FILG vs. ETHD

Last updated Jul 21, 2026

FILG (Grayscale Filecoin Trust (FIL)) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, FILG returned -68.96% vs -2.31% for ETHD. At a correlation of -0.40, they often move in opposite directions.

Performance

FILG vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Filecoin Trust (FIL) (FILG) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FILG achieves a -29.06% return, which is significantly lower than ETHD's 27.90% return.

FILG

• 1D: 0.92%
• 1M: -3.45%
• 6M: -37.26%
• YTD: -29.06%
• 1Y: -68.96%
• 3Y*: -64.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -37.41%

ETHD

• 1D: -5.29%
• 1M: -23.52%
• 6M: 61.71%
• YTD: 27.90%
• 1Y: -2.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -51.51%

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

FILG vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FILG Grayscale Filecoin Trust (FIL)	-29.06%	-96.42%	-44.80%
ETHD ProShares UltraShort Ether ETF	27.90%	-72.49%	-38.58%

Correlation

The correlation between FILG and ETHD is -0.51, 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 (1Y) Calculated over the trailing 1-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.40

The correlation between FILG and ETHD shifts across timeframes, from -0.51 (1 year) to -0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FILG vs. ETHD — Risk / Return Rank

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

FILG

FILG Risk / Return Rank: 4
FILG Sharpe Ratio Rank: 5
FILG Sortino Ratio Rank: 6
FILG Omega Ratio Rank: 6
FILG Calmar Ratio Rank: 1
FILG Martin Ratio Rank: 3

ETHD

ETHD Risk / Return Rank: 15
ETHD Sharpe Ratio Rank: 10
ETHD Sortino Ratio Rank: 22
ETHD Omega Ratio Rank: 22
ETHD Calmar Ratio Rank: 10
ETHD Martin Ratio Rank: 10

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.

FILG vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Filecoin Trust (FIL) (FILG) 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.

	FILG	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.02	-0.53
Sortino ratio: Return per unit of downside risk	-0.47	0.95	-1.42
Omega ratio: Gain probability vs. loss probability	0.95	1.11	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.04	-0.86
Martin ratio: Return relative to average drawdown	-1.20	-0.07	-1.14

FILG vs. ETHD - Sharpe Ratio Comparison

The current FILG Sharpe Ratio is -0.54, which is lower than the ETHD Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of FILG and ETHD, 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

FILG vs. ETHD - Drawdown Comparison

The maximum FILG drawdown since its inception was -99.69%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for FILG and ETHD.

Drawdown Indicators

	FILG	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-99.69%	-95.59%	-4.10%
Max Drawdown (1Y) Largest decline over 1 year	-76.85%	-57.19%	-19.66%
Max Drawdown (3Y) Largest decline over 3 years	-99.69%	—	—
Current Drawdown Current decline from peak	-99.65%	-90.01%	-9.64%
Average Drawdown Average peak-to-trough decline	-69.43%	-67.13%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.25%	35.61%	+21.64%

Volatility

FILG vs. ETHD - Volatility Comparison

The current volatility for Grayscale Filecoin Trust (FIL) (FILG) is 25.32%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 28.94%. This indicates that FILG experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FILG	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.32%	28.94%	-3.62%
Volatility (6M) Calculated over the trailing 6-month period	71.46%	93.62%	-22.16%
Volatility (1Y) Calculated over the trailing 1-year period	127.68%	134.57%	-6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.02%	141.28%	+49.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.02%	141.28%	+49.74%

Dividends

FILG vs. ETHD - Dividend Comparison

FILG has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 5.82%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	5.82%	156.62%	19.15%
FILG Grayscale Filecoin Trust (FIL)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FILG and ETHD in my portfolio?

FILG and ETHD 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, FILG or ETHD?

ETHD has higher volatility (28.94%) compared to FILG (25.32%). In terms of maximum drawdown, FILG dropped -99.69% vs ETHD's -95.59%.

Which ETF is better, FILG or ETHD?

On 1-year performance, ETHD leads with -2.31% vs -68.96% for FILG. On volatility, FILG has been the lower-risk option at 25.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FILG or ETHD?

Over the 1-year period, ETHD has performed better with a -2.31% return vs -68.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ETHD has the higher dividend yield at 5.82%, compared with 0.00% for FILG.

What is the main difference between FILG and ETHD?

They also come from different issuers: Grayscale and ProShares.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.02 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.