA?

Over the 1-year period, ETHA has performed better with a -37.01% return vs -79.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or ETHA?

ETHA is cheaper with a 0.25% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 4.59%, compared with 0.00% for ETHA.

What is the main difference between ETHU and 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.

Which has better risk-adjusted returns?

ETHA currently has the higher Sharpe Ratio (-0.54 vs -0.58), 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.