GBAT vs. ETHD
GBAT (Grayscale Basic Attention Token Trust) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, GBAT returned -49.06% vs -42.20% for ETHD. At a correlation of -0.35, they often move in opposite directions.
Performance
GBAT vs. ETHD - Performance Comparison
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Returns By Period
In the year-to-date period, GBAT achieves a -63.16% return, which is significantly lower than ETHD's 81.43% return.
GBAT
- 1D
- 2.77%
- 1M
- -27.03%
- YTD
- -63.16%
- 6M
- -63.28%
- 1Y
- -49.06%
- 3Y*
- -32.44%
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- -6.34%
- 1M
- 36.59%
- YTD
- 81.43%
- 6M
- 75.78%
- 1Y
- -42.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBAT vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GBAT Grayscale Basic Attention Token Trust | -63.16% | -77.32% | -58.72% |
ETHD ProShares UltraShort Ether ETF | 81.43% | -72.49% | -38.58% |
Correlation
The correlation between GBAT and ETHD is -0.32, 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 | -0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024 | -0.35 |
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Return for Risk
GBAT vs. ETHD — Risk / Return Rank
GBAT
ETHD
GBAT vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) 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.
| GBAT | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.05 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | -0.52 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.04 | -0.66 | -0.38 |
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Drawdowns
GBAT vs. ETHD - Drawdown Comparison
The maximum GBAT drawdown since its inception was -98.13%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for GBAT and ETHD.
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Drawdown Indicators
| GBAT | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.13% | -95.59% | -2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -78.53% | -82.01% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -98.13% | — | — |
Current DrawdownCurrent decline from peak | -97.68% | -85.82% | -11.86% |
Average DrawdownAverage peak-to-trough decline | -69.04% | -66.55% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.29% | 64.12% | -16.83% |
Volatility
GBAT vs. ETHD - Volatility Comparison
The current volatility for Grayscale Basic Attention Token Trust (GBAT) is 31.49%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.69%. This indicates that GBAT 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.
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Volatility by Period
| GBAT | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.49% | 40.69% | -9.20% |
Volatility (6M)Calculated over the trailing 6-month period | 72.98% | 92.86% | -19.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.10% | 137.68% | -5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 169.39% | 142.23% | +27.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 169.39% | 142.23% | +27.16% |
Dividends
GBAT vs. ETHD - Dividend Comparison
GBAT has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 9.64%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 9.64% | 156.62% | 19.15% |
GBAT Grayscale Basic Attention Token Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBAT and ETHD have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHD has higher volatility (40.69%) compared to GBAT (31.49%). In terms of maximum drawdown, GBAT dropped -98.13% vs ETHD's -95.59%.
On 1-year performance, ETHD leads with -42.20% vs -49.06% for GBAT. On volatility, GBAT has been the lower-risk option at 31.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHD has performed better with a -42.20% return vs -49.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHD has the higher dividend yield at 9.64%, compared with 0.00% for GBAT.
They also come from different issuers: Grayscale and ProShares.
ETHD currently has the higher Sharpe Ratio (-0.31 vs -0.37), 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.
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