GXLM vs. ETHD

Last updated Jun 30, 2026

GXLM (Grayscale Stellar Lumens Trust (XLM)) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, GXLM returned 3.00% vs -42.20% for ETHD. At a correlation of -0.56, they often move in opposite directions.

Performance

GXLM vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Stellar Lumens Trust (XLM) (GXLM) 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, GXLM achieves a 6.12% return, which is significantly lower than ETHD's 81.43% return.

GXLM

• 1D: -0.10%
• 1M: -24.43%
• YTD: 6.12%
• 6M: 1.93%
• 1Y: 3.00%
• 3Y*: -27.76%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -6.34%
• 1M: 36.59%
• YTD: 81.43%
• 6M: 75.78%
• 1Y: -42.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXLM vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GXLM Grayscale Stellar Lumens Trust (XLM)	6.12%	-50.11%	-5.18%
ETHD ProShares UltraShort Ether ETF	81.43%	-72.49%	-38.58%

Correlation

The correlation between GXLM and ETHD is -0.65, 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	-0.65
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.56

The correlation between GXLM and ETHD has been stable across timeframes, ranging from -0.65 to -0.56 - a consistent structural relationship.

Return for Risk

GXLM vs. ETHD — Risk / Return Rank

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

GXLM

GXLM Risk / Return Rank: 12
GXLM Sharpe Ratio Rank: 10
GXLM Sortino Ratio Rank: 17
GXLM Omega Ratio Rank: 16
GXLM Calmar Ratio Rank: 9
GXLM Martin Ratio Rank: 9

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 7

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.

GXLM vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Stellar Lumens Trust (XLM) (GXLM) 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.

	GXLM	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	0.03	-0.31	+0.34
Sortino ratio: Return per unit of downside risk	0.89	0.42	+0.47
Omega ratio: Gain probability vs. loss probability	1.10	1.05	+0.05
Calmar ratio: Return relative to maximum drawdown	0.04	-0.52	+0.56
Martin ratio: Return relative to average drawdown	0.06	-0.66	+0.72

GXLM vs. ETHD - Sharpe Ratio Comparison

The current GXLM Sharpe Ratio is 0.03, which is higher than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of GXLM 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

GXLM vs. ETHD - Drawdown Comparison

The maximum GXLM drawdown since its inception was -94.01%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for GXLM and ETHD.

Drawdown Indicators

	GXLM	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-94.01%	-95.59%	+1.58%
Max Drawdown (1Y) Largest decline over 1 year	-71.88%	-82.01%	+10.13%
Max Drawdown (3Y) Largest decline over 3 years	-78.19%	—	—
Current Drawdown Current decline from peak	-76.54%	-85.82%	+9.28%
Average Drawdown Average peak-to-trough decline	-70.43%	-66.55%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.28%	64.12%	-11.84%

Volatility

GXLM vs. ETHD - Volatility Comparison

The current volatility for Grayscale Stellar Lumens Trust (XLM) (GXLM) is 34.14%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 40.69%. This indicates that GXLM 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

	GXLM	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.14%	40.69%	-6.55%
Volatility (6M) Calculated over the trailing 6-month period	61.53%	92.86%	-31.33%
Volatility (1Y) Calculated over the trailing 1-year period	104.03%	137.68%	-33.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	148.38%	142.23%	+6.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	148.38%	142.23%	+6.15%

Dividends

GXLM vs. ETHD - Dividend Comparison

GXLM 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%
GXLM Grayscale Stellar Lumens Trust (XLM)	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXLM and ETHD in my portfolio?

GXLM and ETHD have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXLM or ETHD?

ETHD has higher volatility (40.69%) compared to GXLM (34.14%). In terms of maximum drawdown, GXLM dropped -94.01% vs ETHD's -95.59%.

Which ETF is better, GXLM or ETHD?

On 1-year performance, GXLM leads with 3.00% vs -42.20% for ETHD. On volatility, GXLM has been the lower-risk option at 34.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXLM or ETHD?

Over the 1-year period, GXLM has performed better with a 3.00% return vs -42.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ETHD has the higher dividend yield at 9.64%, compared with 0.00% for GXLM.

What is the main difference between GXLM and ETHD?

They also come from different issuers: Grayscale and ProShares.

Which has better risk-adjusted returns?

GXLM currently has the higher Sharpe Ratio (0.03 vs -0.31), 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.