EVMU vs. ETHD

Last updated Jun 30, 2026

EVMU (Direxion Daily Ether Bull 2X ETF) and ETHD (ProShares UltraShort Ether ETF) are both exchange-traded funds - EVMU is a Leveraged Cryptocurrency fund actively managed by Direxion, while ETHD is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. At a correlation of -0.98, they often move in opposite directions.

Performance

EVMU vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Ether Bull 2X ETF (EVMU) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EVMU

• 1D: 6.26%
• 1M: -38.86%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -6.34%
• 1M: 36.59%
• YTD: 81.43%
• 6M: 75.78%
• 1Y: -42.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVMU vs. ETHD - Yearly Performance Comparison

	2026 (YTD)
EVMU Direxion Daily Ether Bull 2X ETF	-42.24%
ETHD ProShares UltraShort Ether ETF	44.33%

Correlation

The correlation between EVMU and ETHD is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	-0.98

Return for Risk

EVMU vs. ETHD — Risk / Return Rank

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

EVMU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 7

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.

EVMU vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Ether Bull 2X ETF (EVMU) and ProShares UltraShort Ether ETF (ETHD). 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.

	EVMU	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.31	—
Sortino ratio: Return per unit of downside risk	—	0.42	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	-0.52	—
Martin ratio: Return relative to average drawdown	—	-0.66	—

Drawdowns

EVMU vs. ETHD - Drawdown Comparison

The maximum EVMU drawdown since its inception was -46.73%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for EVMU and ETHD.

Drawdown Indicators

	EVMU	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-46.73%	-95.59%	+48.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-82.01%	—
Current Drawdown Current decline from peak	-42.24%	-85.82%	+43.58%
Average Drawdown Average peak-to-trough decline	-30.29%	-66.55%	+36.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	64.12%	—

Volatility

Volatility by Period

	EVMU	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	40.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	92.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	132.73%	137.68%	-4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.73%	142.23%	-9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.73%	142.23%	-9.50%

Dividends

EVMU vs. ETHD - Dividend Comparison

EVMU's dividend yield for the trailing twelve months is around 0.31%, less than ETHD's 9.64% yield.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	9.64%	156.62%	19.15%
EVMU Direxion Daily Ether Bull 2X ETF	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVMU and ETHD in my portfolio?

EVMU and ETHD have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, EVMU or ETHD?

ETHD has the higher dividend yield at 9.64%, compared with 0.31% for EVMU.

What is the main difference between EVMU and ETHD?

EVMU is categorized as Leveraged Cryptocurrency, while ETHD is Cryptocurrency. They also come from different issuers: Direxion and ProShares.