ETHU vs. ETHE

Last updated Jul 16, 2026

ETHU (Volatility Shares 2x Ether ETF) and ETHE (Grayscale Ethereum Trust ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index. ETHU is actively managed, while ETHE is passively managed. Over the past year, ETHU returned -79.08% vs -37.69% for ETHE. With a 1.00 correlation, they move nearly in lockstep. ETHU charges 2.67%/yr vs 2.50%/yr for ETHE.

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.

Returns By Period

In the year-to-date period, ETHU achieves a -69.22% return, which is significantly lower than ETHE's -35.60% return.

ETHU

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

ETHE

• 1D: 2.44%
• 1M: 5.59%
• 6M: -43.48%
• YTD: -35.60%
• 1Y: -37.69%
• 3Y*: 11.61%
• 5Y*: -2.47%
• 10Y*: —

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

ETHU vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-69.22%	-64.38%	-48.73%
ETHE Grayscale Ethereum Trust ETF	-35.60%	-13.03%	-20.02%

Correlation

The correlation between ETHU and ETHE 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 Jun 4, 2024	1.00

The correlation between ETHU and ETHE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

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: 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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE 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. 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.

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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	-0.55	-0.02
Sortino ratio: Return per unit of downside risk	-0.63	-0.50	-0.13
Omega ratio: Gain probability vs. loss probability	0.93	0.94	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.55	-0.29
Martin ratio: Return relative to average drawdown	-1.14	-0.86	-0.28

ETHU vs. ETHE - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.58, which is comparable to the ETHE Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of ETHU and ETHE, 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. ETHE - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.46%, 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	-96.46%	-96.26%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-93.99%	-68.17%	-25.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-68.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.85%	—
Current Drawdown Current decline from peak	-94.67%	-75.65%	-19.02%
Average Drawdown Average peak-to-trough decline	-70.66%	-72.29%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.30%	43.64%	+25.66%

Volatility

ETHU vs. ETHE - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 33.08% compared to Grayscale Ethereum Trust ETF (ETHE) at 16.73%. 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	33.08%	16.73%	+16.35%
Volatility (6M) Calculated over the trailing 6-month period	96.77%	47.39%	+49.38%
Volatility (1Y) Calculated over the trailing 1-year period	137.59%	68.31%	+69.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.35%	81.72%	+60.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.35%	190.44%	-48.09%

ETHU vs. ETHE - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than ETHE's 2.50% expense ratio.

Dividends

ETHU vs. ETHE - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 4.59%, more than ETHE's 1.41% yield.

Position	TTM	2025	2024
ETHE Grayscale Ethereum Trust ETF	1.41%	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 ETHE in my portfolio?

With a correlation of 1.00, ETHU and ETHE 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 ETHE?

ETHU has higher volatility (33.08%) compared to ETHE (16.73%). In terms of maximum drawdown, ETHU dropped -96.46% vs ETHE's -96.26%.

Which ETF is better, ETHU or ETHE?

On 1-year performance, ETHE leads with -37.69% vs -79.08% for ETHU. On fees, ETHE is cheaper at 2.50% per year. On volatility, ETHE has been the lower-risk option at 16.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or ETHE?

Over the 1-year period, ETHE has performed better with a -37.69% 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 ETHE?

ETHE is cheaper with a 2.50% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 4.59%, compared with 1.41% for ETHE.

What is the main difference between ETHU and ETHE?

ETHU is categorized as Leveraged Cryptocurrency, while ETHE is Cryptocurrency. They also come from different issuers: Volatility Shares and Grayscale. Their fees differ too: 2.67% for ETHU and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.55 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.