ETHU vs. ETHT

Last updated Jun 6, 2026

ETHU (Volatility Shares 2x Ether ETF) and ETHT (ProShares Ultra Ether ETF) are both Cryptocurrency funds. ETHU is actively managed, while ETHT is passively managed. Over the past year, ETHU returned -80.06% vs -80.74% for ETHT. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.94% expense ratio.

Performance

ETHU vs. ETHT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ETHU having a -78.43% return and ETHT slightly lower at -79.25%.

ETHU

• 1D: -22.60%
• 1M: -56.94%
• YTD: -78.43%
• 6M: -79.79%
• 1Y: -80.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHT

• 1D: -22.69%
• 1M: -57.22%
• YTD: -79.25%
• 6M: -80.64%
• 1Y: -80.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHU vs. ETHT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-78.43%	-64.38%	-45.94%
ETHT ProShares Ultra Ether ETF	-79.25%	-64.86%	-41.68%

Correlation

The correlation between ETHU and ETHT 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 10, 2024	1.00

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

Return for Risk

ETHU vs. ETHT — 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: 4
ETHU Sortino Ratio Rank: 4
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 3

ETHT

ETHT Risk / Return Rank: 3
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 4
ETHT Omega Ratio Rank: 4
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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. ETHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and ProShares Ultra Ether ETF (ETHT). 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	ETHT	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	-0.59	+0.01
Sortino ratio: Return per unit of downside risk	-0.65	-0.70	+0.05
Omega ratio: Gain probability vs. loss probability	0.93	0.92	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.86	0.00
Martin ratio: Return relative to average drawdown	-1.27	-1.28	+0.01
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. ETHT - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.58, which is comparable to the ETHT Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of ETHU and ETHT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHU	ETHT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	-0.59	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	-0.56	0.00

Drawdowns

ETHU vs. ETHT - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.27%, roughly equal to the maximum ETHT drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for ETHU and ETHT.

Drawdown Indicators

	ETHU	ETHT	Difference
Max Drawdown Largest peak-to-trough decline	-96.27%	-95.75%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-93.66%	-93.92%	+0.26%
Current Drawdown Current decline from peak	-96.27%	-95.75%	-0.52%
Average Drawdown Average peak-to-trough decline	-69.51%	-64.94%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.88%	63.02%	-0.14%

Volatility

ETHU vs. ETHT - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) and ProShares Ultra Ether ETF (ETHT) have volatilities of 30.24% and 30.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	ETHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.24%	30.29%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	94.97%	94.10%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	139.25%	138.21%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.70%	143.52%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.70%	143.52%	+0.18%

ETHU vs. ETHT - Expense Ratio Comparison

Both ETHU and ETHT have an expense ratio of 0.94%.

Dividends

ETHU vs. ETHT - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 6.67%, less than ETHT's 22.89% yield.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	22.89%	4.57%	0.02%
ETHU Volatility Shares 2x Ether ETF	6.67%	2.31%	0.41%

Frequently Asked Questions

Can I hold both ETHU and ETHT in my portfolio?

With a correlation of 1.00, ETHU and ETHT 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 ETHT?

ETHT has higher volatility (30.29%) compared to ETHU (30.24%). In terms of maximum drawdown, ETHU dropped -96.27% vs ETHT's -95.75%.

Which ETF is better, ETHU or ETHT?

On 1-year performance, ETHU leads with -80.06% vs -80.74% for ETHT. Both ETFs have the same 0.94% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or ETHT?

Over the 1-year period, ETHU has performed better with a -80.06% return vs -80.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or ETHT?

ETHU and ETHT have the same expense ratio: 0.94% per year.

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

ETHT has the higher dividend yield at 22.89%, compared with 6.67% for ETHU.

What is the main difference between ETHU and ETHT?

They also come from different issuers: Volatility Shares and ProShares.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.58 vs -0.59), 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.