FILG vs. SETH

Last updated Jun 30, 2026

FILG (Grayscale Filecoin Trust (FIL)) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds. FILG is actively managed, while SETH is passively managed. Over the past year, FILG returned -61.53% vs -0.75% for SETH. At a correlation of -0.33, they often move in opposite directions.

Performance

FILG vs. SETH - Performance Comparison

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

Returns By Period

In the year-to-date period, FILG achieves a -29.82% return, which is significantly lower than SETH's 51.54% return.

FILG

• 1D: -1.07%
• 1M: -20.40%
• YTD: -29.82%
• 6M: -31.77%
• 1Y: -61.53%
• 3Y*: -57.85%
• 5Y*: —
• 10Y*: —

SETH

• 1D: -3.06%
• 1M: 19.74%
• YTD: 51.54%
• 6M: 49.40%
• 1Y: -0.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FILG vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FILG Grayscale Filecoin Trust (FIL)	-29.82%	-96.42%	19.35%	128.62%
SETH ProShares Short Ether Strategy ETF	51.54%	-29.41%	-49.59%	-22.19%

Correlation

The correlation between FILG and SETH 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 Nov 2, 2023	-0.33

The correlation between FILG and SETH shifts across timeframes, from -0.51 (1 year) to -0.33 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FILG vs. SETH — Risk / Return Rank

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

FILG

FILG Risk / Return Rank: 5
FILG Sharpe Ratio Rank: 6
FILG Sortino Ratio Rank: 7
FILG Omega Ratio Rank: 7
FILG Calmar Ratio Rank: 3
FILG Martin Ratio Rank: 4

SETH

SETH Risk / Return Rank: 10
SETH Sharpe Ratio Rank: 9
SETH Sortino Ratio Rank: 11
SETH Omega Ratio Rank: 11
SETH Calmar Ratio Rank: 9
SETH Martin Ratio Rank: 9

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. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Filecoin Trust (FIL) (FILG) and ProShares Short Ether Strategy ETF (SETH). 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	SETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	-0.01	-0.46
Sortino ratio: Return per unit of downside risk	-0.15	0.47	-0.62
Omega ratio: Gain probability vs. loss probability	0.98	1.06	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.01	-0.79
Martin ratio: Return relative to average drawdown	-1.12	-0.02	-1.10

FILG vs. SETH - Sharpe Ratio Comparison

The current FILG Sharpe Ratio is -0.47, which is lower than the SETH Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of FILG and SETH, 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. SETH - Drawdown Comparison

The maximum FILG drawdown since its inception was -99.69%, which is greater than SETH's maximum drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for FILG and SETH.

Drawdown Indicators

	FILG	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-99.69%	-80.74%	-18.95%
Max Drawdown (1Y) Largest decline over 1 year	-77.11%	-54.14%	-22.97%
Max Drawdown (3Y) Largest decline over 3 years	-99.69%	—	—
Current Drawdown Current decline from peak	-99.65%	-58.37%	-41.28%
Average Drawdown Average peak-to-trough decline	-69.02%	-54.82%	-14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.98%	33.50%	+21.48%

Volatility

FILG vs. SETH - Volatility Comparison

Grayscale Filecoin Trust (FIL) (FILG) has a higher volatility of 32.73% compared to ProShares Short Ether Strategy ETF (SETH) at 20.10%. This indicates that FILG's price experiences larger fluctuations and is considered to be riskier than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FILG	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.73%	20.10%	+12.63%
Volatility (6M) Calculated over the trailing 6-month period	74.94%	46.34%	+28.60%
Volatility (1Y) Calculated over the trailing 1-year period	131.33%	69.27%	+62.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	192.15%	69.55%	+122.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	192.15%	69.55%	+122.60%

Dividends

FILG vs. SETH - Dividend Comparison

FILG has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 10.15%.

Position	TTM	2025	2024	2023
FILG Grayscale Filecoin Trust (FIL)	0.00%	0.00%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	10.15%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both FILG and SETH in my portfolio?

FILG and SETH 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 SETH?

FILG has higher volatility (32.73%) compared to SETH (20.10%). In terms of maximum drawdown, FILG dropped -99.69% vs SETH's -80.74%.

Which ETF is better, FILG or SETH?

On 1-year performance, SETH leads with -0.75% vs -61.53% for FILG. On volatility, SETH has been the lower-risk option at 20.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FILG or SETH?

Over the 1-year period, SETH has performed better with a -0.75% return vs -61.53%. 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 SETH?

SETH has the higher dividend yield at 10.15%, compared with 0.00% for FILG.

What is the main difference between FILG and SETH?

They also come from different issuers: Grayscale and ProShares.

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (-0.01 vs -0.47), 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.