GXRP vs. SETH

Last updated Jun 4, 2026

GXRP (Grayscale XRP Trust ETF) and SETH (ProShares Short Ether Strategy ETF) are both Cryptocurrency funds - GXRP tracks the CoinDesk XRP Reference Rate Index while SETH tracks the Bloomberg Galaxy Ethereum (--100%). Both are passively managed. At a correlation of -0.87, they often move in opposite directions. GXRP charges 0.35%/yr vs 0.95%/yr for SETH.

Performance

GXRP vs. SETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale XRP Trust ETF (GXRP) 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, GXRP achieves a -34.34% return, which is significantly lower than SETH's 40.93% return.

GXRP

• 1D: -1.56%
• 1M: -14.02%
• YTD: -34.34%
• 6M: -45.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: 5.62%
• 1M: 29.74%
• YTD: 40.93%
• 6M: 46.51%
• 1Y: -1.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXRP vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025
GXRP Grayscale XRP Trust ETF	-34.34%	-18.76%
SETH ProShares Short Ether Strategy ETF	40.93%	-3.15%

Correlation

The correlation between GXRP and SETH is -0.87, 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 Nov 25, 2025	-0.87

Return for Risk

GXRP vs. SETH — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 10
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 12
SETH Omega Ratio Rank: 12
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.

GXRP vs. SETH - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	GXRP	SETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.98	-0.45	-0.54

Drawdowns

GXRP vs. SETH - Drawdown Comparison

The maximum GXRP drawdown since its inception was -48.62%, smaller than the maximum SETH drawdown of -80.74%. Use the drawdown chart below to compare losses from any high point for GXRP and SETH.

Drawdown Indicators

	GXRP	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-48.62%	-80.74%	+32.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.01%	—
Current Drawdown Current decline from peak	-48.13%	-61.29%	+13.16%
Average Drawdown Average peak-to-trough decline	-30.15%	-54.79%	+24.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.77%	—

Volatility

Volatility by Period

	GXRP	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	71.89%	68.54%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.89%	69.53%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.89%	69.53%	+2.36%

GXRP vs. SETH - Expense Ratio Comparison

GXRP has a 0.35% expense ratio, which is lower than SETH's 0.95% expense ratio.

Dividends

GXRP vs. SETH - Dividend Comparison

GXRP has not paid dividends to shareholders, while SETH's dividend yield for the trailing twelve months is around 10.91%.

Position	TTM	2025	2024	2023
GXRP Grayscale XRP Trust ETF	0.00%	0.00%	0.00%	0.00%
SETH ProShares Short Ether Strategy ETF	10.91%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both GXRP and SETH in my portfolio?

GXRP and SETH have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXRP or SETH?

On fees, GXRP 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, GXRP or SETH?

GXRP is cheaper with a 0.35% expense ratio, compared with 0.95% for SETH.

Which ETF pays a higher dividend yield, GXRP or SETH?

SETH has the higher dividend yield at 10.91%, compared with 0.00% for GXRP.

What is the main difference between GXRP and SETH?

GXRP tracks CoinDesk XRP Reference Rate Index, while SETH tracks Bloomberg Galaxy Ethereum (--100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.35% for GXRP and 0.95% for SETH.