ETHU vs. SPXU
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 -84.67% vs -43.72% for SPXU. Their -0.49 correlation means they have often moved in opposite directions in the past. ETHU charges 2.67%/yr vs 0.90%/yr for SPXU.
Performance
ETHU vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, ETHU achieves a -71.31% return, which is significantly lower than SPXU's -26.99% return.
ETHU
- 1D
- 0.13%
- 1M
- 18.20%
- 6M
- -49.62%
- YTD
- -71.31%
- 1Y
- -84.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -74.42%
SPXU
- 1D
- -4.32%
- 1M
- -4.65%
- 6M
- -23.07%
- YTD
- -26.99%
- 1Y
- -43.72%
- 3Y*
- -41.09%
- 5Y*
- -33.34%
- 10Y*
- -41.22%
- ALL TIME*
- -42.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $84.08M | $87.05M | $93.41M | |
| $315.21M | $303.93M | $363.00M |
ETHU vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -71.31% | -64.38% | -48.73% |
SPXU ProShares UltraPro Short S&P500 | -26.99% | -41.73% | -25.56% |
Correlation
The correlation between ETHU and SPXU is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | -0.49 |
The correlation between ETHU and SPXU has been stable across timeframes, ranging from -0.51 to -0.49 - a consistent structural relationship.
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Return for Risk
ETHU vs. SPXU — Risk / Return Rank
ETHU
SPXU
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 ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.80 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -1.04 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.17 | -1.74 | +0.57 |
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Drawdowns
ETHU vs. SPXU - Drawdown Comparison
The maximum ETHU drawdown since its inception was -96.46%, 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.
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Drawdown Indicators
| ETHU | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -99.99% | +3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -93.99% | -42.13% | -51.86% |
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 | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -95.03% | -99.99% | +4.96% |
Average DrawdownAverage peak-to-trough decline | -71.24% | -93.38% | +22.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.32% | 27.05% | +45.27% |
Volatility
ETHU vs. SPXU - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 24.02% compared to ProShares UltraPro Short S&P500 (SPXU) at 11.47%. 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.
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Volatility by Period
| ETHU | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.02% | 11.47% | +12.55% |
Volatility (6M)Calculated over the trailing 6-month period | 92.91% | 30.65% | +62.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.85% | 38.37% | +96.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 141.05% | 50.73% | +90.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 141.05% | 53.44% | +87.61% |
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 4.49%, less than SPXU's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | 4.49% | 2.31% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 7.11% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
ETHU and SPXU have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHU has higher volatility (24.02%) compared to SPXU (11.47%). In terms of maximum drawdown, ETHU dropped -96.46% vs SPXU's -99.99%.
On 1-year performance, SPXU leads with -43.72% vs -84.67% for ETHU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXU has performed better with a -43.72% return vs -84.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 2.67% for ETHU.
SPXU has the higher dividend yield at 7.11%, compared with 4.49% for ETHU.
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.
ETHU currently has the higher Sharpe Ratio (-0.63 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.
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