ETHU vs. SPY
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 -84.67% vs 23.22% for SPY. Their 0.49 correlation means their historical movements had little consistent relationship. ETHU charges 2.67%/yr vs 0.09%/yr for SPY.
Performance
ETHU vs. SPY - 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 SPY's 11.70% return.
ETHU
- 1D
- 0.13%
- 1M
- 18.20%
- 6M
- -49.62%
- YTD
- -71.31%
- 1Y
- -84.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -74.42%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $84.08M | $87.05M | $93.41M | |
| $38.19B | $36.17B | $39.59B |
ETHU vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHU Volatility Shares 2x Ether ETF | -71.31% | -64.38% | -48.73% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 12.12% |
Correlation
The correlation between ETHU and SPY is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| 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 SPY has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
ETHU vs. SPY — Risk / Return Rank
ETHU
SPY
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 ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.50 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.32 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.62 | -3.53 |
| Martin ratioReturn relative to average drawdown | -1.17 | 11.20 | -12.37 |
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Drawdowns
ETHU vs. SPY - Drawdown Comparison
The maximum ETHU drawdown since its inception was -96.46%, 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.
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Drawdown Indicators
| ETHU | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -55.19% | -41.27% |
Max Drawdown (1Y)Largest decline over 1 year | -93.99% | -8.88% | -85.11% |
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 DrawdownCurrent decline from peak | -95.03% | 0.00% | -95.03% |
Average DrawdownAverage peak-to-trough decline | -71.24% | -9.01% | -62.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.32% | 2.08% | +70.24% |
Volatility
ETHU vs. SPY - Volatility Comparison
Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 24.02% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. 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.
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Volatility by Period
| ETHU | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.02% | 3.84% | +20.18% |
Volatility (6M)Calculated over the trailing 6-month period | 92.91% | 10.23% | +82.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.85% | 12.87% | +121.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 141.05% | 17.19% | +123.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 141.05% | 17.96% | +123.09% |
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 4.49%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.99% | 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
ETHU and SPY 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 SPY (3.84%). In terms of maximum drawdown, ETHU dropped -96.46% vs SPY's -55.19%.
On 1-year performance, SPY leads with 23.22% vs -84.67% for ETHU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 23.22% return vs -84.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 2.67% for ETHU.
ETHU has the higher dividend yield at 4.49%, compared with 0.99% for 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.
SPY currently has the higher Sharpe Ratio (1.82 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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