ETHU vs. ZVOL

Last updated Apr 1, 2026

Compare and contrast key facts about Volatility Shares 2x Ether ETF (ETHU) and Volatility Premium Plus ETF (ZVOL).

ETHU and ZVOL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHU is an actively managed fund by Volatility Shares. It was launched on Nov 1, 2023. ZVOL is a passively managed fund by Volatility Shares that tracks the performance of the S&P 500 VIX Mid Term Futures Inverse Daily Index. It was launched on Apr 17, 2023.

Performance

ETHU vs. ZVOL - Performance Comparison

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

ETHU vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-59.04%	-64.38%	-49.29%
ZVOL Volatility Premium Plus ETF	-11.39%	-10.71%	-8.67%

Returns By Period

In the year-to-date period, ETHU achieves a -59.04% return, which is significantly lower than ZVOL's -11.39% return.

ETHU

• 1D: 7.40%
• 1M: 13.13%
• YTD: -59.04%
• 6M: -82.69%
• 1Y: -38.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZVOL

• 1D: 3.23%
• 1M: -8.77%
• YTD: -11.39%
• 6M: -7.42%
• 1Y: -12.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHU vs. ZVOL - Expense Ratio Comparison

ETHU has a 0.94% expense ratio, which is lower than ZVOL's 1.35% expense ratio.

ZVOL

Volatility Premium Plus ETF

ETHU

Volatility Shares 2x Ether ETF

Return for Risk

ETHU vs. ZVOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHU

ETHU Risk / Return Rank: 13
ETHU Sharpe Ratio Rank: 7
ETHU Sortino Ratio Rank: 25
ETHU Omega Ratio Rank: 22
ETHU Calmar Ratio Rank: 5
ETHU Martin Ratio Rank: 6

ZVOL

ZVOL Risk / Return Rank: 4
ZVOL Sharpe Ratio Rank: 5
ZVOL Sortino Ratio Rank: 5
ZVOL Omega Ratio Rank: 4
ZVOL Calmar Ratio Rank: 3
ZVOL Martin Ratio Rank: 2

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. ZVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) and Volatility Premium Plus ETF (ZVOL). 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.

	ETHU	ZVOL	Difference
Sharpe ratio Return per unit of total volatility	-0.25	-0.42	+0.16
Sortino ratio Return per unit of downside risk	0.66	-0.40	+1.06
Omega ratio Gain probability vs. loss probability	1.07	0.94	+0.13
Calmar ratio Return relative to maximum drawdown	-0.46	-0.56	+0.10
Martin ratio Return relative to average drawdown	-0.80	-1.28	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHU vs. ZVOL - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.25, which is higher than the ZVOL Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of ETHU and ZVOL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHU	ZVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-0.42	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.52	0.32	-0.84

Correlation

The correlation between ETHU and ZVOL is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ETHU vs. ZVOL - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 3.51%, less than ZVOL's 69.95% yield.

	TTM	2025	2024	2023
ETHU Volatility Shares 2x Ether ETF	3.51%	2.31%	0.41%	0.00%
ZVOL Volatility Premium Plus ETF	69.95%	53.44%	30.68%	0.55%

Drawdowns

ETHU vs. ZVOL - Drawdown Comparison

The maximum ETHU drawdown since its inception was -94.05%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for ETHU and ZVOL.

Drawdown Indicators

	ETHU	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-94.05%	-37.25%	-56.80%
Max Drawdown (1Y) Largest decline over 1 year	-89.89%	-22.85%	-67.04%
Current Drawdown Current decline from peak	-92.91%	-29.42%	-63.49%
Average Drawdown Average peak-to-trough decline	-67.20%	-12.80%	-54.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.47%	9.96%	+41.51%

Volatility

ETHU vs. ZVOL - Volatility Comparison

Volatility Shares 2x Ether ETF (ETHU) has a higher volatility of 38.13% compared to Volatility Premium Plus ETF (ZVOL) at 9.28%. This indicates that ETHU's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHU	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.13%	9.28%	+28.85%
Volatility (6M) Calculated over the trailing 6-month period	109.24%	14.78%	+94.46%
Volatility (1Y) Calculated over the trailing 1-year period	152.45%	29.52%	+122.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.79%	29.91%	+117.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.79%	29.91%	+117.88%