MANA vs. ETHD
MANA (Grayscale Decentraland Trust) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, MANA returned -76.92% vs -2.31% for ETHD. At a correlation of -0.36, they often move in opposite directions.
Performance
MANA vs. ETHD - Performance Comparison
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Returns By Period
In the year-to-date period, MANA achieves a -42.20% return, which is significantly lower than ETHD's 27.90% return.
MANA
- 1D
- -11.76%
- 1M
- -11.76%
- 6M
- -50.41%
- YTD
- -42.20%
- 1Y
- -76.92%
- 3Y*
- -58.04%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -51.20%
ETHD
- 1D
- -5.29%
- 1M
- -23.52%
- 6M
- 61.71%
- YTD
- 27.90%
- 1Y
- -2.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -51.51%
MANA vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MANA Grayscale Decentraland Trust | -42.20% | -91.36% | -57.11% |
ETHD ProShares UltraShort Ether ETF | 27.90% | -72.49% | -38.58% |
Correlation
The correlation between MANA and ETHD is -0.33, 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024 | -0.36 |
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Return for Risk
MANA vs. ETHD — Risk / Return Rank
MANA
ETHD
MANA vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) 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.
| MANA | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.11 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.04 | -0.86 |
| Martin ratioReturn relative to average drawdown | -1.29 | -0.07 | -1.22 |
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Drawdowns
MANA vs. ETHD - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for MANA and ETHD.
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Drawdown Indicators
| MANA | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -95.59% | -3.69% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -57.19% | -28.66% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | — | — |
Current DrawdownCurrent decline from peak | -99.02% | -90.01% | -9.01% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -67.13% | -4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.64% | 35.61% | +24.03% |
Volatility
MANA vs. ETHD - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 42.29% compared to ProShares UltraShort Ether ETF (ETHD) at 28.94%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier 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
| MANA | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 42.29% | 28.94% | +13.35% |
Volatility (6M)Calculated over the trailing 6-month period | 92.49% | 93.62% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.30% | 134.57% | -15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.05% | 141.28% | +32.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.05% | 141.28% | +32.77% |
Dividends
MANA vs. ETHD - Dividend Comparison
MANA has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 5.82%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 5.82% | 156.62% | 19.15% |
MANA Grayscale Decentraland Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MANA and ETHD have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MANA has higher volatility (42.29%) compared to ETHD (28.94%). In terms of maximum drawdown, MANA dropped -99.28% vs ETHD's -95.59%.
On 1-year performance, ETHD leads with -2.31% vs -76.92% for MANA. On volatility, ETHD has been the lower-risk option at 28.94%. 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 -2.31% return vs -76.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHD has the higher dividend yield at 5.82%, compared with 0.00% for MANA.
They also come from different issuers: Grayscale and ProShares.
ETHD currently has the higher Sharpe Ratio (-0.02 vs -0.65), 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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