ETHU vs. SPXU

Last updated Jun 25, 2026

ETHU (Volatility Shares 2x Ether ETF) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). ETHU is actively managed, while SPXU is passively managed. Over the past year, ETHU returned -78.15% vs -42.51% for SPXU. At a correlation of -0.50, they often move in opposite directions. ETHU charges 2.67%/yr vs 0.90%/yr for SPXU.

Performance

ETHU vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHU achieves a -78.81% return, which is significantly lower than SPXU's -20.80% return.

ETHU

• 1D: -9.57%
• 1M: -44.33%
• YTD: -78.81%
• 6M: -78.43%
• 1Y: -78.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXU

• 1D: -0.76%
• 1M: 3.14%
• YTD: -20.80%
• 6M: -17.65%
• 1Y: -42.51%
• 3Y*: -41.00%
• 5Y*: -33.50%
• 10Y*: -42.03%

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

ETHU vs. SPXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-78.81%	-64.38%	-48.73%
SPXU ProShares UltraPro Short S&P500	-20.80%	-41.73%	-25.56%

Correlation

The correlation between ETHU and SPXU is -0.49, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.49
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.50

Return for Risk

ETHU vs. SPXU — 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: 3

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

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. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and ProShares UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	-1.15	+0.58
Sortino ratio: Return per unit of downside risk	-0.57	-1.82	+1.25
Omega ratio: Gain probability vs. loss probability	0.94	0.80	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.91	+0.07
Martin ratio: Return relative to average drawdown	-1.19	-1.56	+0.37

ETHU vs. SPXU - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.56, which is higher than the SPXU Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of ETHU and SPXU, 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. SPXU - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.33%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ETHU and SPXU.

Drawdown Indicators

	ETHU	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-96.33%	-99.99%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-93.77%	-47.04%	-46.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.63%	—
Current Drawdown Current decline from peak	-96.33%	-99.99%	+3.66%
Average Drawdown Average peak-to-trough decline	-69.98%	-93.34%	+23.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.78%	27.42%	+38.36%

Volatility

ETHU vs. SPXU - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 40.14% compared to ProShares UltraPro Short S&P500 (SPXU) at 14.30%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.14%	14.30%	+25.84%
Volatility (6M) Calculated over the trailing 6-month period	94.86%	29.44%	+65.42%
Volatility (1Y) Calculated over the trailing 1-year period	139.00%	37.24%	+101.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.30%	50.62%	+92.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.30%	53.42%	+89.88%

ETHU vs. SPXU - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than SPXU's 0.90% expense ratio.

Dividends

ETHU vs. SPXU - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 6.92%, less than SPXU's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHU Volatility Shares 2x Ether ETF	6.92%	2.31%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	7.41%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both ETHU and SPXU in my portfolio?

ETHU and SPXU have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHU or SPXU?

ETHU has higher volatility (40.14%) compared to SPXU (14.30%). In terms of maximum drawdown, ETHU dropped -96.33% vs SPXU's -99.99%.

Which ETF is better, ETHU or SPXU?

On 1-year performance, SPXU leads with -42.51% vs -78.15% for ETHU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 14.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or SPXU?

Over the 1-year period, SPXU has performed better with a -42.51% return vs -78.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or SPXU?

SPXU is cheaper with a 0.90% expense ratio, compared with 2.67% for ETHU.

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

SPXU has the higher dividend yield at 7.41%, compared with 6.92% for ETHU.

What is the main difference between ETHU and SPXU?

ETHU is categorized as Leveraged Cryptocurrency, while SPXU is S&P 500. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.67% for ETHU and 0.90% for SPXU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.56 vs -1.15), 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.