GLNK vs. ETHD

Last updated Jun 4, 2026

GLNK (Grayscale Chainlink Trust ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. GLNK is passively managed, while ETHD is actively managed. Over the past year, GLNK returned -59.50% vs -42.18% for ETHD. At a correlation of -0.53, they often move in opposite directions. GLNK charges 2.50%/yr vs 1.01%/yr for ETHD.

Performance

GLNK vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Chainlink Trust ETF (GLNK) 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, GLNK achieves a -33.27% return, which is significantly lower than ETHD's 63.80% return.

GLNK

• 1D: -3.84%
• 1M: -12.83%
• YTD: -33.27%
• 6M: -43.25%
• 1Y: -59.50%
• 3Y*: -10.96%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLNK vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLNK Grayscale Chainlink Trust ETF	-33.27%	-87.10%	-29.02%
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%

Correlation

The correlation between GLNK and ETHD is -0.72, 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	-0.72
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.53

The correlation between GLNK and ETHD shifts across timeframes, from -0.72 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLNK vs. ETHD — Risk / Return Rank

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

GLNK

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
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.

GLNK vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Chainlink Trust ETF (GLNK) 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.

	GLNK	ETHD	Difference
Sharpe ratio Return per unit of total volatility	-0.55	-0.31	-0.24
Sortino ratio Return per unit of downside risk	-0.42	0.40	-0.83
Omega ratio Gain probability vs. loss probability	0.95	1.05	-0.10
Calmar ratio Return relative to maximum drawdown	-0.68	-0.51	-0.17
Martin ratio Return relative to average drawdown	-0.89	-0.64	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLNK vs. ETHD - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.55, which is lower than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of GLNK 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.

Sharpe Ratios by Period

	GLNK	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	-0.31	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.35	+0.34

Drawdowns

GLNK vs. ETHD - Drawdown Comparison

The maximum GLNK drawdown since its inception was -95.82%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for GLNK and ETHD.

Drawdown Indicators

	GLNK	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-95.82%	-95.59%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-88.29%	-83.63%	-4.66%
Max Drawdown (3Y) Largest decline over 3 years	-95.82%	—	—
Current Drawdown Current decline from peak	-95.71%	-87.20%	-8.51%
Average Drawdown Average peak-to-trough decline	-55.70%	-66.01%	+10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.68%	66.00%	+0.68%

Volatility

GLNK vs. ETHD - Volatility Comparison

The current volatility for Grayscale Chainlink Trust ETF (GLNK) is 15.43%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 19.00%. This indicates that GLNK 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

	GLNK	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.43%	19.00%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	46.79%	92.37%	-45.58%
Volatility (1Y) Calculated over the trailing 1-year period	109.57%	136.23%	-26.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	164.87%	142.19%	+22.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.87%	142.19%	+22.68%

GLNK vs. ETHD - Expense Ratio Comparison

GLNK has a 2.50% expense ratio, which is higher than ETHD's 1.01% expense ratio.

Dividends

GLNK vs. ETHD - Dividend Comparison

GLNK has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 10.68%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%
GLNK Grayscale Chainlink Trust ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLNK and ETHD in my portfolio?

GLNK and ETHD have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or ETHD?

ETHD has higher volatility (19.00%) compared to GLNK (15.43%). In terms of maximum drawdown, GLNK dropped -95.82% vs ETHD's -95.59%.

Which ETF is better, GLNK or ETHD?

On 1-year performance, ETHD leads with -42.18% vs -59.50% for GLNK. On fees, ETHD is cheaper at 1.01% per year. On volatility, GLNK has been the lower-risk option at 15.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or ETHD?

Over the 1-year period, ETHD has performed better with a -42.18% return vs -59.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or ETHD?

ETHD is cheaper with a 1.01% expense ratio, compared with 2.50% for GLNK.

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

ETHD has the higher dividend yield at 10.68%, compared with 0.00% for GLNK.

What is the main difference between GLNK and ETHD?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 2.50% for GLNK and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.31 vs -0.55), 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.