GAVA vs. ETHD

Last updated Jul 12, 2026

GAVA (Grayscale Avalanche Staking ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.79, they often move in opposite directions. GAVA charges 0.35%/yr vs 1.01%/yr for ETHD.

Performance

GAVA vs. ETHD - Performance Comparison

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

Returns By Period

GAVA

• 1D: 0.38%
• 1M: 3.09%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -4.71%
• 1M: -19.72%
• 6M: 56.84%
• YTD: 45.31%
• 1Y: -24.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAVA vs. ETHD - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-29.06%
ETHD ProShares UltraShort Ether ETF	2.89%

Correlation

The correlation between GAVA and ETHD is -0.79, 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 Mar 12, 2026	-0.79

Return for Risk

GAVA vs. ETHD — Risk / Return Rank

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

GAVA

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

ETHD

ETHD Risk / Return Rank: 9
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 14
ETHD Omega Ratio Rank: 14
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 6

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.

GAVA vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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.

	GAVA	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.25	—
Sortino ratio: Return per unit of downside risk	—	0.54	—
Omega ratio: Gain probability vs. loss probability	—	1.07	—
Calmar ratio: Return relative to maximum drawdown	—	-0.49	—
Martin ratio: Return relative to average drawdown	—	-0.74	—

Drawdowns

GAVA vs. ETHD - Drawdown Comparison

The maximum GAVA drawdown since its inception was -40.42%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for GAVA and ETHD.

Drawdown Indicators

	GAVA	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-95.59%	+55.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-70.58%	—
Current Drawdown Current decline from peak	-33.83%	-88.65%	+54.82%
Average Drawdown Average peak-to-trough decline	-16.75%	-66.87%	+50.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	51.00%	—

Volatility

Volatility by Period

	GAVA	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	33.98%	—
Volatility (6M) Calculated over the trailing 6-month period	—	93.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	54.12%	136.41%	-82.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.12%	141.71%	-87.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.12%	141.71%	-87.59%

GAVA vs. ETHD - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

GAVA vs. ETHD - Dividend Comparison

GAVA has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 5.12%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	5.12%	156.62%	19.15%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and ETHD in my portfolio?

GAVA and ETHD have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or ETHD?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or ETHD?

GAVA is cheaper with a 0.35% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 5.12%, compared with 0.00% for GAVA.

What is the main difference between GAVA and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.35% for GAVA and 1.01% for ETHD.