ETHU vs. SBET
ETHU (Volatility Shares 2x Ether ETF) is Cryptocurrency fund actively managed by Volatility Shares, while SBET (SharpLink Gaming Ltd.) is a stock. Over the past year, ETHU returned -80.06% vs -87.79% for SBET. At a 0.42 correlation, their price movements are largely independent.
Performance
ETHU vs. SBET - Performance Comparison
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Returns By Period
In the year-to-date period, ETHU achieves a -78.43% return, which is significantly lower than SBET's -41.95% return.
ETHU
- 1D
- -22.60%
- 1M
- -56.94%
- YTD
- -78.43%
- 6M
- -79.79%
- 1Y
- -80.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBET
- 1D
- -9.27%
- 1M
- -32.86%
- YTD
- -41.95%
- 6M
- -51.59%
- 1Y
- -87.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHU vs. SBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -78.43% | -64.38% | -49.29% |
SBET SharpLink Gaming Ltd. | -41.95% | 15.65% | -29.99% |
Correlation
The correlation between ETHU and SBET is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024 | 0.42 |
Over the past year, ETHU and SBET have become more correlated (0.76) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
ETHU vs. SBET — Risk / Return Rank
ETHU
SBET
ETHU vs. SBET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and SharpLink Gaming Ltd. (SBET). 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 | SBET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.88 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -1.00 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.23 | -0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHU | SBET | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.58 | -0.63 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.12 | -0.44 |
Drawdowns
ETHU vs. SBET - Drawdown Comparison
The maximum ETHU drawdown since its inception was -96.27%, roughly equal to the maximum SBET drawdown of -93.45%. Use the drawdown chart below to compare losses from any high point for ETHU and SBET.
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Drawdown Indicators
| ETHU | SBET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.27% | -93.45% | -2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -93.66% | -87.49% | -6.17% |
Current DrawdownCurrent decline from peak | -96.27% | -93.45% | -2.82% |
Average DrawdownAverage peak-to-trough decline | -69.51% | -65.79% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.88% | 72.16% | -9.28% |
Volatility
ETHU vs. SBET - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 30.24% compared to SharpLink Gaming Ltd. (SBET) at 20.60%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than SBET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHU | SBET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.24% | 20.60% | +9.64% |
Volatility (6M)Calculated over the trailing 6-month period | 94.97% | 56.54% | +38.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.25% | 142.68% | -3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 143.70% | 340.91% | -197.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 143.70% | 340.91% | -197.21% |
Dividends
ETHU vs. SBET - Dividend Comparison
ETHU's dividend yield for the trailing twelve months is around 6.67%, while SBET has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | 6.67% | 2.31% | 0.41% |
SBET SharpLink Gaming Ltd. | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHU and SBET have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHU has higher volatility (30.24%) compared to SBET (20.60%). In terms of maximum drawdown, ETHU dropped -96.27% vs SBET's -93.45%.
ETHU currently has the higher Sharpe Ratio (-0.58 vs -0.63), 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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