ETHU vs. ETHD

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Shares 2x Ether ETF (ETHU) and ProShares UltraShort Ether ETF (ETHD).

ETHU and ETHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHU is an actively managed fund by Volatility Shares. It was launched on Nov 1, 2023. ETHD is an actively managed fund by ProShares. It was launched on Jun 7, 2024.

Performance

ETHU vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

ETHU vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-57.28%	-64.38%	-45.94%
ETHD ProShares UltraShort Ether ETF	24.55%	-72.49%	-42.57%

Returns By Period

In the year-to-date period, ETHU achieves a -57.28% return, which is significantly lower than ETHD's 24.55% return.

ETHU

• 1D: 4.30%
• 1M: 5.26%
• YTD: -57.28%
• 6M: -83.33%
• 1Y: -40.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -3.95%
• 1M: -18.40%
• YTD: 24.55%
• 6M: 83.22%
• 1Y: -84.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHU vs. ETHD - Expense Ratio Comparison

ETHU has a 0.94% expense ratio, which is lower than ETHD's 1.01% expense ratio.

ETHD

ProShares UltraShort Ether ETF

ETHU

Volatility Shares 2x Ether ETF

Return for Risk

ETHU vs. ETHD — Risk / Return Rank

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

ETHU

ETHU Risk / Return Rank: 12
ETHU Sharpe Ratio Rank: 7
ETHU Sortino Ratio Rank: 21
ETHU Omega Ratio Rank: 19
ETHU Calmar Ratio Rank: 6
ETHU Martin Ratio Rank: 7

ETHD

ETHD Risk / Return Rank: 3
ETHD Sharpe Ratio Rank: 3
ETHD Sortino Ratio Rank: 4
ETHD Omega Ratio Rank: 4
ETHD Calmar Ratio Rank: 1
ETHD Martin Ratio Rank: 4

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and ProShares UltraShort Ether ETF (ETHD). 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.

	ETHU	ETHD	Difference
Sharpe ratio Return per unit of total volatility	-0.27	-0.56	+0.29
Sortino ratio Return per unit of downside risk	0.62	-0.61	+1.23
Omega ratio Gain probability vs. loss probability	1.07	0.93	+0.14
Calmar ratio Return relative to maximum drawdown	-0.40	-0.90	+0.50
Martin ratio Return relative to average drawdown	-0.69	-1.01	+0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHU vs. ETHD - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.27, which is higher than the ETHD Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ETHU and ETHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHU	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	-0.56	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.41	-0.11

Correlation

The correlation between ETHU and ETHD is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ETHU vs. ETHD - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 3.36%, less than ETHD's 85.90% yield.

	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	3.36%	2.31%	0.41%
ETHD ProShares UltraShort Ether ETF	85.90%	156.62%	19.15%

Drawdowns

ETHU vs. ETHD - Drawdown Comparison

The maximum ETHU drawdown since its inception was -94.05%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for ETHU and ETHD.

Drawdown Indicators

	ETHU	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-94.05%	-95.59%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-89.89%	-95.50%	+5.61%
Current Drawdown Current decline from peak	-92.60%	-90.27%	-2.33%
Average Drawdown Average peak-to-trough decline	-67.26%	-63.63%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.76%	84.73%	-32.97%

Volatility

ETHU vs. ETHD - Volatility Comparison

The current volatility for Volatility Shares 2x Ether ETF (ETHU) is 37.78%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.47%. This indicates that ETHU experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.78%	40.47%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	109.38%	106.90%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	152.42%	150.88%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.66%	146.74%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.66%	146.74%	+0.92%