FETH vs. ETHT

Last updated Jun 24, 2026

FETH (Fidelity Ethereum Fund) and ETHT (ProShares Ultra Ether ETF) are both Cryptocurrency funds - FETH tracks the Fidelity Ethereum Reference Rate Index while ETHT tracks the Bloomberg Ethereum Index (200%). Both are passively managed. Over the past year, FETH returned -28.45% vs -74.55% for ETHT. With a 1.00 correlation, they move nearly in lockstep. FETH charges 0.25%/yr vs 0.94%/yr for ETHT.

Performance

FETH vs. ETHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) and ProShares Ultra Ether ETF (ETHT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FETH achieves a -44.11% return, which is significantly higher than ETHT's -77.62% return.

FETH

• 1D: -4.17%
• 1M: -19.46%
• YTD: -44.11%
• 6M: -44.07%
• 1Y: -28.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FETH vs. ETHT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FETH Fidelity Ethereum Fund	-44.11%	-11.37%	-4.68%
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-31.53%

Correlation

The correlation between FETH and ETHT is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	1.00

The correlation between FETH and ETHT has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FETH vs. ETHT — Risk / Return Rank

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

FETH

FETH Risk / Return Rank: 6
FETH Sharpe Ratio Rank: 5
FETH Sortino Ratio Rank: 6
FETH Omega Ratio Rank: 6
FETH Calmar Ratio Rank: 5
FETH Martin Ratio Rank: 6

ETHT

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

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.

FETH vs. ETHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) and ProShares Ultra Ether ETF (ETHT). 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.

	FETH	ETHT	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.54	+0.13
Sortino ratio: Return per unit of downside risk	-0.20	-0.43	+0.23
Omega ratio: Gain probability vs. loss probability	0.98	0.95	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.80	+0.37
Martin ratio: Return relative to average drawdown	-0.70	-1.14	+0.43

FETH vs. ETHT - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.41, which is comparable to the ETHT Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of FETH and ETHT, 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

FETH vs. ETHT - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.57%, smaller than the maximum ETHT drawdown of -96.02%. Use the drawdown chart below to compare losses from any high point for FETH and ETHT.

Drawdown Indicators

	FETH	ETHT	Difference
Max Drawdown Largest peak-to-trough decline	-67.57%	-96.02%	+28.45%
Max Drawdown (1Y) Largest decline over 1 year	-67.57%	-93.92%	+26.35%
Current Drawdown Current decline from peak	-65.81%	-95.71%	+29.90%
Average Drawdown Average peak-to-trough decline	-33.69%	-67.69%	+34.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.48%	65.67%	-25.19%

Volatility

FETH vs. ETHT - Volatility Comparison

The current volatility for Fidelity Ethereum Fund (FETH) is 19.78%, while ProShares Ultra Ether ETF (ETHT) has a volatility of 39.94%. This indicates that FETH experiences smaller price fluctuations and is considered to be less risky than ETHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FETH	ETHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.78%	39.94%	-20.16%
Volatility (6M) Calculated over the trailing 6-month period	46.89%	94.89%	-48.00%
Volatility (1Y) Calculated over the trailing 1-year period	69.15%	137.89%	-68.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.38%	143.20%	-70.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.38%	143.20%	-70.82%

FETH vs. ETHT - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is lower than ETHT's 0.94% expense ratio.

Dividends

FETH vs. ETHT - Dividend Comparison

FETH has not paid dividends to shareholders, while ETHT's dividend yield for the trailing twelve months is around 21.23%.

Position	TTM	2025	2024
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FETH and ETHT in my portfolio?

With a correlation of 1.00, FETH and ETHT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FETH or ETHT?

ETHT has higher volatility (39.94%) compared to FETH (19.78%). In terms of maximum drawdown, FETH dropped -67.57% vs ETHT's -96.02%.

Which ETF is better, FETH or ETHT?

On 1-year performance, FETH leads with -28.45% vs -74.55% for ETHT. On fees, FETH is cheaper at 0.25% per year. On volatility, FETH has been the lower-risk option at 19.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or ETHT?

Over the 1-year period, FETH has performed better with a -28.45% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or ETHT?

FETH is cheaper with a 0.25% expense ratio, compared with 0.94% for ETHT.

Which ETF pays a higher dividend yield, FETH or ETHT?

ETHT has the higher dividend yield at 21.23%, compared with 0.00% for FETH.

What is the main difference between FETH and ETHT?

FETH tracks Fidelity Ethereum Reference Rate Index, while ETHT tracks Bloomberg Ethereum Index (200%). They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.25% for FETH and 0.94% for ETHT.

Which has better risk-adjusted returns?

FETH currently has the higher Sharpe Ratio (-0.41 vs -0.54), 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.