ETHU vs. ETHE

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Shares 2x Ether ETF (ETHU) and Grayscale Ethereum Trust ETF (ETHE).

ETHU and ETHE 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. ETHE is a passively managed fund by Grayscale that tracks the performance of the CoinDesk Ether Price Index . It was launched on Dec 14, 2017.

Performance

ETHU vs. ETHE - Performance Comparison

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

ETHU vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-57.28%	-64.38%	-49.29%
ETHE Grayscale Ethereum Trust ETF	-28.06%	-13.03%	-20.68%

Returns By Period

In the year-to-date period, ETHU achieves a -57.28% return, which is significantly lower than ETHE's -28.06% return.

ETHU

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

ETHE

• 1D: 2.11%
• 1M: 5.07%
• YTD: -28.06%
• 6M: -50.86%
• 1Y: 10.20%
• 3Y*: 26.95%
• 5Y*: -1.42%
• 10Y*: —

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

ETHU vs. ETHE - Expense Ratio Comparison

ETHU has a 0.94% expense ratio, which is lower than ETHE's 2.50% expense ratio.

ETHE

Grayscale Ethereum Trust ETF

ETHU

Volatility Shares 2x Ether ETF

Return for Risk

ETHU vs. ETHE — 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

ETHE

ETHE Risk / Return Rank: 19
ETHE Sharpe Ratio Rank: 15
ETHE Sortino Ratio Rank: 25
ETHE Omega Ratio Rank: 22
ETHE Calmar Ratio Rank: 17
ETHE Martin Ratio Rank: 15

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. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and Grayscale Ethereum Trust ETF (ETHE). 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	ETHE	Difference
Sharpe ratio Return per unit of total volatility	-0.27	0.14	-0.41
Sortino ratio Return per unit of downside risk	0.62	0.76	-0.14
Omega ratio Gain probability vs. loss probability	1.07	1.09	-0.02
Calmar ratio Return relative to maximum drawdown	-0.40	0.25	-0.64
Martin ratio Return relative to average drawdown	-0.69	0.49	-1.19
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. ETHE - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.27, which is lower than the ETHE Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of ETHU and ETHE, 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	ETHE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	0.14	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.08	-0.59

Correlation

The correlation between ETHU and ETHE is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETHU vs. ETHE - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 3.36%, more than ETHE's 0.74% yield.

	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	3.36%	2.31%	0.41%
ETHE Grayscale Ethereum Trust ETF	0.74%	0.00%	0.00%

Drawdowns

ETHU vs. ETHE - Drawdown Comparison

The maximum ETHU drawdown since its inception was -94.05%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for ETHU and ETHE.

Drawdown Indicators

	ETHU	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-94.05%	-96.26%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-89.89%	-61.89%	-28.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-92.60%	-72.79%	-19.81%
Average Drawdown Average peak-to-trough decline	-67.26%	-72.24%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.76%	30.81%	+20.95%

Volatility

ETHU vs. ETHE - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 37.78% compared to Grayscale Ethereum Trust ETF (ETHE) at 19.07%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.78%	19.07%	+18.71%
Volatility (6M) Calculated over the trailing 6-month period	109.38%	53.57%	+55.81%
Volatility (1Y) Calculated over the trailing 1-year period	152.42%	75.68%	+76.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.66%	85.12%	+62.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.66%	194.12%	-46.46%