ETHU vs. SPY

Last updated Jun 25, 2026

ETHU (Volatility Shares 2x Ether ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while SPY is a S&P 500 fund tracking the S&P 500 Index. ETHU is actively managed, while SPY is passively managed. Over the past year, ETHU returned -78.15% vs 22.18% for SPY. A 0.50 correlation means they provide meaningful diversification when combined. ETHU charges 2.67%/yr vs 0.09%/yr for SPY.

Performance

ETHU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 8.10% return.

ETHU

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

SPY

• 1D: -0.05%
• 1M: -1.41%
• YTD: 8.10%
• 6M: 6.77%
• 1Y: 22.18%
• 3Y*: 20.66%
• 5Y*: 12.96%
• 10Y*: 15.53%

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

ETHU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-78.81%	-64.38%	-48.73%
SPY State Street SPDR S&P 500 ETF	8.10%	17.72%	12.12%

Correlation

The correlation between ETHU and SPY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

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

The correlation between ETHU and SPY has been stable across timeframes, ranging from 0.50 to 0.50 - a consistent structural relationship.

Return for Risk

ETHU vs. SPY — 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

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.79	-2.36
Sortino ratio: Return per unit of downside risk	-0.57	2.45	-3.02
Omega ratio: Gain probability vs. loss probability	0.94	1.33	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.83	2.51	-3.34
Martin ratio: Return relative to average drawdown	-1.19	11.15	-12.34

ETHU vs. SPY - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.56, which is lower than the SPY Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of ETHU and SPY, 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. SPY - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.33%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETHU and SPY.

Drawdown Indicators

	ETHU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-96.33%	-55.19%	-41.14%
Max Drawdown (1Y) Largest decline over 1 year	-93.77%	-8.88%	-84.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-96.33%	-3.22%	-93.11%
Average Drawdown Average peak-to-trough decline	-69.98%	-9.03%	-60.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.78%	1.99%	+63.79%

Volatility

ETHU vs. SPY - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 40.14% compared to State Street SPDR S&P 500 ETF (SPY) at 4.85%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.14%	4.85%	+35.29%
Volatility (6M) Calculated over the trailing 6-month period	94.86%	9.81%	+85.05%
Volatility (1Y) Calculated over the trailing 1-year period	139.00%	12.47%	+126.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.30%	17.15%	+126.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.30%	17.95%	+125.35%

ETHU vs. SPY - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ETHU vs. SPY - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 6.92%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ETHU and SPY in my portfolio?

ETHU and SPY have a correlation of 0.50, 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 SPY?

ETHU has higher volatility (40.14%) compared to SPY (4.85%). In terms of maximum drawdown, ETHU dropped -96.33% vs SPY's -55.19%.

Which ETF is better, ETHU or SPY?

On 1-year performance, SPY leads with 22.18% vs -78.15% for ETHU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or SPY?

Over the 1-year period, SPY has performed better with a 22.18% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 6.92%, compared with 1.03% for SPY.

What is the main difference between ETHU and SPY?

ETHU is categorized as Leveraged Cryptocurrency, while SPY is S&P 500. They also come from different issuers: Volatility Shares and State Street. Their fees differ too: 2.67% for ETHU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.79 vs -0.56), 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.