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 -85.95% vs -49.01% for ETHA. Their 1.00 correlation means they have historically moved very closely together. 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 -71.18% return, which is significantly lower than ETHA's -36.91% return.
ETHU
- 1D
- 0.45%
- 1M
- 18.73%
- 6M
- -48.35%
- YTD
- -71.18%
- 1Y
- -85.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -74.32%
ETHA
- 1D
- 0.28%
- 1M
- 10.03%
- 6M
- -18.40%
- YTD
- -36.91%
- 1Y
- -49.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $423.91M | $405.40M | $409.32M | |
| $81.06M | $85.31M | $92.56M |
ETHU vs. ETHA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -71.18% | -64.38% | -36.51% |
ETHA iShares Ethereum Trust ETF | -36.91% | -11.31% | -4.89% |
Correlation
The correlation between ETHU and ETHA 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 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 | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.90 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.72 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.18 | -1.07 | -0.11 |
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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 | -95.01% | -61.33% | -33.68% |
Average DrawdownAverage peak-to-trough decline | -71.29% | -35.30% | -35.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.55% | 45.69% | +26.86% |
Volatility
ETHU vs. ETHA - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 21.79% compared to iShares Ethereum Trust ETF (ETHA) at 11.50%. 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 | 21.79% | 11.50% | +10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 87.85% | 43.71% | +44.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.58% | 67.19% | +67.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 140.92% | 71.39% | +69.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 140.92% | 71.39% | +69.53% |
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 4.47%, 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 | 4.47% | 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 (21.79%) compared to ETHA (11.50%). In terms of maximum drawdown, ETHU dropped -96.46% vs ETHA's -67.91%.
On 1-year performance, ETHA leads with -49.01% vs -85.95% for ETHU. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 11.50%. 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 -49.01% return vs -85.95%. 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 4.47%, 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.
ETHU currently has the higher Sharpe Ratio (-0.64 vs -0.73), 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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