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 -84.43% vs -46.41% 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 -69.84% return, which is significantly lower than ETHA's -35.44% return.
ETHU
- 1D
- 4.66%
- 1M
- 11.97%
- 6M
- -39.01%
- YTD
- -69.84%
- 1Y
- -84.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -73.73%
ETHA
- 1D
- 2.33%
- 1M
- 6.86%
- 6M
- -11.38%
- YTD
- -35.44%
- 1Y
- -46.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $419.00M | $406.74M | $410.66M | |
| $80.70M | $83.75M | $92.10M |
ETHU vs. ETHA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -69.84% | -64.38% | -36.51% |
ETHA iShares Ethereum Trust ETF | -35.44% | -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 | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.91 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.69 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.01 | -0.15 |
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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 | -94.78% | -60.43% | -34.35% |
Average DrawdownAverage peak-to-trough decline | -71.33% | -35.35% | -35.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.78% | 45.85% | +26.93% |
Volatility
ETHU vs. ETHA - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 22.19% compared to iShares Ethereum Trust ETF (ETHA) at 11.68%. 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 | 22.19% | 11.68% | +10.51% |
Volatility (6M)Calculated over the trailing 6-month period | 87.98% | 43.78% | +44.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.31% | 67.06% | +67.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 140.83% | 71.34% | +69.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 140.83% | 71.34% | +69.49% |
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 4.27%, 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 | 4.27% | 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 (22.19%) compared to ETHA (11.68%). In terms of maximum drawdown, ETHU dropped -96.46% vs ETHA's -67.91%.
On 1-year performance, ETHA leads with -46.41% vs -84.43% for ETHU. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 11.68%. 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 -46.41% return vs -84.43%. 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 4.27%, 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 (-0.63 vs -0.69), 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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