ETHU vs. VOO

Last updated Aug 5, 2026

ETHU (Volatility Shares 2x Ether ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares, while VOO is a S&P 500 fund tracking the S&P 500 Index. ETHU is actively managed, while VOO is passively managed. Over the past year, ETHU returned -85.95% vs 23.65% for VOO. Their 0.49 correlation means their historical movements had little consistent relationship. ETHU charges 2.67%/yr vs 0.03%/yr for VOO.

Performance

ETHU vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHU achieves a -71.18% return, which is significantly lower than VOO's 13.74% return.

ETHU

• 1D: 0.45%
• 1M: 18.73%
• 6M: -48.35%
• YTD: -71.18%
• 1Y: -85.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.32%

VOO

• 1D: 1.81%
• 1M: 3.52%
• 6M: 12.48%
• YTD: 13.74%
• 1Y: 23.65%
• 3Y*: 21.57%
• 5Y*: 13.38%
• 10Y*: 15.37%
• ALL TIME*: 15.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHU Volatility Shares 2x Ether ETF	$81.06M	$85.31M	$92.56M
VOO Vanguard S&P 500 ETF	$4.15B	$3.84B	$5.49B

ETHU vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-71.18%	-64.38%	-48.73%
VOO Vanguard S&P 500 ETF	13.74%	17.82%	12.16%

Correlation

The correlation between ETHU and VOO 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 VOO has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

ETHU vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHU

ETHU Risk / Return Rank: 3
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 3
ETHU Omega Ratio Rank: 3
ETHU Calmar Ratio Rank: 1
ETHU Martin Ratio Rank: 3

VOO

VOO Risk / Return Rank: 72
VOO Sharpe Ratio Rank: 72
VOO Sortino Ratio Rank: 71
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHU vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	1.86	-2.50
Sortino ratio: Return per unit of downside risk	-1.09	2.56	-3.65
Omega ratio: Gain probability vs. loss probability	0.88	1.33	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.92	2.67	-3.58
Martin ratio: Return relative to average drawdown	-1.18	11.40	-12.59

ETHU vs. VOO - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.64, which is lower than the VOO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ETHU and VOO, 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. VOO - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.46%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ETHU and VOO.

Drawdown Indicators

	ETHU	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-33.99%	-62.47%
Max Drawdown (1Y) Largest decline over 1 year	-93.99%	-8.90%	-85.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-95.01%	0.00%	-95.01%
Average Drawdown Average peak-to-trough decline	-71.29%	-3.67%	-67.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.55%	2.08%	+70.47%

Volatility

ETHU vs. VOO - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 21.79% compared to Vanguard S&P 500 ETF (VOO) at 4.11%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	4.11%	+17.68%
Volatility (6M) Calculated over the trailing 6-month period	87.85%	10.31%	+77.54%
Volatility (1Y) Calculated over the trailing 1-year period	134.58%	12.89%	+121.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.92%	16.96%	+123.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.92%	18.03%	+122.89%

ETHU vs. VOO - Expense Ratio Comparison

ETHU has a 2.67% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

ETHU vs. VOO - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 4.47%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHU Volatility Shares 2x Ether ETF	4.47%	2.31%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both ETHU and VOO in my portfolio?

ETHU and VOO 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.

Which is riskier, ETHU or VOO?

ETHU has higher volatility (21.79%) compared to VOO (4.11%). In terms of maximum drawdown, ETHU dropped -96.46% vs VOO's -33.99%.

Which ETF is better, ETHU or VOO?

On 1-year performance, VOO leads with 23.65% vs -85.95% for ETHU. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or VOO?

Over the 1-year period, VOO has performed better with a 23.65% return vs -85.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 4.47%, compared with 1.04% for VOO.

What is the main difference between ETHU and VOO?

ETHU is categorized as Leveraged Cryptocurrency, while VOO is S&P 500. They also come from different issuers: Volatility Shares and Vanguard. Their fees differ too: 2.67% for ETHU and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.86 vs -0.64), 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.